SIA Latvijas Meža Attīstības Fonds — Series LV0000112993 — 15.0%/an · 37 mois

Plateforme · 21.0/25

A1 · Statut réglementaire 8.0/8✓ max

Licenced by Latvijas Banka / FCMC since September 2021 under Latvian ECSP regime
Calibration: Lande Finance (ECSP Latvijas Banka) = 8 points
Equivalent status applied

A2 · Track Record 6.0/6✓ max

A3 · Rigueur de sélection 2.0/4

Process mentioned (post-2023 improvements), no published selection rate nor detailed committee description
2 points by default

A4 · Santé financière 3.0/4bon

A5 · Protection investisseurs 2.0/3

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

B1 · Instrument & Structure 7.0/10

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

B1.2: 1/3 - Issuer = direct operator, Latvian law recognised but dedicated société dédiée (SPV) absent

B1.3: 1/2 - Pari passu, commercial pledge registered but no mortgage, de facto rank not registered in first rank

B2 · Opérateur & Track record 8.0/15

B2.1: 3/4 - Edgars Birks and Gatis Melderis appointed, functions specified, limited public profile

B2.2: 2/5 - Company established April 2023, 1-2 years of forestry/agricultural activity, limited track record

B2.3: 1/3 - First or second issuance on Debitum, no prior repayment confirmed

B2.4: 2/3 - 2024 audited financial statements, positive net result (70K€), net debt 7.2M€, tight gearing but no proceeding identified

B3 · Garanties & Sûretés 7.0/15faible

B3.1: 6/9 - Commercial pledge registered on all shares and issuer assets (150% nominal), without explicit land mortgage

B3.2: 1/4 - Holding SIA Intelligent Innovations, fonds propres and gearing not disclosed; solidity not evaluable

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

B4 · Structure financière 5.0/15faible

B4.1: 2/5 - Loan-to-Value (ratio prêt/valeur actif) not calculable; net debt 7.2M€ on unvalued land portfolio; estimated ratio prudent but uncertain

B4.2: 1/4 - Operator equity contribution not documented, financing predominantly bond-based

B4.3: 1/4 - No stress testing; operating cash flows negative (−9,791€), coverage by land disposals uncertain

B4.4: 1/2 - Net result 70K€ in 2024, modest margin, operating cash flows negative

B5 · Pré-commercialisation 6.0/10

Class AGRI: established forestry/agricultural land portfolio, documented growth track record (platform AUM), but detailed portfolio data absent from file
Sale contracts or CAP not specified
6 points by analogy SME-NBFI/AGRI with active portfolio

B6 · Permis & Maturité 5.0/5✓ max

Activity established for >2 years (registered April 2023, operational), audited financial statements 2023 and 2024, Latvian legal status in order, no licences required for agricultural/forestry land
5 points

B7 · Marché & Localisation 1.0/3faible

Latvian agricultural/forestry land market stable, 2024 harvests up +15.5%, but limited secondary market, low liquidity, GDP growth slowing to 1.4% in 2026
Secondary market, no comparable exit price data
1 point

Points forts

✓Debitum platform licensed ECSP, 0% historical default since 2019.

✓Commercial pledge registered at 150% of nominal on issuer assets.

✓Financial statements 2023 and 2024 audited, positive net result in 2024.

✓Latvian land market stable, agricultural sector growing.

✓Monthly payments offering partial liquidity to investors.

Risques identifiés

!Rate of 15%/year at upper limit: no mortgage registered on the land portfolio.

!Operating cash flows negative over two consecutive financial years.

!Company established in 2023, operator track record very short, limited history.

!Net debt of 7.2M€ without valuation of land collateral communicated.

!Bond refinancing at 2029 maturity dependent on market conditions.