Le Tipi (54) — 11.5%/an · 24 mois

Plateforme · 20.0/25

A1 · Statut réglementaire 8.0/8✓ max

agrément AMF licence AMF in force, licence fonds propres-2023-15 confirmed
Maximum score

A2 · Track Record 5.0/6bon

Default 0% → 6 pts
Delay 8.6% → 4.5 pts (range 5-15%)
Average return 11.7% gross in line with announcements → 6 pts
A2 = (6×0.5)+(4.5×0.3)+(6×0.2) = 3+1.35+1.2 = 5.55 → rounded 5.5

A3 · Rigueur de sélection 2.0/4

Mention of a selection process without published refusal rate or committee details
Mature platform 6 years, €325M collected

A4 · Santé financière 3.0/4bon

Independent platform, >5 years in operation, no operational distress signal
Modest share capital (€150K) but sound growth
No identified institutional shareholder

A5 · Protection investisseurs 2.0/3

Approved agrément AMF: 4-day reflection period + mandatory continuity plan (1 pt)
Segregated accounts presumed via third-party PSP (1 pt)
Secondary market not documented in available data (0 pt)

Projet · 35.0/75 (38.0 brut, red flags −3)

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Participating loan at fixed rate, clear French law

B1.2: 2/3 - Direct borrowing operator MAISON HBGD, no dedicated société dédiée (SPV)

B1.3: 1/2 - First-ranking mortgage provided for, not yet registered at the land registry on file date

B2 · Opérateur & Track record 7.0/15faible

B2.1: 4/4 - Quentin HABIGAND appointed, identifiable manager

B2.2: 2/5 - 2 professional operations delivered, young property trader operator

B2.3: 1/3 - First platform operation in progress (Le Totem), not repaid

B2.4: 0/3 - Company created January 2026, capital 100€, no financial statements closed, gearing unverifiable

B3 · Garanties & Sûretés 10.0/15

B3.1: 7/9 - First-ranking mortgage in process of registration + irrevocable notarial order on Le Totem

B3.2: 1/4 - Personal guarantees not notarised; guarantors not financially assessed

B3.3: 0/2 - No identified banking partner, amount <2M€ (no RF2)

B4 · Structure financière 9.0/15

B4.1: 3/5 - Loan-to-Value (ratio prêt/valeur actif) 54% (range 55-65% → 3 pts, borderline favourable)

B4.2: 2/4 - Equity contribution 24.86% including 84,577€ initial (range 25-35%)

B4.3: 2/4 - Margin 28% offers cushion; no formal documented stress test, Loan-to-Cost (ratio prêt/coût total) 75% moderate

B4.4: 2/2 - Net forecast margin 28% > 15%

B5 · Pré-commercialisation 2.0/10faible

No pre-commercialisation at time of financing
Standard product (T1/T4) on active cross-border market
Price reduction clause provided for at 12 months
Score 2/10 - no formal commitment

B6 · Permis & Maturité 0.0/5faible

Land under deed signed 30 March 2026, not yet finalised
Notarial deed not executed on file date
Score 0/5 - land not finalised

B7 · Marché & Localisation 2.0/3

Longlaville, active Luxembourg cross-border market, sustained residential demand from cross-border workers
Exit price 2,469€/m² consistent with documented average range
Established market but secondary town

Points forts

✓First-ranking mortgage provided with cover 108% from first drawdown

✓Solid forecast margin at 28% of turnover

✓Luxembourg cross-border location with documented residential demand

✓Irrevocable notarial order on Le Totem as additional guarantee

✓No urban planning authorisation required, regulatory risk nil

Risques identifiés

!Land not yet finalised at time of fundraising (deed only)

!Total absence of pre-commercialisation on 5 lots for resale

!MAISON HBGD company created in January 2026, no financial statements closed or documented equity

!Crowd funding at 75% without banking partner, high leverage for junior operator

!Personal guarantees not notarised, guarantors financial solidity not verifiable

⚠ Avertissement sur les risques

Investir en crowdfunding comporte un risque de perte partielle ou totale du capital, ainsi qu'un risque d'illiquidité. Selon le baromètre France FinTech / Forvis Mazars 2025, 25 à 30 % des projets accusent un retard de plus de 6 mois et 4 à 6 % entraînent une perte définitive. Ne placez jamais plus de 5 à 10 % de votre patrimoine en crowdfunding et diversifiez sur au moins 10 projets. CrowdPickr est un service d'information indépendant, non agréé en tant que conseiller en investissement. Les analyses présentées ne constituent pas un conseil en investissement personnalisé.