À propos
Refinancing of equity injected by ADS INVEST (SAS property trader, Côte d'Azur) into SCI LIDASTAR. Funds raised (241,000€) will be allocated to ADS INVEST operating needs, including one property trader operation in Nice (acquisition-renovation-resale of an apartment). Bullet repayment at 18 months, backed by proceeds from sale of assets held by ISCHER group.
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 · 46.0/75
B1 · Instrument & Structure
8.0/10bon
B1.1: 5/5 - Simple obligation fixed rate, clear French law
B1.2: 2/3 - Direct loan ADS INVEST, no société dédiée (SPV), well documented French law
B1.3: 1/2 - Rank not formally registered, no known senior debt on ADS INVEST
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
9.0/15
B3.1: 6/9 - Pledge of SCI LIDASTAR shares + GPD SSP 120% + irrevocable order 50k€ + joint and several guarantee SSP manager. No registered mortgage; best guarantee = irrevocable order on signed agreement
B3.2: 2/4 - SCI LIDASTAR: assets ~1.275M€ gross, CRD ~561k€, estimated weak equity
B3.3: 1/2 - Banking support mentioned for Nice operation, bank not named
B4 · Structure financière
8.0/15
B4.1: 4/5 - Indicative Loan-to-Value (ratio prêt/valeur actif): 241k/750k offices = 32% (very low)
B4.2: 0/4 - Equity contribution ADS INVEST = 0€ explicitly stated
B4.3: 2/4 - Very low Loan-to-Value (ratio prêt/valeur actif) (<30%) compensates for absence of documented stress test
B4.4: 0/2 - Nice operation margin 7% net, below marchand de biens threshold of 10%
B5 · Pré-commercialisation
5.0/10
- Offices SCI LIDASTAR not yet under promise of sale (resale planned but not formalised)
- Nice apartment: promise to purchase not yet signed according to analyst
- One personal property under irrevocable order (50k€)
- Nice market liquid but offices under national pressure
B6 · Permis & Maturité
4.0/5bon
- marchand de biens: assets (Cannes offices, Nice apartment) held in ownership (land title deed executed)
- Nice operation: acquisition not yet completed as of filing date (works not started)
- Cannes offices already held in lease
- Score 4/5: land title deed executed for existing assets, works not started on main operation
B7 · Marché & Localisation
2.0/3
- Score adjusted through live data: Nice residential solid (+3.3%/year, 5896€/m² median), office market in national crisis (-22% investments, +9% vacancy)
- Main asset (Cannes offices) exposed to sectoral pressure
- Nice residential = 2/3 justified despite office pressure
⚠ Alertes détectées · −5 pts déduits
Aucune garantie réelle sur ce projet
−5 pts
Guarantees present (pledge + GPD + irrevocable order + joint and several guarantee) - RF8 not triggered as B3.1 > 0
Alerte
−0 pts
RF2 not triggered - project <€2M (241k€)
Points forts
David ISCHER: 3 operations entirely repaid on Les Entreprêteurs without incident.
Implicit LTV very low (~32%) on Cannes offices estimated at 750k€.
Banking support confirmed on Nice operation.
SCI LIDASTAR assets diversified (offices + residential) offering multiple repayment sources.
Irrevocable order of 50k€ on property under signed agreement, partial repayment secured.
Risques identifiés
Refinancing of equity without specific pledged asset: repayment depends on future sales.
Equity contribution ADS INVEST = 0€ stated; moral hazard risk operator alignment.
Nice operation margin at 7% net, below usual RE-MDB thresholds (10%).
Cannes offices exposed to national office market crisis (-22% investments, +9% vacancy).
Guarantees on demand under private deed (not notarised): execution less robust than registered mortgage.
Voir toute l'analyse Les Entreprêteurs →
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⚠ 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.