Puzzle Atom Pierre Semard — 7.5%/an · 48 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 · 40.0/75

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - société dédiée (SPV) Atom Investissements dedicated but capital 1000€ very low

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

B2 · Opérateur & Track record 9.0/15

B2.1: 4/4 - Alexandre Toussaint appointed with function, Thierry Vignal for Atom identifiable

B2.2: 2/5 - Repeated model (11 Atom projects) but performance track record not independently verifiable

B2.3: 2/3 - 11 Atom operations on Baltis, none reported repaid (projects in progress)

B2.4: 1/3 - société dédiée (SPV) created March 2025, capital 1000€, no balance sheet available, limited financial history

B3 · Garanties & Sûretés 5.0/15faible

B3.1: 5/9 - Joint and several guarantee Groupe Baltis/Toulis implicit via structure; no documented mortgage on apartment

B3.2: 2/4 - Groupe Baltis capital 561 773€, gearing not documented, partial information

B3.3: 0/2 - No bank partner; amount <2M€ therefore no RF2

B4 · Structure financière 8.0/15

B4.1: 4/5 - Parisian property 9th arrondissement, Loan-to-Value (ratio prêt/valeur actif) not calculable (asset value not communicated), favourable assumption micro-housing Paris

B4.2: 0/4 - Financing 100% obligations, no documented equity contribution

B4.3: 2/4 - Loan-to-Value (ratio prêt/valeur actif) probably low on Parisian property but stress test absent; partial structural compensation

B4.4: 2/2 - Para-hotel rental model Paris 9th, rental yields 4-7% consistent with target 7.5%

B5 · Pré-commercialisation 5.0/10

Para-hotel rental model; no documented signed lease at file stage
Atom demonstrates repeatability (11 projects)
No firm tenant commitment attached
Paris micro-housing market sustained demand

B6 · Permis & Maturité 3.0/5

Existing residential property Paris 9th arrondissement, no building permit required for micro-housing rental
Acquisition not yet executed at file moment (fundraising in progress). société dédiée (SPV) legal documents in order (Kbis provided)

B7 · Marché & Localisation 2.0/3

Paris 9th arrondissement, established market, high residential density, sustained rental demand
Para-hotel micro-housing: solid niche
DPE risk (energy regulation) to monitor on older property

Points forts

✓11 Atom projects previously financed on Baltis, model repeatability demonstrated.

✓Paris 9th arrondissement, prime location, micro-housing rental demand structurally sustained.

✓Simple obligations French law, 100€ ticket, PEA-PME eligibility.

✓Dedicated SPV (Atom Investissements) separate from platform operator.

✓Yield 7.5%/year within RE-COM norm, target IRR 11% consistent.

Risques identifiés

!No registered real guarantee (mortgage) documented in file on acquired property.

!SPV capital 1000€ created in 2025, no balance sheet available, no financial history.

!Financing 100% crowd, complete absence of documented operator equity contribution.

!Tenant lease not signed at file stage, risk of rental vacancy on entry.

!Baltis platform: 28.12% delay rate on portfolio, degraded track record.