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Latvian Forest Development Fund — LV0000113157
DE
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.

Latvian Forest Development Fund — LV0000113157

Average
58
score / 100
Yield
15.0%/yr
Duration
36 months
Min. ticket
—
Amount raised
200 k€
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À propos

Fractional investment in a loan portfolio to enterprises originated by the Latvian Forest Development Fund (LFDF), a Latvian operator active in forest financing. The documentation is structured as a loan note on the Debitum marketplace platform, regulated in Latvia. Duration of 36 months, rate of 15% per annum, amount of 200,000 EUR.

Plateforme · 17.0/25
A1 · Statut réglementaire 5.0/8
  • FCMC investment licence (Latvia) obtained in September 2021
  • Recognised EU regulator, but investment licence ≠ explicit ECSP passport
  • Recognised EU equivalent → 5 points
A2 · Track Record 5.0/6bon
  • Default 0% → 6/6
  • Delay >90 days 0% → 6/6
  • Actual return vs announced return not disclosed → 0/6
  • A2 = (6×0.5)+(6×0.3)+(0×0.2) = 4.8, rounded to 5
  • Caveat: statistics cover ABS, not underlying loans
A3 · Rigueur de sélection 2.0/4

Transition to ABS model involves a structured selection process (FCMC licenced), but selection rate not published and process poorly detailed publicly → 2 points

A4 · Santé financière 3.0/4bon
  • Independent platform operational for >3 years (2021+), active in 2026, no platform distress signal identified
  • No known institutional shareholder → 3 points
A5 · Protection investisseurs 2.0/3
  • Investor protection EUR 20,000 provided by Latvian law (1 regulatory point)
  • FCMC licence implies continuity plan (1 point)
  • Secondary market or segregated escrow not confirmed → 0 points third criterion
Projet · 41.0/75 (44.0 brut, red flags −3)
B1 · Instrument & Structure 7.0/10
B1.1: 5/5 - Simple obligation fixed rate, recognised EU Latvian law
B1.2: 1/3 - Latvian law, no dedicated separate société dédiée (SPV) identified
B1.3: 1/2 - Rank not formally registered, no known senior debt
B2 · Opérateur & Track record 8.0/15
B2.1: 2/4 - LFDF appointed, managers not publicly identified
B2.2: 3/5 - Recent NBFI <3 years, outstanding amount 52M€ in strong growth
B2.3: 2/3 - First note repaid without incident (May 2025)
B2.4: 1/3 - Balance sheet unavailable, gearing not calculable
B3 · Garanties & Sûretés 9.0/15
B3.1: 5/9 - Joint and several guarantee pool LFDF, without registered real security
B3.2: 2/4 - Outstanding amount 52M€ but equity and gearing not disclosed
B3.3: 2/2 - LFDF NBFI licensed, recognised financial institutional partner
B4 · Structure financière 7.0/15faible
B4.1: 3/5 - taux de couverture de la dette estimated 1.5-2.0, diversified SME pool, precise data absent
B4.2: 2/4 - LFDF equity not disclosed, substantial leverage probable on 52M€
B4.3: 1/4 - No stress test presented
B4.4: 1/2 - Margin within NBFI standard but not documented
B5 · Pré-commercialisation 6.0/10
  • Active portfolio >52M€ with documented SME diversification, 15 months positive history
  • LFDF concentration at 86% of Debitum outstanding amount constitutes platform counterparty risk
B6 · Permis & Maturité 5.0/5✓ max

NBFI activity established >2 years, valid FCMC licences, Latvian legal structure documented in order

B7 · Marché & Localisation 2.0/3
  • Latvian corporate lending market in growth (+18.6% in 2025), credit-to-GDP low (29%)
  • Slowdown risks 2026 (1.4% GDP) and inflation limit to 2/3
Points forts
✓LFDF portfolio ~52M€ in rapid growth, first note repaid without incident.
✓Latvian corporate lending market in strong expansion (+18.6% in 2025).
✓LFDF licensed NBFI, recognised institutional partner by Latvian regulator.
✓Rating A assigned by Debitum, zero default and platform delay at date.
✓Underserved forestry SME niche by traditional Latvian banks.
Risques identifiés
!Excessive concentration: LFDF represents 86% of total Debitum outstanding amount.
!LFDF balance sheet and gearing not disclosed - guarantor financial strength not verifiable.
!36 month duration exposes to Latvian macro risks (GDP slowdown 2026 forecast at 1.4%).
!Underlying SME pool not detailed - opacity on quality and sectors of loans.
!LFDF managers not publicly identified in available documentation.
Score card
Score card — Latvian Forest Development Fund — LV0000113157
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