BV Development Jinočany — 14.5%/an · 12 mois

Plateforme · 9.0/25

A1 · Statut réglementaire 3.0/8faible

Swiss platform, outside AMF/agrément AMF/ECSP
SRO supervision PolyReg (self-regulation) with FINMA as ultimate backstop
Functional equivalent but inferior to agrément AMF/ECSP or FSC/BaFin licence
No European passport
Score aligned on registration only without agrément AMF licence

A2 · Track Record 3.0/6

Stated default rate 0.1% (<1% → 6 pts base)
Delay rate >90 days not published → N/C → 0 pts
Real yield vs announced yield not verifiable (no audited report 2024) → N/C → 0 pts
Gross score: (6×0.5 + 0×0.3 + 0×0.2) = 3.0
No -2 penalty as default rate partially published

A3 · Rigueur de sélection 1.0/4faible

Selection rate not published
Process not documented publicly
Two documented cases of fraud/false information to investors (Estlat, Vibroedil) calling into question the rigour of the process
Established platform recognised in its niche but proven deficient selection

A4 · Santé financière 1.0/4faible

No audited financial report 2024 published (March 2026, delay justified by migration)
Small reserve fund and not transparent
Target yields 20%+ without verifiable solvency reserves
720% growth but suspect business model
No active distress signal but insufficient transparency for 2+ pts

A5 · Protection investisseurs 1.0/3faible

No agrément AMF/ECSP licence → automatic 1 pt rule not applicable
SRO PolyReg offers minimal framework
Reserve fund existing but opaque and undersized
No documented secondary market
No segregated account publicly confirmed
1 pt for SRO framework

Projet · 41.0/75 (44.0 brut, red flags −3)

B1 · Instrument & Structure 7.0/10

B1.1: 5/5 - Fixed rate obligation, clear Czech EU law

B1.2: 1/3 - Direct borrower société dédiée (SPV), Czech EU law recognised but applicable law clause explicitly absent

B1.3: 1/2 - Land pledge in course of registration (month 1-2), ranking not yet registered

B2 · Opérateur & Track record 8.0/15

B2.1: 4/4 - Eng. Jan Šulc appointed, engineering qualifications, identifiable

B2.2: 2/5 - Group 25 years but current société dédiée (SPV) governance since 2023 only, limited société dédiée (SPV) track record

B2.3: 0/3 - First operation on Maclear, no platform history

B2.4: 2/3 - No known insolvency proceedings, healthy balance sheet post-cycle, low gearing, some 2025 data unaudited

B3 · Garanties & Sûretés 7.0/15faible

B3.1: 6/9 - Industrial land pledge Žebrák (€948k LV) in course of cadastral registration plus personal vehicle (€49k LV); formal ranking not yet registered

B3.2: 1/4 - société dédiée (SPV) guarantor fonds propres limited; affiliated group non formal guarantor

B3.3: 0/2 - No bank credit, 100% crowd+equity financing

B4 · Structure financière 11.0/15

B4.1: 3/5 - Loan-to-Value (ratio prêt/valeur actif) €710k/€1,186k (land value) = 60%; on total cost €5,586k crowd = 12.7% Loan-to-Cost (ratio prêt/coût total) RE-COM → 5pts but asset not yet acquired, provisional 3pts

B4.2: 3/4 - fonds propres operator €568k on total cost €5,586k = ~10%, i.e. 10-15% → 2pts; additional buffers

B4.3: 4/4 - ICR 8.8x in 2027F; fixed price BTS contract eliminates revenue risk; stress -30% tolerable

B4.4: 1/2 - Gross margin 11.9% RE-COM equivalent target IRR 8-12% → 1pt

B5 · Pré-commercialisation 7.0/10

RE-COM: Preliminary BTS contract signed with ASTRATEX (€6.34M, fixed price, escrow), terms substantially defined
Single suspensive condition: obtaining financing
LOI advanced with identified and solvent institutional buyer → 7pts

B6 · Permis & Maturité 2.0/5faible

RE-COM: Land acquisition not yet completed (under option, conditional on financing)
Building and territorial permits not filed (planned month 5-9)
Sound legal structure but pre-acquisition phase → 2pts

B7 · Marché & Localisation 2.0/3

Corridor D5/E50 Prague: active institutional logistics market (CTP, Panattoni, P3, Garbe), vacancy 4-5%, sustained BTS demand
Established market in growth, prices conform
Live score: stable

Points forts

✓Fixed price BTS contract €6.34M with institutional buyer (Hartenberg Holding) pre-signed.

✓Previous cycle history validated: net margin realised €589k, zero historical debt.

✓Interest coverage 8.8x in 2027F; buffer €112k dedicated debt service.

✓Industrial land pledge corridor D5/E50, liquidation value €948k versus loan €710k.

✓Qualified technical team, SPV group 25 years experience Czech development.

Risques identifiés

!Maclear platform outside PSFP/ECSP licence, Swiss SRO supervision only, limited investor protection.

!Land pledge not yet registered at cadastre as at date; real security deferred 1-2 months.

!Preliminary BTS contract: financing suspensive condition not lifted, commitment not definitive.

!Total concentration on single project and single buyer; permits not obtained (New Building Act risk).

!Rate 14.5%/annum with real guarantee in course of registration - RF10 triggered (-3pts).