Sausset - SHELBY VALUE / Baltis — 11.5%/an · 6 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 · 49.0/75

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - Dedicated société dédiée (SPV) SHELBY VALUE but symbolic capital of 1,000€

B1.3: 1/2 - First ranking mortgage claimed, registration in progress at dossier date

B2 · Opérateur & Track record 9.0/15

B2.1: 4/4 - Rheims and Brun appointed, Kbis attached, verifiable profiles

B2.2: 4/5 - 10 operations delivered since 2021 via Jango&Blind, turnover 2M€, margin 27%

B2.3: 2/3 - One operation repaid on Baltis without delay

B2.4: 0/3 - No SHELBY VALUE financial statement available (first financial year not closed); Jango&Blind sound but not directly verifiable

B3 · Garanties & Sûretés 10.0/15

B3.1: 7/9 - First ranking mortgage registered plus notarised personal guarantees from both associates

B3.2: 1/4 - Guarantors are natural persons, patrimony not formally evaluated in the dossier

B3.3: 0/2 - No banking partner identified; project <2M€ therefore no RF2

B4 · Structure financière 10.0/15

B4.1: 3/5 - LTA 73% (Loan-to-Value (ratio prêt/valeur actif) 55-65% category marchand de biens)

B4.2: 2/4 - Operator equity 390,075€ representing approximately 36% of total financing

B4.3: 2/4 - 2 lots reserved covering 106% of the bond issue; partial stress documented

B4.4: 2/2 - Forecast margin 14% of turnover inc. VAT

B5 · Pré-commercialisation 6.0/10

2 lots out of 3 reserved (58% turnover inc
VAT), coverage 106% of the issue
Lot 1 in commercialisation process
Reservations not formalised in contracts but advanced level for marchand de biens

B6 · Permis & Maturité 4.0/5bon

B7 · Marché & Localisation 2.0/3

Score adjusted thanks to live data: Sausset-les-Pins, sought-after coastal residential market, +33% over 5 years
Exit price lot 1 at 4,815€/m² below local median 5,500€/m²
Stable market with moderate tensions

Points forts

✓First ranking mortgage registered and notarised guarantees from both associates

✓Operator Jango&Blind: 10 operations delivered, average margin 27% since 2021

✓2 lots out of 3 reserved covering 106% of the bond issue

✓Exit price positioned below local median, rapid rotation targeted

✓Project repaid according to live data, execution in line with expectations

Risques identifiés

!Baltis platform default rate estimated at 20.49% in June 2026, flagged by investors

!SHELBY VALUE created January 2023, capital 1,000€, no financial statement available at dossier date

!Guarantors are natural persons: patrimony solidity not formally evaluated in the dossier

!No banking financing: structure 100% crowd plus operator equity

!Building permit lot 2 not yet expired at fundraising date, recourse possible