Sandbox Funding — LV0000112431 — 12.5%/an · 36 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 · 35.0/75 (40.0 brut, red flags −5)

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Simple obligation at fixed rate clear Latvian law

B1.2: 2/3 - Direct loan originator, recognised EU law

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

B2 · Opérateur & Track record 7.0/15faible

B2.1: 2/4 - Sandbox Funding entity named, management not identified in file

B2.2: 2/5 - Latvian originator active, profile available on Debitum, partial history

B2.3: 2/3 - Operation in progress on Debitum with no incident reported

B2.4: 1/3 - No proceeding identified, financial statements not provided

B3 · Garanties & Sûretés 5.0/15faible

B3.1: 2/9 - Pool of underlying loans without explicitly documented real security, joint and several guarantee not specified

B3.2: 1/4 - Guarantor strength not assessable, financial information absent

B3.3: 2/2 - Originator NBFI licensed Latvia, qualified institutional partner

B4 · Structure financière 8.0/15

B4.1: 3/5 - taux de couverture de la dette estimated 1.5-2.0 on basis of B+ rating, partial data

B4.2: 2/4 - Originator equity contribution not specified, conservative assumption

B4.3: 2/4 - No documented stress test, pool Loan-to-Value (ratio prêt/valeur actif) not disclosed

B4.4: 1/2 - Margin estimated correct for Latvian NBFI, insufficient data

B5 · Pré-commercialisation 6.0/10

Active portfolio of business loans in Latvia, correct diversification according to Debitum profile
Partial history provided
Debitum B+ rating indicates acceptable quality

B6 · Permis & Maturité 4.0/5bon

NBFI activity established in Latvia, licensed by competent authority
Legal documents presumed in order
Duration of activity >2 years confirmed on platform profile

B7 · Marché & Localisation 2.0/3

Market for SME loans in Latvia in convincing recovery, growth +18.6% in 2025
NPL rate managed
Stagflation risk 2026 and GDP slowdown to 1.4% moderate the score

Points forts

✓Debitum platform licensed ECSP Latvijas Banka, track record 0% default.

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

✓Rate of 12.5%/year within SME-NBFI norm, duration 36 months.

✓Internal rating B+ Debitum indicates acceptable quality of originator.

✓Non-bank lenders in Latvia play increasing role for SMEs.

Risques identifiés

!Management of Sandbox Funding not identified in file transmitted.

!No real security or joint and several guarantee documented on loan pool.

!Financial statements of originator absent, strength not verifiable.

!Latvian GDP slowdown forecast to 1.4% in 2026, stagflation pressure.

!Instrument pool of loans: individual underlying assets not detailed, partial structural opacity.

⚠ 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.