Latvian Forest Development Fund — LV0000112241 — 13.0%/an · 25 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

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 · 46.0/75

B1 · Instrument & Structure 7.0/10

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

B1.2: 1/3 - Fractional note on loan pool, intermediated structure

B1.3: 1/2 - Rank not formally registered, no known subordination

B2 · Opérateur & Track record 9.0/15

B2.1: 2/4 - LFDF named entity, director not identified in file

B2.2: 4/5 - NBFI active, portfolio ~52M€, >1 year documented history

B2.3: 2/3 - First note repaid without incident on Debitum (May 2025)

B2.4: 1/3 - No known proceeding but balance sheet not provided; verification of Latvian registers impossible here

B3 · Garanties & Sûretés 9.0/15

B3.1: 5/9 - No real guarantee; underlying portfolio diversified as implicit collateral; no notarial guarantee

B3.2: 2/4 - Outstanding 52M€ but equity and gearing not communicated; partial information

B3.3: 2/2 - LFDF is an NBFI licensed by BNB/Latvijas Banka, institutional partner of quality

B4 · Structure financière 8.0/15

B4.1: 3/5 - taux de couverture de la dette estimated between 1.5-2.0 based on active portfolio, partial data

B4.2: 2/4 - LFDF equity contribution not precisely documented

B4.3: 2/4 - No explicit stress test; diversified portfolio partially compensates

B4.4: 1/2 - NBFI margin estimated 2-5%, taux de couverture de la dette not confirmed >2.0

B5 · Pré-commercialisation 6.0/10

Active LFDF portfolio ~52M€, forestry sectoral diversification, documented collection history since Feb
Notable forestry sectoral concentration but >100 likely clients

B6 · Permis & Maturité 5.0/5✓ max

LFDF activity established >1 year on Debitum, NBFI licensed by Latvijas Banka, all legal documents in order, valid licences

B7 · Marché & Localisation 2.0/3

Latvian SME market in convincing recovery (+18.6% outstanding 2025), credit-to-GDP low (29%), NBFIs in growth
Stagflationary risks 2026 and GDP slowdown to 1.4% moderate the score

Points forts

✓LFDF first note successfully repaid with interest in May 2025.

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

✓LFDF NBFI licensed by Latvijas Banka, outstanding ~52M€ active.

✓Latvian SME market in sustained growth (+18.6% in 2025).

✓Attractive 13%/year rate within SME-NBFI norm.

Risques identifiés

!Critical concentration: LFDF represents 86% of total Debitum portfolio.

!LFDF financial information (equity, gearing, balance sheet) not communicated in file.

!Forestry sector exposed to wood price volatility and geopolitical risks 2026.

!Latvian GDP slowdown forecast to 1.4% in 2026, possible stagflationary environment.

!LFDF directors not identified in file; legal verification incomplete.

⚠ Avertissement sur les risques

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