Marseille Saint-Lazare — 11.5%/an · 12 mois

Plateforme · 16.4/25

A1 · Statut réglementaire 8.0/8✓ max

Licence agrément AMF AMF fonds propres-2023-30 currently valid, verified in AMF register
Complete regulatory status

A2 · Track Record 2.4/6faible

Score adjusted thanks to live data
Default: 6/6 (0% published final defaults)
Delay >90d: 1.5/6 (28.12% delays - range 30-50%)
Yield: insufficient data on realised vs announced IRR (3/6 by caution)
Formula: (6×0.5 + 1.5×0.3 + 3×0.2) = 3.0 + 0.45 + 0.6 = 4.05, minus 2pts penalty incomplete statistics = 2.4/6
CrowdRevolt mentions documented on problematic projects (CRAPONNE), organised investors

A3 · Rigueur de sélection 2.0/4

Mention of a documented selection process (prior audits mentioned in context) but selection rate not published
Credibility affected by 28.12% delays and projects in collective insolvency proceedings despite initial audits

A4 · Santé financière 3.0/4bon

Backed by Magellim Group (4.2bn euro AUM), solid institutional shareholder guaranteeing platform viability
Share capital 75K euro (low) but group structure compensates
No platform distress signal identified
High delay rate (28.12%) does not penalise A4 (measured in A2)

A5 · Protection investisseurs 1.0/3faible

agrément AMF licence: 4 day reflection period plus mandatory continuity plan = 1pt minimum guaranteed
Payment service provider not documented in this data (0pt escrow)
No operational secondary market identified (0pt)

Projet · 42.0/75 (45.0 brut, red flags −3)

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - Direct loan operator ZAZ SAS, well documented French law

B1.3: 1/2 - Priority ranking claimed (first rank mortgage), not yet registered at closing date

B2 · Opérateur & Track record 10.0/15

B2.1: 4/4 - Directors appointed (Journo/Lugassy), functions specified, identifiable

B2.2: 4/5 - 5 property trader operations delivered in Marseille, >3 years activity, verifiable track record

B2.3: 0/3 - First operation on Baltis, no crowdfunding history

B2.4: 2/3 - No insolvency proceeding, healthy balance sheet (fonds propres 196k€, gearing near zero) but very light structure

B3 · Garanties & Sûretés 10.0/15

B3.1: 7/9 - First rank mortgage in process of registration (acquisition planned April 2026). Personal guarantees executed by notary = solid complement

B3.2: 1/4 - Guarantors natural persons, immovable property mentioned but not formally quantified

B3.3: 2/2 - Aircap tool (bank account visualisation) = documented control mechanism, no identified partner bank (<€2M threshold)

B4 · Structure financière 11.0/15

B4.1: 4/5 - Loan-to-Value (ratio prêt/valeur actif) ~62% (863k/1396k turnover inc. VAT) marchand de biens range 55-65%

B4.2: 1/4 - Operator equity contribution 147k€ i.e. ~14.5% of total financing, range 15-25% = 1 pt

B4.3: 4/4 - Margin 28% turnover inc. VAT plus acquisition discount 48% offers significant cushion vs stress -30%

B4.4: 2/2 - Net margin 28% turnover inc. VAT well above 15% for marchand de biens

B5 · Pré-commercialisation 3.0/10faible

B5: 3/10 - 42% pre-marketed (7/17 units, 580k€ out of 1396k€ turnover inc
VAT) but land not yet committed at closing date (acquisition planned April 2026)
Commitments = confirmed written interests per file
Break-even not structurally reached before purchase

B6 · Permis & Maturité 0.0/5faible

B6: 0/5 - Land not yet committed at collection date (immovable property acquisition planned April 2026)
No administrative authorisation required (advantage), but deed not signed = score 0 for marchand de biens
Triggers RF6

B7 · Marché & Localisation 3.0/3✓ max

B7: 3/3 - Marseille 3rd arrondissement market, documented development zone
Acquisition price 1,052€/m² represents 48% discount to market averages (1,904€/m² stated resale price consistent)

Points forts

✓Acquisition discount 48% vs market value offers significant safety cushion.

✓Operator margin 28% turnover inc. VAT well above RE-MDB standards.

✓First rank mortgage plus personal guarantees executed by notary: solid guarantee package.

✓5 property trader operations delivered in Marseille with average margin 39% turnover inc. VAT.

✓Pre-marketing 42% already achieved before capital raise.

Risques identifiés

!Land not committed at collection date: residual acquisition failure risk.

!No identified partner bank: quasi-total financing by crowd debt.

!Operator equity contribution limited (~14.5%): weak direct financial commitment.

!First operation on Baltis: no repayment history on this platform.

!Baltis delay rate 28.12%: platform with significant delay history.