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Latvian Forest Development Fund — LV0000113165
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 — LV0000113165

Average
64
score / 100
Yield
15.0%/yr
Duration
36 months
Min. ticket
—
Amount raised
200 k€
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À propos

Fractional note on a pool of loans to enterprises originated by the Latvian Forest Development Fund (Latvia), distributed via the Debitum platform. The instrument represents an indirect exposure to underlying loans not detailed in the file. Duration of 36 months, fixed rate at 15% per year, amount raised 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 · 43.0/75
B1 · Instrument & Structure 7.0/10
B1.1: 5/5 - Simple obligation fixed rate, Latvian law EU
B1.2: 2/3 - Direct loan originator documented, Latvian law recognized
B1.3: 0/2 - Pool of underlying loans, ranking not documented, possible senior debt not specified
B2 · Opérateur & Track record 8.0/15
B2.1: 2/4 - LFDF named entity, manager not identified in the file
B2.2: 4/5 - NBFI active >2 years, portfolio 52M€, documented growth, forestry/SME sector
B2.3: 2/3 - 1 note repaid in May 2025, ongoing operations without incident
B2.4: 0/3 - No judicial verification possible from the file, Latvian register not consulted; financial data not provided
B3 · Garanties & Sûretés 9.0/15
B3.1: 5/5 - Joint and several guarantee of originator NBFI with licence on underlying pool; platform buyback guarantee at 90 days
B3.2: 2/4 - Portfolio 52M€ but equity and gearing not documented
B3.3: 2/2 - LFDF is a licensed NBFI active >2 years; constitutes institutional partner within SME-NBFI meaning
B4 · Structure financière 6.0/15faible
B4.1: 3/5 - Pool SME-NBFI; taux de couverture de la dette not provided, default estimate 1.5-2.0 per profile
B4.2: 1/4 - Originator equity contribution not documented in file
B4.3: 1/4 - No stress test presented, Loan-to-Value (ratio prêt/valeur actif)/Loan-to-Cost (ratio prêt/coût total) not calculable
B4.4: 1/2 - LFDF margin not disclosed, NBFI activity presumed sound
B5 · Pré-commercialisation 6.0/10
  • Active portfolio >100 documented forestry SME clients, 52M€ outstanding, partial diversification
  • Forestry sector concentration flagged
  • Note: 6/10 active portfolio, partial history
B6 · Permis & Maturité 5.0/5✓ max

NBFI activity established >2 years (Debitum launch February 2025, operations from before), valid Latvian licences, sound legal structure

B7 · Marché & Localisation 2.0/3
  • Latvian SME market in growth (+18.6% 2025), credit/GDP 29% (underpenetrated)
  • Risks: slowdown 2026 (1.4% GDP), possible stagflation, forestry sector under geopolitical pressure
Points forts
✓Debitum platform licensed ECSP, 0% historical default since 2019.
✓LFDF active portfolio 52M€, first note fully repaid in May 2025.
✓Latvian SME market underpenetrated (credit/GDP 29%), in structural growth.
✓Buyback guarantee at 90 days offered by the platform.
✓Rate 15%/year attractive for the Latvian SME-NBFI class.
Risques identifiés
!Forestry sector concentration: LFDF represents 86% of Debitum portfolio.
!LFDF financial data (equity, gearing, DSCR) not provided in the file.
!LFDF manager not identified; judicial verification impossible from the file.
!Latvian GDP slowdown expected at 1.4% in 2026, possible stagflationary pressure.
!Rate 15%/year at the upper limit of SME-NBFI norm; registered security not recorded.
Score card
Score card — Latvian Forest Development Fund — LV0000113165
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