LMAF Series LV0000111573 — EUR 200,000 Notes

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.

LMAF Series LV0000111573 — EUR 200,000 Notes

Average

score / 100

Yield

15.0%/yr

Duration

36 months

Min. ticket

10 €

Amount raised

200 k€

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À propos

Obligation of €200K issued by SIA Latvijas Meža Attīstības Fonds, Latvian company specialised in acquisition, sale and management of forests and agricultural land in Latvia. Monthly obligation over 36 months with commercial pledge over all assets and equity shares of issuer.

Plateforme · 15.1/25

A1 · Statut réglementaire 5.0/8

Regulated by the FCMC of Latvia under MiFID II, but absence of AMF licence or ECSP ESMA tier 1
Equivalent EU licence recognised (status confirmed Latvia)

A2 · Track Record 4.6/6bon

Adjusted score thanks to live data: Default 0% (6pts) × 0.5 + Delay 3% (6pts) × 0.3 + Yield N/A (3pts) × 0.2 - opacity penalty (-0.5pt) = 4.6/6
No definitive loss published, 3% in recovery, 97% performing

A3 · Rigueur de sélection 2.0/4

Selection process mentioned (partner originators, borrower KYC), but no published selection rate or detailed description of the analysis committee

A4 · Santé financière 2.0/4

Adjusted score thanks to live data: Profitability achieved in 2025 after years of losses
AUM €135.5M (June 2025), equity €758K
Sound growth but weak equity capital
Platform survival risk moderate

A5 · Protection investisseurs 1.5/3

MiFID II regulation imposes cooling-off period and continuity plan (1pt)
Originator buyback guarantee documented (0.5pt)
No operational secondary market identified

Projet · 46.0/75

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Simple obligation fixed rate, recognised Latvian law EU

B1.2: 3/3 - Distinct société dédiée (SPV) issuer (SIA LMAF), clear Latvian structure, EU law

B1.3: 0/2 - No information on senior debt; de facto 1st rank but not formalised → prudence 0/2 (see B3 for securities)

B2 · Opérateur & Track record 8.0/15

B2.1: 4/4 - Named managers (Edgars Birks, Gatis Melderis), company identified Latvian register

B2.2: 3/5 - Score adjusted thanks to live data: company created 2023 but established forestry activity with Debitum partnership, target portfolio €80M by 2026, 5 commercial pledges registered, €40M bond prospectus approved 13.02.2025 - financial and operational experience demonstrated; +1 pt vs initial scoring (2→3)

B2.3: 0/3 - No crowdfunding transaction repaid on this platform documented

B2.4: 1/3 - Score adjusted: recent company (April 2023, <3 years), highly leveraged structure (5 active commercial pledges), €40M bond issue - documented high gearing; no judicial proceeding identified (live: judicial_proceedings=False); 2024 result: positive operational profit (€442K) but negative operational cash flow (−€9.8K) → 1/3 (tight but sound balance sheet)

B3 · Garanties & Sûretés 15.0/15✓ max

B3.1: 9/9 - Score confirmed: commercial pledge registered Enterprise Register Latvia over all assets and equity shares of issuer (150% nominal value of Notes) - formally registered real security, value exceeds nominal

B3.2: 4/4 - Score adjusted thanks to live data: issuer holds documented forestry portfolio, €40M bond prospectus approved FCMC, 5 active commercial pledges, positive operational profit 2024 (€442K), net debt €7.2M end 2024, established activity with target €80M by 2026 - documented financial solidity → 4/4

B3.3: 2/2 - Score adjusted under SME-NBFI directive: issuer LMAF not itself NBFI BUT issuance under ECSP licence Latvijas Banka + bond prospectus approved FCMC Latvia (13.02.2025) + institutional partnership Debitum Investments (ECSP) → external institutional validation present → 2/2 in accordance with directive

B4 · Structure financière 3.0/15faible

B4.1: 0/5 - taux de couverture de la dette not calculable (forestry activity, non-contracted revenues); negative operational cash flow 2024 (−€9.8K); EBITDA insufficient to cover debt service → 0/5

B4.2: 1/4 - Very low equity contribution (net profit 2024: €70K, net debt €7.2M); financing predominantly through bond debt and pledge; self-financing <15% → 1/4

B4.3: 2/4 - No stress test presented in file but forestry Loan-to-Value (ratio prêt/valeur actif) not calculable; forestry sector exposed to timber price volatility → prudence 2/4

B4.4: 0/2 - Net margin 2024 not disclosed; taux de couverture de la dette not calculable; negative operational cash flow (−€9.8K on €442K operational profit) → 0/2

B5 · Pré-commercialisation 6.0/10

Score adjusted thanks to live data: established forestry activity (acquisition of forestry and agricultural land Latvia), target portfolio €80M by 2026 documented, 5 active commercial pledges on existing assets, €40M bond issue approved February 2025 - activity started but no pre-sales applicable (AGRI/forestry class) → 6/10 adapted SME-NBFI grid (active portfolio, forestry diversification, partial history)

B6 · Permis & Maturité 3.0/5

Score adjusted: established activity since 2023, valid legal registration Latvia, bond prospectus approved FCMC (February 2025), 5 commercial pledges registered - sound legal structure but recent company (<3 years) → 3/5 (documents current, incipient activity but robust legal framework)

B7 · Marché & Localisation 3.0/3✓ max

Score adjusted thanks to live data: market for loans to companies Latvia in strong growth (+18.6% over 8 months 2025), EURIBOR rate 2.1% (August 2025), NBFI playing decisive role in SME financing, weak investment climate but GDP growth >2%, growing demand for alternative financing documented - buoyant market for NBFI/forestry activity → 3/3

Points forts

✓Commercial pledge 150% nominal registered Enterprise Register Latvia over all assets of issuer

✓€40M bond prospectus approved FCMC Latvia February 2025 - external institutional validation

✓Market for SME loans Latvia growth +18.6% in 2025, NBFI key role documented

✓Identifiable managers (E. Birks, G. Melderis), company registered Latvian register

✓Platform licenced ECSP Latvijas Banka notified BaFin - solid EU regulatory framework

Risques identifiés

!Very recent company (created April 2023, 1.8 years activity) - limited history

!Negative operational cash flow 2024 (−€9.8K) despite positive operational profit

!Net debt €7.2M end 2024 for net profit €70K - highly leveraged structure (5 active pledges)

!No crowdfunding transaction repaid on this platform documented - first project

!Yield 15% per annum - beyond SME-NBFI standard (7-14%); timber and forestry land price volatility

!Forestry activity exposed to natural risks (fire, flooding, pests) documented in prospectus

!Latvian forestry market limited liquidity - risk of difficulty in asset sale if needed

!Impossible to confirm platform track record statistics (default rate, realised IRR) in registers

!RF10 initially triggered but withdrawn after contextual analysis of security + institutional validation

⚠ Avertissement sur les risques

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