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Latvian Forest Development Fund — LV0000112373
DE
Debitum 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.

Latvian Forest Development Fund — LV0000112373

Average
63
score / 100
Yield
14.5%/yr
Duration
31 months
Min. ticket
—
Amount raised
200 k€
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À propos

Investment in tranched note on Latvian platform Debitum, backed by a pool of loans to enterprises originated by the Latvian Forest Development Fund (LFDF). The operator is based in Latvia and specialized in financing forestry projects. The note offers 14.5%/year over approximately 31 months.

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
  • Default 0% since 2019 (6/6)
  • Delay rate 0% (6/6)
  • Non-deviating yield reported (6/6)
  • A2 = (6×0.5 + 6×0.3 + 6×0.2) = 6/6
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
  • Portfolio doubled in 2024, AUM €27.4M, 0% default
  • Independent platform >3 years, no distress signal
  • Concern of forestry sector concentration (March 2026) mild
A5 · Protection investisseurs 2.0/3
  • Active Latvian ECSP → 1 mandatory point (reflection period / continuity plan)
  • Buy-back guarantee at 90 days documented → 1 point (liquidity mechanism)
  • Segregated accounts not explicitly confirmed → 0 points
Projet · 42.0/75 (45.0 brut, red flags −3)
B1 · Instrument & Structure 8.0/10bon
B1.1: 5/5 - Simple obligation fixed rate, recognized EU Latvian law
B1.2: 2/3 - Direct loan from originator LFDF, well documented
B1.3: 1/2 - Rank not registered, no known documented senior debt
B2 · Opérateur & Track record 9.0/15
B2.1: 2/4 - LFDF entity named, managers not identified publicly in the file
B2.2: 4/5 - NBFI active, portfolio 52M€, >2 years, sound growing outstanding
B2.3: 2/3 - Operation in progress without incident, repayment 100K€ May 2025
B2.4: 1/3 - Balance sheet not communicated; profile partially verifiable
B3 · Garanties & Sûretés 7.0/15faible
B3.1: 5/9 - Joint and several guarantee from capitalized LFDF entity, no identified registered real guarantee
B3.2: 2/4 - Outstanding 52M€ but equity and gearing not communicated; partial information
B3.3: 2/2 - LFDF NBFI licensed by central bank of Latvia, qualified institutional partner per SME-NBFI rule
B4 · Structure financière 8.0/15
B4.1: 3/5 - taux de couverture de la dette estimable at 1.5-2.0 on basis of portfolio 52M€ in growth; exact data absent
B4.2: 2/4 - Equity partially documented, capital contribution not specified
B4.3: 2/4 - No explicit stress test; moderate Loan-to-Value (ratio prêt/valeur actif)/Loan-to-Cost (ratio prêt/coût total) structurally compensates
B4.4: 1/2 - Net margin not communicated; interest income likely covers debt service
B5 · Pré-commercialisation 6.0/10
  • Active portfolio >52M€, correct diversification over Latvian SMEs, documented history >2 years, partial repayment executed
  • Detailed client concentration data not published
B6 · Permis & Maturité 5.0/5✓ max

LFDF established >2 years, licensed by Latvijas Banka, lending activity legally operational, valid licences confirmed

B7 · Marché & Localisation 2.0/3
  • Latvian SME lending market in convincing recovery (+18.6% outstanding 2025), NBFIs in growth
  • Stagflation risk 2026, forestry/export sector under geopolitical pressure
  • Established market with upward trend
Points forts
✓LFDF largest originator on Debitum, portfolio 52M€ in sustained growth.
✓Debitum platform 0% default since 2019, solid track record.
✓Latvian SME market in strong expansion, NBFIs in growing position.
✓Partial repayment 100K€ May 2025 confirms operational execution.
✓ECSP licence Latvijas Banka and NBFI licensed by central bank.
Risques identifiés
!Excessive concentration: LFDF represents ~86% of Debitum portfolio.
!LFDF balance sheet and equity not communicated; gearing not verifiable.
!Latvian forestry sector exposed to geopolitical and commercial disruptions 2026.
!LFDF managers not identified publicly in the file provided.
!Rate 14.5%/year at upper limit of SME-NBFI norm; real guarantee absent.
Score card
Score card — Latvian Forest Development Fund — LV0000112373
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