ClubFunding Property trading 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.

FIEF — Bischheim (67)

Fragile

score / 100

Yield

11%/yr

Duration

18 months

Min. ticket

—

Amount raised

600 k€

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À propos

Property trader operation in Bischheim (67) concerning acquisition of a building at 11 route de Brumath, its division into 11 lots and complete renovation for turnkey resale to investors. Amount raised: 600,000€. Operator: FIEF / MKL Groupe (Julien Merckel). Reservation contract signed 7 May 2026, notarial deed planned before August 2026.

Plateforme · 16.0/25

A1 · Statut réglementaire 8.0/8✓ max

AMF agrément AMF licence in force → 8 pts

A2 · Track Record 1.0/6faible

Default 17.45% (>15%) → 0/6
Delay rate 31.05% (30-50%) → 1.5/6
Realised return 6.5-7.5% vs announced ~10% (gap ~2.5-3.5pp below lower bound) → 1.5/6
A2 = (0×0.5)+(1.5×0.3)+(1.5×0.2) = 0.75 → rounded 1/6

A3 · Rigueur de sélection 2.0/4

Ranked 5th in 2024 rankings, process mentioned, but selection rate not published and concerns flagged on selection quality

A4 · Santé financière 3.0/4bon

Independent platform, active since 2014, >€1bn raised, monthly publication of indicators, no platform distress signal identified

A5 · Protection investisseurs 2.0/3

Licensed agrément AMF → reflection period 4 days + continuity plan (1 mandatory pt)
Standard agrément AMF segregated accounts (1 pt)
Secondary market not documented (0 pt)

Projet · 26.0/75 (34.0 brut, red flags −8)

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - société dédiée (SPV) SAS FIEF created 18/05/2026, distinct issuer, clear French law

B1.3: 1/2 - First ranking mortgage announced but real estate not yet finalised (reservation contract signed)

B2 · Opérateur & Track record 8.0/15

B2.1: 4/4 - Julien Merckel appointed, 31 years old, verifiable profile

B2.2: 2/5 - 2 operations delivered (2025-2026), partial track record marchand de biens Strasbourg

B2.3: 1/3 - First operation on ClubFunding, reputation on other platform not verified

B2.4: 1/3 - SAS FIEF created May 2026 (capital 1000€), MKL Groupe since 2020, tight balance sheet

B3 · Garanties & Sûretés 10.0/15

B3.1: 9/9 - First ranking mortgage registered on the asset plus notarised joint and several guarantee from the director (mortgage takes priority)

B3.2: 1/4 - taux de couverture de la dette 1.74x but SAS FIEF capital 1000€, equity very weak, individual guarantor not assessed on assets

B3.3: 0/2 - No bank partner identified, project <2M€ (not RF2)

B4 · Structure financière 5.0/15faible

B4.1: 0/5 - Loan-to-Value (ratio prêt/valeur actif) approximately 96% (600K€ raised / 623K€ acquisition and works) - >75%, RF7 triggered

B4.2: 0/4 - Equity contribution virtually nil (<5% of total cost)

B4.3: 2/4 - Break-even 3209€/m² versus conservative price 4500€/m², actual safety margin

B4.4: 2/2 - Net margin approximately 24-25% documented on completed operations

B5 · Pré-commercialisation 2.0/10faible

Real estate under reservation contract, no signatures obtained on the 11 lots
Turnkey strategy targeting investors via 3 identified networks. marchand de biens market: no formal commitment - 2 points (standard liquid market product)

B6 · Permis & Maturité 0.0/5faible

Real estate not yet finalised (reservation contract signed 7 May 2026, notarial deed planned August 2026)
No administrative authorisation required according to the file
RF6 triggered (marchand de biens, real estate not finalised)

B7 · Marché & Localisation 1.0/3faible

Bischheim (67800), stable but secondary market
Market price 2471-2600€/m², operator exit price 5267€/m² (high ratio linked to division, renovation and furnished)
Market stabilising post 2022-2024, slight decline 2026

⚠ Alertes détectées · −8 pts déduits

Terrain pas encore acheté −3 pts

Real estate not finalised on RE-MDB - reservation contract signed 07/05/2026, notarial deed planned August 2026 - deduction -3 points

Ratio prêt/valeur trop élevé −5 pts

LTV calculated at approximately 96% (600K€ crowd / approximately 623K€ acquisition and works cost) - loan-to-value ratio very high, threshold of 85% far exceeded - deduction -5 points

Points forts

✓First ranking mortgage and notarised joint and several guarantee from the director combined.

✓Operator with 2 similar delivered operations (margins 24-25%) in Strasbourg.

✓Conservative break-even at 3209€/m², well below market price even if degraded.

✓Turnkey strategy with 3 structured distribution networks identified.

✓Sequestration of 9 months coupons and works reserve of 280K€ released on invoices.

Risques identifiés

!Real estate not finalised at launch of fundraising (deed planned August 2026).

!LTV approximately 96%: virtually all financing relies on crowd debt, equity contribution virtually nil.

!Target exit price (5267€/m²) well above Bischheim market prices (2471-2600€/m²); depends entirely on turnkey furnished premium.

!SAS FIEF Asset Management created 18/05/2026 (capital 1000€): issuer financial solidity virtually nil.

!Rate of 11% per annum at upper limit for RE-MDB; ClubFunding platform shows 17.45% defaults and 31% delays.

⚠ Avertissement sur les risques

Investir en crowdfunding comporte un risque de perte partielle ou totale du capital, ainsi qu'un risque d'illiquidité. Selon le baromètre France FinTech / Forvis Mazars 2025, 25 à 30 % des projets accusent un retard de plus de 6 mois et 4 à 6 % entraînent une perte définitive. Ne placez jamais plus de 5 à 10 % de votre patrimoine en crowdfunding et diversifiez sur au moins 10 projets. CrowdPickr est un service d'information indépendant, non agréé en tant que conseiller en investissement. Les analyses présentées ne constituent pas un conseil en investissement personnalisé.