À propos
Property promotion programme in Cadenet (Vaucluse) carried out by LDDC Construction, consisting of the construction of 7 new villas as well as the enhancement of an existing house and a dovecote. Building permit obtained and cleared, land secured via promise to sell. Advanced pre-marketing with 77% of turnover already executed or reserved. Simple bullet bond over 12 months at 10% via Les Entreprêteurs platform.
Plateforme · 18.5/25
A1 · Statut réglementaire
8.0/8✓ max
- Licence agrément AMF AMF fonds propres-2023-28 valid and in force since November 2023
- Status verified via live data
A2 · Track Record
3.5/6
- Score adjusted based on live data: default rate 0.79% (6/6×0.5=3.0), delay >90 days 7.47% (4.5/6×0.3=0.45), actual versus announced return data not communicated (0/6×0.2=0)
- 126 mentions on CrowdRevolt document investor complaints regarding delays and guarantee execution
A3 · Rigueur de sélection
2.0/4
- Mention of a selection process without published selection rate or complete details
- Established platform (2014) and recognised with >850 projects funded
A4 · Santé financière
3.0/4bon
- Independent profitable platform, >10 years of existence (since 2014), documented capitalisation €200K, active institutional partnerships
- No PLATFORM distress signal identified despite portfolio concerns
A5 · Protection investisseurs
2.0/3
- Mandatory 4-day reflection period (licenced agrément AMF) plus legally required business continuity plan (1/3)
- Segregated accounts probable but not explicitly documented in provided data (0/3)
- No secondary market mentioned (0/3)
Projet · 48.0/75
B1 · Instrument & Structure
9.0/10bon
B1.1: 5/5 - Simple bond at fixed rate, French law
B1.2: 3/3 - Issuer LDDC Construction, French SAS, clear structure
B1.3: 1/2 - Simple unsecured bond, no documented senior debt, de facto 1st ranking but not registered
B2 · Opérateur & Track record
10.0/15
B2.1: 4/4 - Alain and Maryvonne Morelli named, functions specified, publicly identifiable
B2.2: 4/5 - 8 operations delivered between 2009-2023 (volumes 0.8-4.9M€, margins 12-20%), last delivered 2023 (Le Vivaldi 27 units)
B2.3: 0/3 - First operation on Les Entreprêteurs, no documented platform history
B2.4: 2/3 - No insolvency proceeding, healthy balance sheets (equity 175K€, debt 50K€), but weak capitalisation post-transition 2024
B3 · Garanties & Sûretés
11.0/15
B3.1: 7/9 - Notarised first demand guarantee issued by SCI Saint-André plus pledge of SCI shares registered (100% capital)
B3.2: 2/4 - SCI Saint-André patrimoine 3 rental properties documented, weak capitalisation, fonds propres data not communicated
B3.3: 2/2 - Identified bank credit at 81.2% of financing (1.985M€), bank unnamed
B4 · Structure financière
9.0/15
B4.1: 3/5 - Loan-to-Cost (ratio prêt/coût total) 54% (350K€ crowd on 2.444M€ total cost excluding financing fees), between 50-65%
B4.2: 2/4 - fonds propres contribution 111K€ = 4.5% of total cost, between 10-15%
B4.3: 2/4 - No documented stress test, Loan-to-Cost (ratio prêt/coût total) 54% (between 30-60%) provides partial security
B4.4: 2/2 - Net margin 7% of turnover inc. tax (184K€ on 2.633M€ ex. tax), <8% but consistent with degraded promotion immobilière market
B5 · Pré-commercialisation
8.0/10bon
- 5 lots executed (1.4M€) + 2 signed reservations (619K€) = 77% turnover covered (of which 53% authentic deeds)
- Strong rapid absorption
- 2 lots in inventory (617K€, 23%)
- Score 8/10: pre-marketing solid between 80-100%, majority compromises and deeds
B6 · Permis & Maturité
0.0/5faible
- Land not executed (under promise to sell only), building permit obtained and cleared, site launched
- According to promotion immobilière methodology: unsecured land = 0/5
B7 · Marché & Localisation
1.0/3faible
- Adjusted score through live data: France property promotion market in decline documented (sales −20% Q3 2025, difficult inventory +74%, cycles >48 months, private investor −53%)
- Exit price 3,800-4,300€/m² compliant with local Luberon comparables
- Unfavourable national context limits score to 1/3
⚠ Alertes détectées · −8 pts déduits
Terrain pas encore acheté
−3 pts
Land not yet executed on RE-MDB class - RE-PROM project with land under promise, B6 penalty only
Aucune garantie réelle sur ce projet
−5 pts
Simple bond without registered security on €350K project - surety and first demand guarantee present, RF8 not strictly triggered but absence of mortgage noted
Points forts
Experienced operator: Alain Morelli 40 years' experience, 8 documented operations delivered since 2009
Advanced pre-marketing: 77% turnover secured of which 53% signed notarised deeds (1.4M€)
Strengthened financial structure: LDDC FP 175K€, indebtedness 50K€, massive debt reduction 2023
Cleared permit: PC obtained and objection period expired, site launched
Market-consistent prices: 3,800-4,300€/m² compliant with local Luberon comparables
Bank partner: 81.2% bank financing approved (1.985M€), strong external validation
Notarised first demand guarantee: guarantee issued by SCI Saint-André owner of 3 rental properties
Risques identifiés
Land not executed: acquisition under promise only, not yet secured by authentic deed
Weak operating margin: 7% of turnover ex. tax (184K€), <8% RE-PROM standard, high sensitivity to cost overruns
France property promotion market in documented decline: sales −20% Q3 2025, absorption delays >48 months certain regions
Limited operator capitalisation: LDDC FP 175K€ for 2.444M€ total cost operation (ratio 7.2%)
LTC 54%: average ratio, limited safety margin in case of cost overrun or sales delay
Platform: 7.47% delays >90 days portfolio, 126 CrowdRevolt mentions on guarantee execution
Operator's first fundraise on this platform: no repayment history on Les Entreprêteurs
No mortgage: simple bond without registered security on real property asset
Guarantor SCI capitalisation not communicated: SCI Saint-André rental portfolio documented but FP not disclosed
Voir toute l'analyse Les Entreprêteurs →
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