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DISQUALIFICATION
Net B score after red flags = 1/75 (RF5 −10 pts + RF10 −3 pts on a gross of 14). Final score = (1×0.25) + (1×0.75) = 1.0. Platform without identifiable regulatory licence (RF5) combined with 18%/year rate without verifiable real guarantee (RF10), no financial transparency on operator. Unacceptable risk profile.
À propos
Loan of €50,000 to FF Forest for acquisition and management of forest land in Latvia. Model combines purchase of deforested land, selective exploitation, reforestation for carbon credits and resale of agricultural land. Partnership with Timbro, Latvian forestry management company. Duration 24 months, rate 18%/year.
Plateforme · 1.0/25
A1 · Statut réglementaire
0.0/8faible
- AMF status not disclosed ('?')
- No identifiable agrément AMF, ECSP, statut réglementaire CIP, IFP or equivalent EU licence in the registers consulted
- RESEARCH REQUIRED: AMF register 'ff forest' + registre ORIAS + ESMA
- Score 0/8 by principle of prudence
- Would trigger RF5 (−10 pts) on any associated project
A2 · Track Record
0.0/6faible
- No identifiable published statistics: default rate N/C, delay rate >90d N/C, actual vs announced return N/C
- Penalty −2 pts applied + all base scores at 0
- RESEARCH REQUIRED: 'ff forest' statistics platform default delay
A3 · Rigueur de sélection
0.0/4faible
- No information on project selection process, selection rate, committee or borrower KYC identifiable
- RESEARCH REQUIRED: 'ff forest' project selection process
A4 · Santé financière
0.0/4faible
- No information on the financial health, shareholding or history of the platform
- Impossible to confirm the legal existence of 'ff forest' in the available registers
- Score 0 by prudence
A5 · Protection investisseurs
1.0/3faible
- No agrément AMF/ECSP licence confirmed, therefore no automatic attribution of the regulatory point
- 1 pt awarded as minimal hypothetical credit if legal existence subsequently confirmed
- RESEARCH REQUIRED: ff forest general conditions, fund segregation, secondary market
Projet · 15.0/75
(18.0 brut, red flags −3)
B1 · Instrument & Structure
3.0/10faible
B1.1: 2/5 - Unstructured loan, mention of 'blockchain' and 'RWA', Latvian law poorly documented
B1.2: 0/3 - Borrower = platform operator, no separate société dédiée (SPV), opaque structure
B1.3: 1/2 - Land guarantee claimed but formal registration not confirmed rank 1
B2 · Opérateur & Track record
3.0/15faible
B2.1: 1/4 - Name 'Morgan Yvon Charles D.' mentioned without precise function or verifiable profile
B2.2: 1/5 - No documented forestry operation, apparent first activity
B2.3: 0/3 - No history on this platform
B2.4: 1/3 - No proceeding found but entity not verifiable in registers
B3 · Garanties & Sûretés
4.0/15faible
B3.1: 3/9 - Forest land guarantee declared registered in Latvian Commercial Register, but rank and value not specified
B3.2: 1/4 - No financial information on guarantor or holding company
B3.3: 0/2 - No banking partner identified, project <€2M therefore not RF2
B4 · Structure financière
3.0/15faible
B4.1: 0/5 - Loan-to-Value (ratio prêt/valeur actif) not calculable, value of land collateral not disclosed
B4.2: 0/4 - No documented equity contribution from operator
B4.3: 0/4 - No stress test, Loan-to-Value (ratio prêt/valeur actif) unknown
B4.4: 3/2 - Capped: revenue multiples (timber, carbon, land sales) but not quantified; awarded 1/2 minimum
B5 · Pré-commercialisation
1.0/10faible
- No crop sale contract signed, no documented harvest history
- Timbro partnership mentioned but with no attached contractual commitment
- Portfolio data not disclosed
B6 · Permis & Maturité
2.0/5faible
- Forestry activity in Latvia under declared legal structure
- Commercial Register registration mentioned
- Documents to be updated, activity tenure not confirmed, forestry licences not detailed
B7 · Marché & Localisation
2.0/3
- Latvian agricultural/forestry market stable with documented growth: harvest +15.5% in 2024, agricultural GDP rising
- Risks of energy/fertiliser inflation and GDP slowdown 2026 noted but overall trend positive
⚠ Alertes détectées · −3 pts déduits
Plateforme non régulée
Déjà comptabilisé dans le score plateforme (A1)
FF Forest platform without any verifiable PSFP/ECSP/CIP/IFP licence - no AMF, ORIAS or ESMA register confirms regulatory existence
Rendement élevé sans garantie réelle
−3 pts
Rate served 18%/year without formally registered and verifiable rank 1 real guarantee
Points forts
Operational partnership with Timbro (75 professionals, declared €80M turnover)
Latvian forestry market growing with 2024 harvest up 15.5%
Early exit option at 6 and 12 months offering certain flexibility
Land guarantee declared registered in Latvia Commercial Register
Risques identifiés
FF Forest platform without identifiable regulatory licence (PSFP, ECSP, CIP, IFP or EU equivalent)
Interest rate of 18%/year far above AGRI standard (5-10%), without confirmed rank 1 real guarantee
No verifiable financial information on operator: balance sheets, equity, gearing absent from file
Value of land collateral not disclosed, LTV impossible to calculate
Mention of 'blockchain' and 'RWA' without clear legal documentation on nature of instrument
⚠ Avertissement sur les risques
Investir en crowdfunding comporte un risque de perte partielle ou totale du capital, ainsi qu'un risque d'illiquidité. Selon le baromètre France FinTech / Forvis Mazars 2025, 25 à 30 % des projets accusent un retard de plus de 6 mois et 4 à 6 % entraînent une perte définitive. Ne placez jamais plus de 5 à 10 % de votre patrimoine en crowdfunding et diversifiez sur au moins 10 projets. CrowdPickr est un service d'information indépendant, non agréé en tant que conseiller en investissement. Les analyses présentées ne constituent pas un conseil en investissement personnalisé.