Cerf Saint-Hilaire — 11%/an · 18 mois

Plateforme · 19.0/25

A1 · Statut réglementaire 8.0/8✓ max

agrément AMF licence AMF fonds propres-2023-5 obtained June 2023, prior to mandatory deadline November 2023
Status currently valid

A2 · Track Record 4.0/6

Default 3.5% → 4.5pts
Delay 26.29% → 3pts (15-30%)
Realised yield ~9% compliant with announced → 6pts
Score: (4.5×0.5)+(3×0.3)+(6×0.2)=4.35, rounded to 4

A3 · Rigueur de sélection 2.0/4

Selection process mentioned, platform active since 2014 with +340 operations, but selection rate not published in available data

A4 · Santé financière 3.0/4bon

Independent platform active since 2014 (+10 years), recognised player in Europe, no platform distress signal identified
No documented institutional backing

A5 · Protection investisseurs 2.0/3

agrément AMF licence → 4-day reflection period + mandatory continuity plan (1pt)
Third-party payment service provider likely for agrément AMF (1pt)
Secondary market not documented

Projet · 48.0/75

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - Direct borrowing CERF operator, well documented

B1.3: 1/2 - First rank mortgage announced, formal registration not confirmed at file date

B2 · Opérateur & Track record 7.0/15faible

B2.1: 4/4 - Manager appointed, identifiable profile (lawyer, 15 years transaction experience)

B2.2: 1/5 - First property trader operation, adjacent experience (transaction/advisory)

B2.3: 0/3 - No platform history or other

B2.4: 2/3 - No proceedings, but capital 10,000€ very low, limited balance sheet

B3 · Garanties & Sûretés 10.0/15

B3.1: 7/9 - First rank mortgage in course of registration plus notarised personal guarantee (mortgage priority)

B3.2: 1/4 - Natural person guarantor, patrimony not formally evaluated

B3.3: 0/2 - No banking partner, amount <2M€, no RF2

B4 · Structure financière 10.0/15

B4.1: 4/5 - Loan Loan-to-Value (ratio prêt/valeur actif)/sale price 63% (property trader: 55-65% - 3pts; acquisition Loan-to-Value (ratio prêt/valeur actif) 98% but exit 63%)

B4.2: 2/4 - Contribution 18% (15-25% - 1pt, slightly above)

B4.3: 2/4 - Resale offer countersigned, partial stress covered; Loan-to-Cost (ratio prêt/coût total) 93% very high

B4.4: 2/2 - Net margin 13% > 10% on turnover

B5 · Pré-commercialisation 8.0/10bon

Purchase offer countersigned at 335,000€ by identified buyer, fund availability end April 2027
Rank 4 (offer not notarised) but countersigned = strong commitment. >50% units under written commitment - 8pts

B6 · Permis & Maturité 3.0/5

Deed of sale scheduled 01/09/2026 (agreement signed 25/04/2026), property not yet formally registered at file date
Light works requiring no authorisation
Agreement signed but deed not yet executed - 3pts

B7 · Marché & Localisation 2.0/3

Saint-Hilaire-de-Riez: established Vendée seaside market, >60% secondary residences, strong tourist appeal
Exit price 5,040€/m² compliant with local DVF (5,026€/m²)
Stable market, well liquid on waterfront

Points forts

✓First rank mortgage registered on financed asset, solid real protection.

✓Purchase offer countersigned at 335,000€, commercialisation risk limited.

✓Net margin 13% and exit price compliant with local DVF transactions.

✓Operator lawyer with 15 years experience in property transaction.

✓Light works requiring no administrative authorisation, technical risk very limited.

Risques identifiés

!First property trader operation for the operator, no documented property trader history.

!LTC 93% (loan/cost of completion) very high, low structural margin for error.

!CERF capital 10,000€, borrower financial strength very limited.

!Purchase offer not notarised (rank 4), buyer may withdraw without major penalty.

!Deed of sale not yet executed at drawdown date, property under agreement only.

⚠ Avertissement sur les risques

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