Latvian Forest Development Fund — LV0000112233 — 12.5%/an · 18 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 - Latvian law unfamiliar, marketplace structure

B1.3: 1/2 - Ranking not formally registered, no documented known senior debt

B2 · Opérateur & Track record 9.0/15

B2.1: 3/4 - Manager Jānis Upenieks appointed, former parliamentarian, public profile

B2.2: 3/5 - Recent NBFI less than 3 years, outstanding portfolio 52M€, rapid growth, partial financial statements

B2.3: 2/3 - Note of 100K€ repaid on Debitum in May 2025

B2.4: 1/3 - Company founded 2023, capital 1.5M€; opaque internal structures reported; unaudited financial statements

B3 · Garanties & Sûretés 8.0/15

B3.1: 5/9 - Joint and several guarantee from holding LFDF, no mortgage or identified registered pledge

B3.2: 2/4 - Capital 1.5M€, gearing unknown, partial information

B3.3: 1/2 - Licensed NBFI active, but full BNB/FCMC licence not explicitly confirmed in file

B4 · Structure financière 9.0/15

B4.1: 4/5 - Diversified SME loans, portfolio 52M€, Latvian SME market growth 18.6%

B4.2: 2/4 - Capital 1.5M€ committed, low equity to outstanding portfolio ratio

B4.3: 2/4 - No documented stress test; historical NPL 0% partially compensates

B4.4: 1/2 - Margin not published; rapid growth, uncertain profitability

B5 · Pré-commercialisation 6.0/10

Active portfolio 52M€, sectoral diversification forestry/SME partially documented
Partial history since 2023, largest Debitum originator as of April 2026
Detailed portfolio data not communicated in file

B6 · Permis & Maturité 5.0/5✓ max

NBFI activity established since 2023 (over 2 years), all legal documents in order, operations active and compliant with Latvian regulatory requirements

B7 · Marché & Localisation 2.0/3

Score adjusted based on live data: Latvian SME market in growth (18.6% in 2025), strong demand from underbanked SMEs
Stagflationary risks and 2026 GDP slowdown limit to 2/3

Points forts

✓LFDF became largest Debitum originator with 52M€ outstanding portfolio in 18 months

✓Repayment of prior note honoured in full and on time

✓Manager with strong institutional profile (former Parliamentarian, ministerial Secretary)

✓Latvian SME market in strong growth, credit-to-GDP very low (29%) leaving margin for expansion

✓Debitum platform licensed ECSP, track record 0% default on all its operations

Risques identifiés

!Opaque intracorporate structures reported by analyst Re:think P2P, limited assessment

!Concentration 86% of Debitum portfolio on single originator - elevated systemic risk

!LFDF founded April 2023, less than 3 years old, complete financial statements unavailable

!Allegations of connections between Debitum and LFDF mentioned but not documented

!Latvian forestry/export sector exposed to geopolitical disruptions and cost pressures

⚠ 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.