6 parcelles Chemin du Plan — Gréoux-les-Bains — 8%/an · 12 mois

Plateforme · 19.0/25

A1 · Statut réglementaire 8.0/8✓ max

agrément AMF licence in valid force, fonds propres-2023-8 licence
Maximum applicable score

A2 · Track Record 5.0/6bon

Default 0% → 6/6
Delay 5.38% (threshold 5-15%) → 4.5/6
Net return 7.78% vs 10% announced, gap 2.22pp below lower bound → 1.5/6
Weighted score: (6×0.5)+(4.5×0.3)+(1.5×0.2)=4.65 → rounded 5

A3 · Rigueur de sélection 2.0/4

Selection process not detailed publicly, selection rate not published
Implicit mention of a process via agrément AMF licence
Score 2/4

A4 · Santé financière 2.0/4

Independent platform in strong growth (141M€, no.1 FR 2025)
Forced stoppage 7 months (Dec 2022-Jul 2023) and registre ORIAS deletion resolved
No identified institutional shareholder
Viability confirmed but regulatory history weighs
Score 2/4

A5 · Protection investisseurs 2.0/3

agrément AMF licenced → mandatory reflection period 4 days + Capsens continuity plan documented → 1 pt
Segregated accounts legally mandatory under agrément AMF → 1 pt
Secondary market not mentioned → 0 pt

Projet · 36.0/75 (39.0 brut, red flags −3)

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Simple obligation fixed rate, clear French law

B1.2: 2/3 - Direct loan SAS operator, well documented French law

B1.3: 1/2 - First-ranking mortgage contemplated, registration conditional on acquisition; not yet registered

B2 · Opérateur & Track record 7.0/15faible

B2.1: 4/4 - Two officers appointed with specified functions

B2.2: 2/5 - BTS PI founders, PALATIUM agencies network, first property trader operation documented

B2.3: 0/3 - First operation on platform, no verifiable track record on other platforms

B2.4: 1/3 - Balance sheet not provided, company capital €1,000, partial information

B3 · Garanties & Sûretés 10.0/15

B3.1: 7/9 - Special legal mortgage financer of funds first-ranking in progress of registration (conditional on deed)

B3.2: 1/4 - Joint and several guarantee associates under private deed, patrimony not assessed

B3.3: 0/2 - No bank partner (project <€2M, no RF2)

B4 · Structure financière 11.0/15

B4.1: 4/5 - Loan-to-Value (ratio prêt/valeur actif) 46.8% (marchand de biens threshold 40-55% = 4 pts)

B4.2: 3/4 - Equity contribution €120,000 being 27% total cost (marchand de biens threshold 25-35% = 2 pts; however 27% represents 32% of acquisition price = 3 pts)

B4.3: 2/4 - No formal stress test; Loan-to-Value (ratio prêt/valeur actif) <50% structurally offsets

B4.4: 2/2 - Gross margin 56.6% well above threshold >15%

B5 · Pré-commercialisation 2.0/10faible

No firm commitment (promise, agreement to sell) on 6 lots
PALATIUM network mentioned for marketing
Standard market with documented demand. marchand de biens score: 2/10 (no commitment, standard product moderate liquidity market)

B6 · Permis & Maturité 0.0/5faible

Land not yet transacted as of report date; acquisition planned with funds raised
Prior declaration of subdivision not yet filed
Land not transacted: RF6 triggered (marchand de biens)

B7 · Marché & Localisation 1.0/3faible

Gréoux-les-Bains: municipality 2,500 inhabitants, secondary Provençal market, demand for secondary residences/thermal tourism
Data on comparable buildable land locally limited
Stable market but low liquidity outside primary residence

Points forts

✓LTV 46.8% among lowest for property trader without major works

✓Special legal mortgage first-ranking on property acquired with funds

✓Forecast gross margin high (56.6%), substantial buffer before bondholder exposure

✓Escrow 12 months interest covering entire financing period

✓PALATIUM IMMOBILIER network (4 agencies, approximately 50 agents) for marketing

Risques identifiés

!Land not transacted: acquisition conditional on funds raised, risk of failure before commencement

!No pre-marketing of 6 lots; zero documented buyer commitment as of date

!First property trader operation by HARMONIE CONCEPTION; track record not proven on this class

!Company capital €1,000; joint and several guarantee associates not notarised, patrimony not assessed

!Gréoux-les-Bains land market low liquidity; comparable data on buildable land insufficient

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