Passage Bourg l'Abbé — 11%/an · 18 mois

Plateforme · 19.0/25

A1 · Statut réglementaire 8.0/8✓ max

Baltis holds the agrément AMF AMF licence (fonds propres-2023-19), currently valid in the AMF register
Maximum applicable score

A2 · Track Record 3.0/6

Platform statistics partially published
Delay rate >90 days estimated at 15-25% (portfolio majority promotion immobilière, market 2023-2024 under pressure)
No definitive default documented publicly to date
Actual return versus announced return not officially confirmed
Penalty applied for opacity of aggregated data
Score adjusted for caution: default ~0% (4.5pts×0.5=2.25) + estimated delay 15-25% (3pts×0.3=0.90) + return N/C (0pts×0.2=0) = 3.15 → rounded 3/6

A3 · Rigueur de sélection 2.0/4

Baltis mentions a selection process (committee, financial analysis) on its website but does not publish a quantified selection rate
Process described without verifiable quantitative data

A4 · Santé financière 3.0/4bon

Independent platform, operational since 2018, active fundraising in 2024-2025, no platform distress signal identified
No listed institutional shareholder but existence >5 years and operational continuity confirmed

A5 · Protection investisseurs 3.0/3✓ max

agrément AMF AMF licence → 4-day reflection period + mandatory continuity plan (1pt)
Segregated account via third-party payment service provider (Mangopay, 1pt)
No secondary market documented to date but collateral recovery mentioned in terms and conditions (1pt)

Projet · 39.0/75 (44.0 brut, red flags −5)

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - Dedicated société dédiée (SPV) SAS Nomade Immobilier, well documented

B1.3: 1/2 - First-ranking mortgage registered, but senior bank debt not documented

B2 · Opérateur & Track record 9.0/15

B2.1: 4/4 - 4 partners named, Mouyal President identified, Kbis provided

B2.2: 2/5 - Company created March 2023, 1 asset rue du Caire, 1 operation repaid (rue du Bac), SIREN 949959712 verified

B2.3: 2/3 - 1 operation repaid on Baltis without incident

B2.4: 1/3 - No collective insolvency proceeding but company very recent (2023), no financial statements available, initial SIREN provided incorrect (811566991 = Baltis)

B3 · Garanties & Sûretés 11.0/15

B3.1: 9/9 - First-ranking mortgage registered on asset + notarised personal joint and several guarantees from 4 partners (priority mortgage)

B3.2: 1/4 - Company created in 2023, capital 1,000€, no financial statements available; partners' personal guarantees not financially evaluated

B3.3: 1/2 - No banking partner named; project <2M€, RF2 not triggered

B4 · Structure financière 9.0/15

B4.1: 3/5 - Loan-to-Value (ratio prêt/valeur actif) approximately 105% (1,350,000 / 1,283,018), valuation opinion confirms 109% coverage at issuance but loan/acquisition ratio >100%

B4.2: 2/4 - Operator equity 590,300€ on estimated total cost approximately 1,940,000€ approximately 30%, range 25-35%

B4.3: 2/4 - Margin 22% provides buffer but no stress test presented; Loan-to-Cost (ratio prêt/coût total) elevated

B4.4: 2/2 - Projected net margin 22% turnover excluding tax, well above 15% threshold

B5 · Pré-commercialisation 2.0/10faible

No sale commitment or signed promise
LCD strategy then resale not contractualised
Prime Paris market but marketing not launched
Note: 2/10 as product standard on liquid market but without any commitment

B6 · Permis & Maturité 3.0/5

Land transaction scheduled mid-December 2023
Hotel accommodation licence obtained
Works not yet started at time of fundraising
No building permit mentioned (interior works)
Score 3/5 as land transaction scheduled and LCD licence obtained

B7 · Marché & Localisation 2.0/3

Paris 2nd arrondissement, prime location Passage Bourg l'Abbé
Market stable according to live data, strong rental tension
Transaction volume -25% over 12 months, but exceptional location
Score adjusted thanks to live data: stable market (not declining), no B7 discount

Points forts

✓First-ranking mortgage registered + notarised personal joint and several guarantees from 4 partners.

✓Projected margin 22% of turnover excluding tax, comfortable level.

✓Exceptional location Paris 2nd arrondissement, Passage Bourg l'Abbé, prime.

✓1 operation successfully repaid on Baltis (rue du Bac).

✓Hotel accommodation licence LCD already obtained from municipality.

Risques identifiés

!LTV calculated >100% on amount raised versus acquisition price; RF7 triggered.

!Company created March 2023, no financial statements available, share capital 1,000€ only.

!No pre-marketing or signed promise of sale at fundraising date.

!SIREN initially provided (811566991) corresponds to Baltis, not to issuer; documentary confusion.

!LCD strategy then resale depends on regulatory approvals and non-contractualised tourism market.