Aviaco - Financement d'actifs aéronautiques - Lot 2

Les Entreprêteurs Business lending Financé

Ce projet est clôturé. L'analyse ci-dessous reflète les informations disponibles au moment de la souscription et n'a pas été mise à jour.

Aviaco - Financement d'actifs aéronautiques - Lot 2

Average

score / 100

Yield

10.0%/yr

Duration

18 months

Min. ticket

100 €

Amount raised

250 k€

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À propos

Financing of 250,000€ (2nd tranche on a total envelope of 5M€) for FINANC'UP, holding structure of AVIACO group, specialising in acquisition, dismantling and resale of civil helicopter spare parts (Airbus Dauphin, EC135, EC145) based in Marignane (13). Funds serve to finance or refinance acquisition of civil aircraft intended for dismantling. Simple amortisable obligations over 18 months with 6 months capital deferral, rate 10%/year.

Plateforme · 14.0/25

A1 · Statut réglementaire 8.0/8✓ max

agrément AMF licence from AMF obtained in November 2023, currently valid
Maximum applicable score

A2 · Track Record 1.0/6faible

Default 7.47% → tranche 7-15% → 1.5 pts
Delay >90 days: N/C → 0 pt
Actual return vs announced: N/C → 0 pt
A2 = (1.5×0.5)+(0×0.3)+(0×0.2) = 0.75 ≈ 1
Statistics partially published (loss rate 0.79% available), penalty -2 pts not triggered as partial data published

A3 · Rigueur de sélection 1.0/4faible

No selection rate published nor detailed process identified
Platform established since 2016, recognised in SME sector
Minimum score for established platform without documented process

A4 · Santé financière 3.0/4bon

Independent platform active since April 2016 (>8 years), agrément AMF licence obtained
No distress signal identified
AUM and solvency data unavailable but no platform incident reported
3 pts: independent, established, without negative signal

A5 · Protection investisseurs 1.0/3faible

agrément AMF licence legally guarantees 4-day reflection period and continuity plan → 1 pt mandatory minimum
Investor dashboard mentioned as updated
Segregated accounts and secondary market not documented in available data

Projet · 42.0/75

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - Direct loan Financ'Up (SASU), well documented French law

B1.3: 1/2 - No known senior debt, de facto priority ranking but not formally registered

B2 · Opérateur & Track record 7.0/15faible

B2.1: 3/4 - Nicolas Rovera appointed, role specified, identifiable profile but photo not attached

B2.2: 2/5 - Recent company, turnover 5M€ in 2024, first documented transaction on this platform

B2.3: 1/3 - 1st fundraising on Les Entreprêteurs closed (lot 1 ~500K€), no incident reported

B2.4: 1/3 - Gearing 1.6 (tight), debt leverage ratio to EBITDA = 9.0 (high), no collective insolvency proceeding identified

B3 · Garanties & Sûretés 10.0/15

B3.1: 7/9 - Trust without dispossession over inventory + Financ'Up securities pledge + GAPD under private deed AVIACO France + 100% lender insurance. Trust prevails

B3.2: 2/4 - AVIACO France guarantor, limited equity, group gearing 1.6, partial information on guarantor solvency

B3.3: 1/2 - No third party bank named; OSAC institutional licence partial, 5M€ outstanding granted by platform

B4 · Structure financière 5.0/15faible

B4.1: 2/5 - taux de couverture de la dette 2026 estimated ~1.05M€/250K€ ≈ 4.2 on this lot, but total outstanding 5M€ to be repaid; overall taux de couverture de la dette 1.0-1.5 on total outstanding

B4.2: 0/4 - Equity committed = 0K€ explicitly stated

B4.3: 1/4 - Stress test absent; Loan-to-Value (ratio prêt/valeur actif) not applicable but net debt to EBITDA leverage ratio = 9.0 very high

B4.4: 2/2 - Gross margin 29.4%, net result positive 113.6K€, EBITDA 399.9K€

B5 · Pré-commercialisation 6.0/10

B5: 6/10 - International recurring customer portfolio documented, MRO market in structural tension (Airbus delays >12 months), 1st fundraising ~500K€ closed on same borrower
Sector concentration on Airbus civil helicopters, portfolio data poorly detailed

B6 · Permis & Maturité 4.0/5bon

B6: 4/5 - Established activity, Part 145 certification obtained (OSAC), valid licences, legal structure documented
Recent activity (<3 years full track record) justifies slight discount

B7 · Marché & Localisation 2.0/3

B7: 2/3 - MRO market civil helicopters in tension (Airbus delays >12 months, EC135 fleet >1400 aircraft), alternative lending growth 14% CAGR
NBFI vulnerabilities and credit tightening noted; certified spare parts market buoyant

⚠ Alertes détectées · −5 pts déduits

Aucune garantie réelle sur ce projet −5 pts

No real security of registered rank (registered mortgage/pledge) - trust without dispossession and GAPD under private deed do not constitute registered real securities; however B3.1 > 0 (documented trust + GAPD) - RF8 not triggered as securities are documented

Points forts

✓Integrated industrial model with complete control of the aeronautical value chain.

✓Market for helicopter spare parts in structural tension with Airbus delays >12 months.

✓Multiple securities: trust over inventory, securities pledge, GAPD, 100% lender insurance.

✓Part 145 OSAC certification, strict aeronautical regulatory compliance.

✓First tranche ~500K€ already closed on the same platform with no incident reported.

Risques identifiés

!Equity committed = 0€ explicitly declared - maximum moral hazard risk for investors.

!Net debt to EBITDA leverage ratio = 9.0 (very high), initial cash flow very limited according to file.

!Concerns expressed by investors on Les Entreprêteurs forum (August 2026) on transparency.

!Total outstanding 5M€ being raised by tranches - risk of systemic overexposure for the group.

!GAPD under private deed (not notarised) and trust without dispossession: securities less robust than registered mortgage.

⚠ Avertissement sur les risques

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