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Latvian Forest Development Fund — LV0000112696
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 — LV0000112696

Average
59
score / 100
Yield
11.5%/yr
Duration
9 months
Min. ticket
—
Amount raised
200 k€
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À propos

Investment in a fractional note issued by the Latvian Forest Development Fund (LFDF), a Latvian originator active in business loan financing. The underlying is a pool of business loans. The tenor is approximately 9 months (July 2026 - April 2027), at 11.5%/year, for an amount of 200,000 €.

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 · 42.0/75
B1 · Instrument & Structure 7.0/10
B1.1: 5/5 - Fractional note on loan pool, documented instrument
B1.2: 1/3 - LFDF issues directly, ABS structure via Debitum, Latvian law unfamiliar
B1.3: 1/2 - Priority ranking not formally registered, no known senior debt
B2 · Opérateur & Track record 7.0/15faible
B3.1: 5/9 - Joint and several guarantee LFDF as licensed NBFI originator; no mortgage registered
B3.2: 1/4 - LFDF balance sheet not disclosed, gearing unknown
B3.3: 2/2 - NBFI licensed BNB/FCMC >1 year, constitutes institutional partner per SME-NBFI rule
B3 · Garanties & Sûretés 6.0/15faible
B3.1: 5/9 - Joint and several guarantee by LFDF as approved NBFI originator; no registered mortgage
B3.2: 1/4 - LFDF balance sheet not provided, gearing unknown
B3.3: 2/2 - NBFI approved by BNB/FCMC >1 year, constitutes institutional partner under SME-NBFI rule
B4 · Structure financière 9.0/15
B4.1: 3/5 - Estimated taux de couverture de la dette 1.5-2.0 on diversified pool, partial data
B4.2: 2/4 - NBFI with committed equity capital unquantified, active portfolio
B4.3: 2/4 - No published stress test but diversified pool Loan-to-Cost (ratio prêt/coût total)
B4.4: 2/2 - Portfolio 52M€ growing, estimated NBFI margin >5%
B5 · Pré-commercialisation 6.0/10
  • Diversified active portfolio, >1 year history on Debitum, first asset repaid
  • Customer data limited to 52M€ outstanding, diversification not detailed: 6/10
B6 · Permis & Maturité 5.0/5✓ max

NBFI activity established >2 years (Debitum launch Feb 2025, operational), valid FCMC licence, legal documents in order: 5/5

B7 · Marché & Localisation 2.0/3
  • Latvian corporate lending market rising (+18.6% in 2025), credit/GDP low (29%), strong non-bank SME demand
  • Stagflation risks and 2026 slowdown temper: 2/3
Points forts
✓First asset repaid with interest on schedule (May 2025)
✓LFDF portfolio in strong growth, 52M€ in 14 months
✓Latvian corporate market expanding, structural SME demand documented
✓NBFI licensed FCMC, Latvian regulatory framework EU-recognised
✓Rate 11.5%/year within SME-NBFI norm, return risk adapted
Risques identifiés
!Analyst re:think P2P flags opaque inter-entity structures and insufficient forestry expertise
!LFDF managers not publicly identified in file.
!LFDF financial balance sheet not disclosed, guarantor soundness not verifiable
!Latvian GDP slowdown forecast 1.4% in 2026 with inflation 3.6%
!ABS model on forestry/SME pool: limited visibility on actual underlying assets
Score card
Score card — Latvian Forest Development Fund — LV0000112696
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