À propos
Investment in a fractional loan note issued by the Latvian Forest Development Fund (LFDF), a Latvian originator active in lending to forestry sector enterprises. The note is backed by a pool of underlying commercial loans. Duration approximately 30 months, fixed rate 14.5%/year, via Debitum platform (regulated Latvian P2P marketplace).
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 · 39.0/75
(42.0 brut, red flags −3)
B1 · Instrument & Structure
7.0/10
B1.1: 5/5 - Fractional note on loan pool, clear Latvian ECSP law
B1.2: 2/3 - Direct LFDF loan, Latvian law recognised EU-wide, well documented
B1.3: 0/2 - Ranking not documented, potential senior debt not clarified against crowd note rating
B2 · Opérateur & Track record
8.0/15
B2.1: 2/4 - LFDF named, manager not identified in file provided
B2.2: 4/5 - NBFI active, portfolio EUR 52M, >1 year activity documented, established Latvian forestry sector
B2.3: 2/3 - 1 note repaid without incident on Debitum (May 2025)
B2.4: 0/3 - Balance sheet, gearing and judicial verification not available in file
B3 · Garanties & Sûretés
6.0/15faible
B3.1: 4/9 - Personal guarantee or pledge not documented; NBFI licensed as sole implicit security, assimilated to weak institutional guarantee
B3.2: 0/4 - Equity, gearing and LFDF balance sheet absent from file
B3.3: 2/2 - LFDF is NBFI licensed Latvijas Banka, constitutes financial institutional partner under SME-NBFI rule
B4 · Structure financière
8.0/15
B4.1: 3/5 - taux de couverture de la dette not disclosed; outstanding EUR 52M, underlying forestry asset, taux de couverture de la dette estimated 1.5-2.0 per market
B4.2: 0/4 - LFDF equity contribution not documented
B4.3: 2/4 - Loan-to-Cost (ratio prêt/coût total)/Loan-to-Value (ratio prêt/valeur actif) low on documented Latvian forestry assets, stress test absent but market growing (+18.6% 2025)
B4.4: 3/2 - Capped: NBFI margin on SME loans estimated sound per Latvian market data (growth 18.6%)
B5 · Pré-commercialisation
6.0/10
- LFDF portfolio >100 underlying SME loans, forestry sectoral diversification but >2 years activity
- Notable forestry/timber sectoral concentration
- Partially documented history (EUR 8M raised, 1 repayment)
B6 · Permis & Maturité
5.0/5✓ max
- LFDF is operational NBFI licensed >2 years, valid licences, established activity in Latvia
- All legal documents in order per live data
B7 · Marché & Localisation
2.0/3
- Latvian SME market growing (+18.6% outstanding 2025), Credit-to-GDP 29% (low = potential)
- Stagflation risk and GDP slowdown 2026 (1.4%) and export/agriculture sector under geopolitical pressure
- Established market, positive trend
Points forts
LFDF first Debitum borrower with EUR 52M outstanding, operational soundness demonstrated.
Latvian SME market in strong growth (+18.6% in 2025), high non-bank demand.
Debitum platform licensed ECSP, 0% default since 2019, solid track record.
First LFDF repayment honoured in full in May 2025.
LFDF NBFI licensed Latvijas Banka, solid regulatory framework.
Risques identifiés
Critical concentration: LFDF represents 86% of Debitum portfolio (EUR 52M/EUR 60M) - systemic platform risk.
LFDF managers and balance sheet not disclosed, gearing and equity unknown.
Exclusive forestry sectoral concentration, sensitive to timber prices and environmental policies.
Latvian GDP slowdown expected at 1.4% in 2026, inflationary pressures export/agriculture sector.
Absence of documented real security on this EUR 200,000 loan.
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