Le Garros (33) — Bordeaux — 11.5%/an · 24 mois

Plateforme · 18.5/25

A1 · Statut réglementaire 8.0/8✓ max

agrément AMF licence AMF fonds propres-2023-15 verified and in force

A2 · Track Record 4.5/6bon

Score adjusted thanks to live data: Default rate 0.0% (6 pts), delay rate >6 months 10.1% (4.5 pts), yield not disclosed
Weighted formula: (6×0.5 + 4.5×0.3 + 3×0.2) = 4.95
Rounded 4.5/6

A3 · Rigueur de sélection 2.0/4

Documented audits before publication but selection rate and detailed process not published

A4 · Santé financière 3.0/4bon

Score adjusted thanks to live data: Platform profitable (851K€ profit 2022), healthy growth (367M€ collected, 171K investors), >29 employees, offices in Lyon
Licenced agrément AMF 2023, thus <3 years licence but solid structure

A5 · Protection investisseurs 1.0/3faible

agrément AMF licence guarantees 4-day deadline + continuity plan (1 mandatory pt)
No mention of segregated accounts or secondary market in file

Projet · 45.0/75 (50.0 brut, red flags −5)

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Participating loan with remuneration, clear French law

B1.2: 2/3 - Direct loan to SAS ROLLAND, well documented, French law

B1.3: 1/2 - First-ranking mortgage in course of registration (provisioned in funds collected), priority ranking not yet formally registered

B2 · Opérateur & Track record 11.0/15

B2.1: 4/4 - Manager Djamel Atoui appointed, identifiable

B2.2: 4/5 - Operator already operates REV HOTEL (turnover €1.5M, net result €208K 2024), similar model

B2.3: 0/3 - First operation on this platform without verified track record

B2.4: 3/3 - No collective insolvency proceedings identified, REV HOTEL financial statements sound

B3 · Garanties & Sûretés 10.0/15

B3.1: 7/9 - First-ranking mortgage in course of registration (deed signed, formality provisioned)

B3.2: 2/4 - DALMAR Group, first demand guarantee, equity and gearing not detailed, partial information

B3.3: 1/2 - Long-term bank refinancing envisaged with historical partner, not yet formalised at this stage

B4 · Structure financière 9.0/15

B4.1: 3/5 - Loan-to-Value (ratio prêt/valeur actif) RE-COM: 842K€/1,280K€ = 65.8%, range 60-70%

B4.2: 2/4 - Operator contribution 253,840€ being 23.16% of total cost, range 15-20% (3 pts) / >20% near limit

B4.3: 2/4 - No documented stress test, Loan-to-Value (ratio prêt/valeur actif) 65.8% moderate but >30%

B4.4: 2/2 - Implicit target gross IRR >12% on asset marketed at 9.2% gross rental yield

B5 · Pré-commercialisation 7.0/10

RE-COM: Commercial lease 6 years firm executed with identified tenant covering 100% of surface area, deed executed
Tenant named but LOI vs firm lease: lease executed = 7 pts (letter of intent advanced with confirmed named tenant)

B6 · Permis & Maturité 3.0/5

Acquisition completed (authentic deed 02/12/2024)
Prior declaration filed and obtained 11/05/2026
Works in course of launch
No purged building permit required (prior declaration sufficient for interior renovation)

B7 · Marché & Localisation 2.0/3

Bordeaux hypercentre, Triangle d'Or / Chartrons: established market, strong patrimonial attractiveness
Stable trend according to live data, prime retail improving
Price 7,100€/m² consistent with prime renovated assets
2 pts (major metropolitan area, prices consistent with comparables)

Points forts

✓Commercial lease 6 years firm executed, secured rental 117,600 €/year.

✓Asset acquired (authentic deed December 2024), land risk nil.

✓39 operations completed by the group, documented track record.

✓First-ranking mortgage provisioned from first drawdown.

✓Prime location Bordeaux hypercentre, strong patrimonial value.

Risques identifiés

!Absence of formalised bank credit at date of fundraising (exit by refinancing not guaranteed).

!Initial mortgage coverage very weak (40% at start-up, before first drawdown).

!Operator contribution 23% but SAS ROLLAND share capital only 1,000 €.

!Festive establishment (bar-club): nighttime activity, specific regulatory and acoustic risks.

!DALMAR Group financial information partial - solidity of first demand guarantor not verifiable.

⚠ Avertissement sur les risques

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