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Latvian Forest Development Fund — LV0000112985
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 — LV0000112985

Strong
68
score / 100
Yield
14.5%/yr
Duration
30 months
Min. ticket
—
Amount raised
200 k€
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À propos

Investment in a fractioned bond note issued by the Latvian Forest Development Fund (LFDF), a Latvian financing entity, via the Debitum platform. The underlying asset is a pool of loans to companies. The note is issued for €200,000 over approximately 30 months at 14.5%/year.

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 · 47.0/75 (50.0 brut, red flags −3)
B1 · Instrument & Structure 8.0/10bon
B1.1: 5/5 - Fractioned bond note on loan pool, clear Latvian law
B1.2: 2/3 - Direct loan via originator LFDF, well documented Debitum
B1.3: 1/2 - Senior ranking claimed not formally registered
B2 · Opérateur & Track record 9.0/15
B2.1: 2/4 - LFDF named, management not identified in file
B2.2: 4/5 - NBFI licensed by BNB, >2 years, 52M€ outstanding, healthy growth
B2.3: 2/3 - Several loans repaid on Debitum without incident
B2.4: 1/3 - Partial balance sheet information, verification of Latvian registers incomplete
B3 · Garanties & Sûretés 9.0/15
B3.1: 5/9 - Buyback guarantee at 90 days documented by LFDF; joint and several guarantee originator
B3.2: 2/4 - LFDF equity and gearing not detailed; 52M€ outstanding but balance sheet not attached
B3.3: 2/2 - LFDF licensed Latvian NBFI active >2 years = institutional partner
B4 · Structure financière 11.0/15
B4.1: 4/5 - Licensed NBFI, estimated taux de couverture de la dette >2.0 on healthy portfolio 0% default
B4.2: 3/4 - Significant own outstanding portfolio, LFDF capital growth history
B4.3: 2/4 - No stress test provided, but 0% historical loss experience compensates
B4.4: 2/2 - NBFI operating margin healthy, 52M€ outstanding growth
B5 · Pré-commercialisation 6.0/10
  • Active portfolio >8M€ since 2025, partial diversification documented, partial history on Debitum
  • Forestry sector concentration noted (86% platform)
  • SME-NBFI score: 6/10
B6 · Permis & Maturité 5.0/5✓ max

NBFI activity established >2 years, Latvijas Banka licence valid, Latvian legal structure confirmed in order

B7 · Marché & Localisation 2.0/3
  • Latvian SME market in growth (+18.6% outstanding 2025), low NPL, credit-GDP 29%
  • Potential stagflation and export/energy sector pressure limit to 2/3
Points forts
✓LFDF first Debitum originator with 52M€ outstanding, rapid documented growth.
✓0% historical default on Debitum platform since launch.
✓Active Latvian NBFI licence, supervised by Latvijas Banka.
✓Latvian SME credit market in structural expansion (+18.6% in 2025).
✓First Debitum loan fully repaid in May 2025.
Risques identifiés
!Excessive concentration: LFDF represents 86% of Debitum portfolio - single counterparty risk.
!LFDF balance sheet not attached; gearing and equity not verifiable.
!Latvian forestry sector exposed to geopolitical risks and export market volatility.
!Rate 14.5%/year without registered real guarantee; RF10 triggered despite buyback.
!30 month duration long for an NBFI without available balance sheet data.
Score card
Score card — Latvian Forest Development Fund — LV0000112985
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