Latvian Forest Development Fund — LV0000113330 — 15.0%/an · 36 mois

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 (45.0 brut, red flags −3)

B1 · Instrument & Structure 7.0/10

B1.1: 2/5 - Fractional note on ABS pool, hybrid instrument documented

B1.2: 3/3 - Direct loan LFDF, recognised Latvian EU law, well documented

B1.3: 2/2 - Plain bond, no known senior debt above

B2 · Opérateur & Track record 9.0/15

B2.1: 3/4 - LFDF identified, originating officer not clearly named in the file

B2.2: 3/5 - Licensed NBFI, launched Feb. 2025 on Debitum, 52M€ of documented outstanding loans, <3 years

B2.3: 2/3 - 1 note repaid without incident (May 2025, 9%/3 months)

B2.4: 1/3 - Low transparency structure flagged by Re:think P2P analyst; opaque inter-company structures

B3 · Garanties & Sûretés 9.0/15

B3.1: 5/9 - Joint and several guarantee from LFDF entity (NBFI licensed BNB/FCMC), no mortgage

B3.2: 2/4 - LFDF equity and gearing not disclosed, partial information

B3.3: 2/2 - LFDF is NBFI licensed FCMC active >1 year, constitutes institutional partner per SME-NBFI rules

B4 · Structure financière 7.0/15faible

B4.1: 3/5 - taux de couverture de la dette not disclosed, diversified pool of Latvian SMEs, estimated taux de couverture de la dette 1.5-2.0 probable

B4.2: 2/4 - LFDF equity contribution not documented, standard NBFI structure

B4.3: 1/4 - No stress test; Loan-to-Value (ratio prêt/valeur actif)/Loan-to-Cost (ratio prêt/coût total) not applicable

B4.4: 1/2 - LFDF margin not published, operator taux de couverture de la dette not confirmed

B5 · Pré-commercialisation 6.0/10

Active portfolio 52M€, launched Feb
2025, >1 year history, sectoral diversification not specified
Portfolio data poorly detailed publicly - 6/10

B6 · Permis & Maturité 5.0/5✓ max

Latvian NBFI licensed FCMC, established activity since >1 year (Feb
2025), legal structure in order, valid licences confirmed

B7 · Marché & Localisation 2.0/3

Latvian SME market in convincing recovery, loan growth +18.6% in 2025, credit/GDP low (29%)
Stagflation risks and 2026 GDP slowdown (1.4%) moderate to 2/3

Points forts

✓LFDF is the largest originator on Debitum with 52M€ of active outstanding loans.

✓First note repaid without incident in May 2025.

✓Latvian SME market in strong growth (+18.6% in 2025).

✓LFDF holds valid FCMC licence, clear regulatory framework.

✓Debitum platform operational >3 years, no declared default.

Risques identifiés

!Opaque inter-company structures flagged by Re:think P2P analyst.

!Excessive concentration: LFDF represents 86% of total Debitum portfolio.

!Rate 15%/year at upper limit of SME-NBFI standard; absence of real guarantee.

!LFDF history on Debitum very short (since Feb. 2025, <18 months).

!LFDF DSCR and balance sheets not disclosed, financial opacity of originator.

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