Raizers Property development 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.

Stay'n — Stains (93240)

Average

score / 100

Yield

11.5%/yr

Duration

24 months

Min. ticket

1 €

Amount raised

1.9 M€

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À propos

Real estate development of 58 units (1-bed to 4-bed) and one commercial space of 702 m² in 6-storey building at Stains (Seine-Saint-Denis, 93), carried by CDLink Promotion (Céline Teyssedou) in SCCV with INOYAM (Khalid Khoujlani). Crowd funding of 1.9 M€ for land acquisition and works launch. Planning permission cleared, GFA obtained, land not yet secured (acquisition planned 15 September 2026), pre-marketed at 46% of turnover.

Plateforme · 19.0/25

A1 · Statut réglementaire 8.0/8✓ max

agrément AMF licence AMF fonds propres-2023-5 obtained June 2023, prior to mandatory deadline November 2023
Status currently valid

A2 · Track Record 4.0/6

Default 3.5% → 4.5pts
Delay 26.29% → 3pts (15-30%)
Realised yield ~9% compliant with announced → 6pts
Score: (4.5×0.5)+(3×0.3)+(6×0.2)=4.35, rounded to 4

A3 · Rigueur de sélection 2.0/4

Selection process mentioned, platform active since 2014 with +340 operations, but selection rate not published in available data

A4 · Santé financière 3.0/4bon

Independent platform active since 2014 (+10 years), recognised player in Europe, no platform distress signal identified
No documented institutional backing

A5 · Protection investisseurs 2.0/3

agrément AMF licence → 4-day reflection period + mandatory continuity plan (1pt)
Third-party payment service provider likely for agrément AMF (1pt)
Secondary market not documented

Projet · 45.0/75

B1 · Instrument & Structure 9.0/10bon

B1.1: 5/5 - Plain bond fixed rate, French law

B1.2: 3/3 - CDLink Promotion SAS distinct issuer, clear French law

B1.3: 1/2 - Unsecured bond, no known senior debt, rank not registered

B2 · Opérateur & Track record 10.0/15

B2.1: 4/4 - Céline Teyssedou and Khalid Khoujlani appointed, Kbis confirmed

B2.2: 4/5 - Track record Bouygues/Nexity/FRG and Nouveaux Constructeurs, 2nd CDLink operation

B2.3: 2/3 - 1 ongoing operation on Raizers without incident

B2.4: 0/3 - CDLink capital 1,000€, balance sheet data not detailed in documents

B3 · Garanties & Sûretés 13.0/15bon

B3.1: 8/9 - Trust pledge on SCCV shares + GAPD notarised INOYAM + notarised personal guarantees

B3.2: 3/4 - INOYAM balance sheet 2025: total assets 3.86M€, result 622K€, sound structure

B3.3: 1/2 - garantie financière d'achèvement obtained (GREAT AMERICAN), no bank credit identified

B4 · Structure financière 8.0/15

B4.1: 3/5 - Loan-to-Cost (ratio prêt/coût total) 17% excellent; but LTA 114% signals land overvalued vs cost. Loan-to-Cost (ratio prêt/coût total) promotion immobilière score <50%→5pts; Loan-to-Cost (ratio prêt/coût total) usage=17%→5pts

B4.2: 1/4 - Operators' fonds propres contribution not precisely quantified

B4.3: 2/4 - Margin 15%, very low Loan-to-Cost (ratio prêt/coût total) offsets

B4.4: 1/2 - Margin 15% within range 8-12%+

B5 · Pré-commercialisation 4.0/10faible

Pre-marketed at 46% of turnover (7,071,639€ / 15,282,221€)
Break-even not reached but pre-marketing underway with existing reservations → 4pts promotion immobilière

B6 · Permis & Maturité 0.0/5faible

Land not yet secured at dossier date (acquisition planned 15/09/2026)
Planning permission cleared and garantie financière d'achèvement obtained, but land under promise → 0/5 promotion immobilière

B7 · Marché & Localisation 1.0/3faible

Stains (93240) is a secondary peri-urban market north of Paris
Exit price ~3,300€/m² well below Paris median
Rental demand present but limited liquidity for new build

⚠ Alertes détectées · −8 pts déduits

Terrain pas encore acheté −3 pts

Land not secured on RE-MDB class - applicable only to RE-MDB; NOT triggered here (RE-PROM).

Pas de financement bancaire −5 pts

No bank partner identified on 1,900,000€ project (>2M€ limit not reached - project <2M€, RF2 not triggered).

Points forts

✓Planning permission cleared and GFA obtained from Great American Insurance.

✓LTC of 17% very low - crowd exposure limited on total cost of works.

✓Sound guarantees: trust pledge on SCCV shares + notarised GAPD INOYAM + personal guarantees.

✓INOYAM balance sheet 2025 sound: turnover 2.26M€, net result 622K€.

✓Experienced operators (Bouygues Immobilier, Nexity, Nouveaux Constructeurs).

Risques identifiés

!Land not secured at fundraising date: acquisition planned 15/09/2026, risk of failure at completion.

!Pre-marketed at only 46% of turnover - break-even not reached before works launch.

!CDLink Promotion share capital 1,000€, detailed balance sheets not quantified in supplied documents.

!Stains (93240) limited liquidity market for new build; sales ≥54% of turnover remaining to secure.

!Yield 11.5%/year slightly beyond RE-PROM norm (6-12%); verify guarantee adequacy.

⚠ Avertissement sur les risques

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