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Latvian Forest Development Fund — LV0000113173
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 — LV0000113173

Fragile
49
score / 100
Yield
14.5%/yr
Duration
30 months
Min. ticket
—
Amount raised
200 k€
Invest →
À propos

Fractional note on pool of business loans originated by the Latvian Forest Development Fund (LFDF), Latvian operator specialising in forestry sector. Amount €200,000 over approximately 30 months at 14.5% p.a. Debitum platform (regulated P2P market in Latvia). Asset class: SME/agri-forestry loan pool.

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 · 32.0/75 (42.0 brut, red flags −10)
B1 · Instrument & Structure 7.0/10
B1.1: 5/5 - Simple obligation at fixed rate, Latvian law recognised EU
B1.2: 1/3 - Fractional ABS note, opaque pool structure, Latvian law applicable
B1.3: 1/2 - Rank not explicitly subordinated but not registered; note on pool without documented rank
B2 · Opérateur & Track record 7.0/15faible
B2.1: 2/4 - LFDF named, managers not publicly identified in file
B2.2: 3/5 - Regulated NBFI, portfolio €52M, <3 years on Debitum but documented activity
B2.3: 2/3 - 1 note redeemed without incident (May 2025)
B2.4: 0/3 - Opaque inter-company structures flagged; alleged Debitum-LFDF connections; verification impossible
B3 · Garanties & Sûretés 7.0/15faible
B3.1: 5/9 - Pool of underlying SME loans without registered mortgage; LFDF joint and several guarantee licenced FCMC
B3.2: 2/4 - LFDF financial information not communicated; balance sheet not verifiable
B3.3: 2/2 - LFDF is active licenced NBFI >2 years; constitutes institutional partner under SME-NBFI rules
B4 · Structure financière 8.0/15
B4.1: 4/5 - taux de couverture de la dette not communicated; portfolio €52M, growing activity - default estimation taux de couverture de la dette 2.0-2.5
B4.2: 2/4 - LFDF equity not documented; equity contribution unknown
B4.3: 1/4 - No stress test presented; Loan-to-Cost (ratio prêt/coût total)/Loan-to-Value (ratio prêt/valeur actif) unknown on underlying pool
B4.4: 1/2 - LFDF net margin not communicated; regular activity documented
B5 · Pré-commercialisation 6.0/10
  • Active portfolio >€52M, diversification Latvian forestry SMEs, positive repayment history on Debitum
  • Forestry sector concentration and detailed portfolio data not communicated → 6/10
B6 · Permis & Maturité 5.0/5✓ max

Established NBFI activity >2 years, valid FCMC licence, Latvian legal structure in order, all regulatory documents apparently compliant → 5/5

B7 · Marché & Localisation 2.0/3
  • Latvian corporate loan market in growth (+18.6% 2025), credit-to-GDP 29% (low, high potential)
  • Stagflationary risks and 2026 GDP slowdown to 1.4% → 2/3
⚠ Alertes détectées · −10 pts déduits
Opérateur anonyme −10 pts

LFDF managers not named or identifiable in file - anonymous operator → −10 pts

Points forts
✓LFDF is largest Debitum originator with €52M outstanding, short but clean track record.
✓First note fully repaid with interest in May 2025.
✓Latvian SME lending market in strong structural growth (+18.6% in 2025).
✓LFDF FCMC licence constitutes local institutional validation.
✓Rate of 14.5%/year in high standard SME-NBFI range for this risk profile.
Risques identifiés
!LFDF managers not publicly identified; opacity of inter-company structures flagged.
!Excessive concentration: LFDF represents 86% of total Debitum portfolio.
!Alleged connections between Debitum and LFDF raising independence questions.
!LFDF financial information (balance sheet, equity, DSCR) not communicated in file.
!Underlying loan pool not detailed; forestry sector geographically concentrated.
Score card
Score card — Latvian Forest Development Fund — LV0000113173
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