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Latvian Forest Development Fund — LV0000112365
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 — LV0000112365

Strong
66
score / 100
Yield
12.5%/yr
Duration
18 months
Min. ticket
—
Amount raised
200 k€
Invest →
À propos

Fractional note on a pool of business loans originated by the Latvian Forest Development Fund (LFDF), Latvian operator specialising in forestry financing. The Debitum platform (P2P marketplace regulated in Latvia) offers an investment of EUR 200,000 at 12.5%/year over approximately 18 months (July 2026 - January 2028). The underlying asset is a business loan pool.

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 · 45.0/75
B1 · Instrument & Structure 7.0/10
B1.1: 5/5 - simple obligation fixed rate, clear Latvian law
B1.2: 1/3 - fractional note via platform, opaque pool structure, unfamiliar Latvian law
B1.3: 1/2 - rank not documented, no known senior debt
B2 · Opérateur & Track record 8.0/15
B2.1: 2/4 - LFDF appointed, managers not publicly identified in file
B2.2: 4/5 - NBFI active, EUR 52M outstanding, >2 years, documented growth
B2.3: 2/3 - EUR 100K note repaid May 2025 without incident
B2.4: 0/3 - opaque inter-company structures flagged (re:think P2P May 2026), verification insufficient
B3 · Garanties & Sûretés 8.0/15
B3.1: 5/9 - 90-day buyback guarantee documented = LFDF joint and several guarantee
B3.2: 1/4 - LFDF financial strength not detailed, gearing unknown, EUR 52M outstanding
B3.3: 2/2 - LFDF NBFI licensed active >2 years, institutional criterion satisfied
B4 · Structure financière 9.0/15
B4.1: 4/5 - NBFI licensed, diversified SME portfolio, taux de couverture de la dette estimated favourable given growth
B4.2: 3/4 - LFDF substantial own outstanding, implicit skin-in-the-game
B4.3: 1/4 - no stress test presented, Loan-to-Cost (ratio prêt/coût total) unknown
B4.4: 1/2 - NBFI margins not published, taux de couverture de la dette likely 1.5-2.0
B5 · Pré-commercialisation 6.0/10
  • Active SME loan pool, EUR 52M portfolio, >100 implicit clients, 2-year history on Debitum
  • Adequate diversification but high platform concentration
B6 · Permis & Maturité 5.0/5✓ max
  • SME-NBFI: LFDF established activity >2 years, central bank licence, legal structure in order
  • No missing regulatory licence identified
B7 · Marché & Localisation 2.0/3
  • Latvian SME market rising (+18.6% outstanding 2025), credit/GDP 29% (under-penetration)
  • Risks: GDP slowdown 2026 (1.4%), inflation 3.6%), exporter pressures
  • Established and growing market
Points forts
✓LFDF largest Debitum lender, EUR 52M outstanding, first note repaid without incident.
✓Debitum platform licensed ECSP Latvijas Banka, track record 0% default since 2019.
✓Latvian SME market in strong growth (+18.6% outstanding 2025), banking under-penetration.
✓90-day buyback guarantee documented by originator.
✓Rate 12.5%/year within SME-NBFI norm, consistent with risk profile.
Risques identifiés
!Opaque inter-company structures flagged by re:think P2P (May 2026), high complexity.
!LFDF represents 86% of Debitum portfolio - extreme concentration on single originator.
!LFDF managers and balance sheets not disclosed; guarantor financial strength not verifiable.
!Latvian GDP slowdown expected at 1.4% in 2026, export and agriculture sectors under pressure.
!Fractional note on undisclosed pool - individual underlying loans not identifiable.
Score card
Score card — Latvian Forest Development Fund — LV0000112365
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