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Latvian Forest Development Fund — LV0000113280
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 — LV0000113280

Average
54
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 loan note on Debitum platform (Latvia), issued by Latvian Forest Development Fund. Underlying asset is a pool of business loans. The fund is a Latvia-based originator, rated A by Debitum. Approximate duration of 10 months, interest rate of 11.5% per year.

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 · 37.0/75 (42.0 brut, red flags −5)
B1 · Instrument & Structure 7.0/10
B1.1: 4/5 - obligation convertible/fractional note without registered real security
B1.2: 2/3 - Direct originator loan, Latvian law recognised by EU
B1.3: 1/2 - Rank not formally registered, no documented senior debt
B2 · Opérateur & Track record 9.0/15
B2.1: 3/4 - LFDF appointed, management not detailed in file
B2.2: 3/5 - Originator active since Feb. 2025, portfolio €52M, but short history (<2 years)
B2.3: 2/3 - 1 full repayment (May 2025) with no delay on Debitum
B2.4: 1/3 - Opaque intercorporate structures flagged, judicial verification incomplete
B3 · Garanties & Sûretés 6.0/15faible
B3.1: 2/9 - No real security documented; underlying SME loan pool not detailed
B3.2: 2/4 - Forest asset (2,600 ha) as base, but valuation and gearing not disclosed
B3.3: 2/2 - LFDF licenced FCMC, active Latvian institutional operator >1 year
B4 · Structure financière 8.0/15
B4.1: 3/5 - taux de couverture de la dette not disclosed; Latvian SME pool, growing market (+18.6% 2025)
B4.2: 2/4 - Equity contribution not documented; forest asset as partial collateral
B4.3: 2/4 - No stress test; Loan-to-Value (ratio prêt/valeur actif) not calculable, May 2025 repayment positive
B4.4: 1/2 - Margin not disclosed; 1 complete financial year insufficient to confirm taux de couverture de la dette >2
B5 · Pré-commercialisation 6.0/10
  • Active portfolio €52M, 86% of platform, diversification not detailed
  • Short operational history (Feb
  • Excessive platform concentration flagged in risks[]
B6 · Permis & Maturité 4.0/5bon
  • LFDF active for >1 year, Latvian licences in order, legal structure operational
  • Early-stage activity (<2 years) justifies slight reduction
B7 · Marché & Localisation 2.0/3
  • Latvian market in recovery (+18.6% business lending 2025), credit/GDP low (29%) = strong potential
  • Stagflation risks and GDP slowdown 2026 (1.4%) moderate score
⚠ Alertes détectées · −5 pts déduits
Aucune garantie réelle sur ce projet −5 pts

No real security documented on this €200K SME-NBFI loan - underlying pool opaque, no identified registered security

Points forts
✓One full repayment with interest completed May 2025 on Debitum.
✓LFDF portfolio €52M, largest originator on platform.
✓Latvian SME lending market in strong growth (+18.6% in 2025).
✓Forest asset of 2,600 ha forming basis of tangible assets.
✓Rate of 11.5%/year standard for SME-NBFI, short duration (9 months).
Risques identifiés
!Documented allegations of opaque connections between Debitum and LFDF (Re:think P2P).
!LFDF represents 86% of total platform - critical borrower concentration.
!Very short history: LFDF launched February 2025, less than 18 months operating.
!Complex intercorporate structures and opacity of underlying loan portfolio flagged.
!No information on management, financial statements, DSCR or composition of loan portfolio.
Score card
Score card — Latvian Forest Development Fund — LV0000113280
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