À propos
Investment in fractional note issued by the Latvian Forest Development Fund II (LFDF2), a Latvian originator specialising in loans to forestry enterprises. The underlying is a pool of professional loans distributed via the Debitum platform (Latvian P2P market). Duration approximately 9 months, rate 9.5% p.a., amount €200,000.
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 bond fixed rate, Latvian ECSP law
B1.2: 1/3 - P2P marketplace structure, Latvian law unfamiliar to FR investor
B1.3: 1/2 - Rank not formally registered, simple bond without known senior debt
B2 · Opérateur & Track record
9.0/15
B2.1: 2/4 - Entity LFDF2 named, managers not identified in file
B2.2: 4/5 - NBFI active >3 years on Debitum, documented forestry loan history
B2.3: 2/3 - 1 note repaid without incident (May 2025)
B2.4: 1/3 - Balance sheet information unavailable; Re:think P2P allegations ongoing unresolved
B3 · Garanties & Sûretés
7.0/15faible
B3.1: 5/9 - Implicit joint and several guarantee via underlying loan portfolio; no mortgage or pledge registered on Debitum note
B3.2: 2/4 - Originator fonds propres not verifiable, partial information
B3.3: 2/2 - LFDF2 NBFI licenced BNB/FCMC >2 years, institutional criterion satisfied
B4 · Structure financière
9.0/15
B4.1: 3/5 - Portfolio diversified Latvian SMEs, estimated taux de couverture de la dette 1.5-2.0 on 0% default basis
B4.2: 2/4 - Originator equity contribution not precisely documented, prudent assumption
B4.3: 2/4 - No formalised stress test; low Loan-to-Cost (ratio prêt/coût total) and clean track record partially compensate
B4.4: 2/2 - NBFI margin >5%, taux de couverture de la dette >2.0 on historical 0% default basis
B5 · Pré-commercialisation
6.0/10
- Active portfolio, correct diversification across Latvian SMEs, partial history documented
- LFDF2 is largest lender on Debitum (86% portfolio April 2026)
- Portfolio data poorly detailed in file
B6 · Permis & Maturité
5.0/5✓ max
- Licenced NBFI, established activity >2 years, all legal documents in order
- No regulatory anomaly identified
B7 · Marché & Localisation
2.0/3
- Latvian SME loan market in growth (+18.6% 2025), rising trend confirmed
- Stagflationary and geopolitical risks moderate
- Credit/GDP 29%, real growth potential
Points forts
First LFDF note fully redeemed with interest in May 2025.
Debitum platform licenced ECSP, 0% default history, AUM €27.4M.
Latvian SME market in strong growth (+18.6% outstanding 2025).
Rate 9.5% p.a. within SME-NBFI norm, short duration 9 months.
LFDF2 NBFI licenced, recognised quality institutional partner.
Risques identifiés
Excessive concentration: LFDF2 represents 86% of Debitum portfolio (April 2026).
Allegations published by Re:think P2P in May 2026 on Debitum-LFDF links unresolved.
LFDF2 managers not identified in transmitted file.
Originator financial information (balance sheets, equity) absent from file.
Latvian forestry sector flagged as concerning sector concentration.
Voir toute l'analyse Debitum →
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