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Latvian Forest Development Fund — LV0000113009
DE
Debitum Business lending Financé
Ce projet est clôturé. L'analyse ci-dessous reflète les informations disponibles au moment de la souscription et n'a pas été mise à jour.

Latvian Forest Development Fund — LV0000113009

Strong
65
score / 100
Yield
15.0%/yr
Duration
37 months
Min. ticket
—
Amount raised
200 k€
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À propos

Fractionated loan note on Debitum platform (Latvia) backed by a portfolio of commercial loans originated by the Latvian Forest Development Fund (LFDF). The underlying asset is a pool of undetailed commercial loans. Duration of 38 months at 15% per annum, amount of 200,000 EUR.

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 · 44.0/75 (47.0 brut, red flags −3)
B1 · Instrument & Structure 8.0/10bon
B1.1: 5/5 - Simple obligation fixed rate, Latvian law ECSP
B1.2: 2/3 - Direct loan LFDF via Debitum, well documented
B1.3: 1/2 - Priority rank claimed, not formally registered; no documented senior debt
B2 · Opérateur & Track record 9.0/15
B2.1: 2/4 - LFDF named, manager not publicly identified in file
B2.2: 4/5 - NBFI licenced Latvia, >2 years activity, documented active portfolio, sound growth
B2.3: 2/3 - 1 note repaid without delay (100k€ May 2025)
B2.4: 1/3 - Balance sheet not provided, forestry sector concentration concerning
B3 · Garanties & Sûretés 8.0/15
B3.1: 5/9 - Joint and several guarantee from holding LFDF; no documented mortgage or pledge on loan pool
B3.2: 1/4 - Guarantor balance sheet not communicated, partial information
B3.3: 2/2 - LFDF is NBFI licenced BNB/Latvia, constitutes sufficient institutional partner
B4 · Structure financière 9.0/15
B4.1: 4/5 - NBFI LFDF, taux de couverture de la dette data not explicitly provided; portfolio growth and 0% default suggest taux de couverture de la dette >2.0 (estimated 4/5)
B4.2: 2/4 - LFDF own commitment partially documented
B4.3: 2/4 - No stress test, but diversified pool of SME loans
B4.4: 1/2 - Estimated margin correct but data incomplete
B5 · Pré-commercialisation 6.0/10
  • Active LFDF portfolio, adequate diversification, 8M€ financed via Debitum since 2025
  • Partial history on this platform (<2 years)
  • Underlying portfolio data poorly detailed in file
B6 · Permis & Maturité 5.0/5✓ max

LFDF established NBFI activity licenced Latvia >2 years, all legal documents in order, valid licences per live data

B7 · Marché & Localisation 2.0/3
  • Latvian SME lending market in convincing recovery (+18.6% in 2025), credit-to-GDP 29% (low, potential)
  • Stagflation risk and 2026 slowdown (GDP 1.4%) moderately temper score
Points forts
✓LFDF first note 100k€ repaid in full with interest in May 2025.
✓Debitum ECSP licenced platform, 0% historical default since 2019.
✓Latvian SME market in strong growth (+18.6% outstanding 2025).
✓NBFI licenced Latvia, positioning in underbanked SME niche relevant.
✓15% per annum rate attractive for SME-NBFI class in this market context.
Risques identifiés
!LFDF represents ~86% of Debitum portfolio - critical concentration on single originator.
!LFDF financial balance sheet not communicated; guarantor soundness not verifiable.
!LFDF forestry sector concentration identified as concern by Debitum (March 2026).
!Long 37-month duration with secondary market liquidity risk not confirmed.
!Latvian GDP slowdown forecast 1.4% in 2026 with inflation 3.6% - stagflation risk.
Score card
Score card — Latvian Forest Development Fund — LV0000113009
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