À propos
Fractionalised loan note on Latvian platform Debitum, backed by a pool of loans to enterprises originated by the Latvian Forest Development Fund (LFDF). The originator is based in Latvia and operates in the forestry sector. Duration of 25 months, rate of 13% p.a., 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 · 45.0/75
(48.0 brut, red flags −3)
B1 · Instrument & Structure
8.0/10bon
B1.1: 5/5 - Simple obligation fixed rate, clear Latvian law ECSP
B1.2: 2/3 - Direct loan originator via marketplace, well documented
B1.3: 1/2 - Rank not formally registered, no known senior debt
B2 · Opérateur & Track record
9.0/15
B2.1: 2/4 - LFDF named, managers not publicly identified in the file
B2.2: 4/5 - Recent NBFI but 86% Debitum portfolio, first repayment completed in May 2025
B2.3: 2/3 - 1 operation repaid without incident on Debitum
B2.4: 1/3 - Latvian registers not exhaustively verifiable, balance sheet not provided
B3 · Garanties & Sûretés
8.0/15
B3.1: 6/9 - Pool of loans backed by forest assets (land pledge documented at originator level)
B3.2: 2/4 - Forest portfolio ~52M EUR, equity not explicitly communicated, gearing unknown
B3.3: 2/2 - LFDF NBFI licensed by BNB/Latvijas Banka, active >2 years: qualified institutional partner
B4 · Structure financière
10.0/15
B4.1: 4/5 - Estimated solid taux de couverture de la dette (0% historical default, diversified pool), precise data not provided → 4 points conservative
B4.2: 3/4 - LFDF NBFI with substantial forest assets of its own, likely equity contribution >25%
B4.3: 2/4 - No documented stress test but forest portfolio Loan-to-Value (ratio prêt/valeur actif) conservative
B4.4: 1/2 - Net margin not communicated, partial data
B5 · Pré-commercialisation
6.0/10
- Active portfolio >100 Latvian SME clients, correct diversification, 0% documented historical default
- Partial history on platform (launched Feb 2025)
- Score 6/10 SME-NBFI grid
B6 · Permis & Maturité
5.0/5✓ max
- LFDF established activity since >2 years, NBFI licensed by Latvijas Banka, valid licences, legal structure in order
- 5/5 SME-NBFI grid
B7 · Marché & Localisation
2.0/3
- Latvia SME lending market growing (+18.6% 2025), credit-to-GDP 29%, NBFIs in expansion
- Stagflation risks and slowdown 2026 (GDP +1.4%)
- Established market → 2/3
Points forts
Debitum platform ECSP licensed, 0% default since 2019 across entire portfolio.
LFDF completed first full repayment with interest in May 2025.
Latvian SME market in strong growth (+18.6% outstanding 2025), NBFIs in structural expansion.
Debitum rating A assigned to this borrower, tangible underlying forest assets.
Rate 13%/annum consistent with SME-NBFI standard (7-14%/annum).
Risques identifiés
LFDF represents ~86% of Debitum portfolio (52M EUR): extreme concentration on single originator.
LFDF managers not publicly identified in the file provided.
LFDF financial balance sheets not communicated: gearing and solvency not verifiable.
Latvian GDP slowdown forecast to 1.4% in 2026 with inflation at 3.6%, possible stagflationary environment.
Underlying loan pool not detailed: individual quality of final borrowers unknown.
Voir toute l'analyse Debitum →
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