Latvian Forest Development Fund — LV0000113348 — 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 · 43.0/75 (46.0 brut, red flags −3)

B1 · Instrument & Structure 7.0/10

B1.1: 5/5 - Fixed rate fractional note, EU Latvian law

B1.2: 2/3 - Direct loan LFDF, clear Latvian law

B1.3: 0/2 - Pooled ABS note, undocumented seniority, possible senior debt

B2 · Opérateur & Track record 9.0/15

B2.1: 2/4 - LFDF named, managers not publicly identified

B2.2: 4/5 - NBFI active, outstanding 52M€, 2600 ha acquired, documented growth

B2.3: 2/3 - Note May 2025 repaid without delay

B2.4: 1/3 - Balance sheet not disclosed, gearing not calculable

B3 · Garanties & Sûretés 9.0/15

B3.1: 5/9 - LFDF joint and several guarantee implicit; forest assets 52M€ tangible, formal guarantee not documented

B3.2: 2/4 - fonds propres not published, portfolio 52M€ tangible, gearing unknown

B3.3: 2/2 - LFDF NBFI licensed FCMC >2 years, qualified institutional partner

B4 · Structure financière 8.0/15

B4.1: 3/5 - taux de couverture de la dette not disclosed, market +18.6%, taux de couverture de la dette estimated 1.5-2.0

B4.2: 2/4 - Substantial own forest portfolio (800 ha resold)

B4.3: 2/4 - No stress test, conservative estimated forest Loan-to-Value (ratio prêt/valeur actif) <60%

B4.4: 1/2 - Forest margin 35% documented, SME taux de couverture de la dette not published

B5 · Pré-commercialisation 6.0/10

Active portfolio >52M€, diversification Latvian SMEs, 1st note repaid in full
Partial Debitum history (launched Feb 2025)
SME-NBFI score - 6/10

B6 · Permis & Maturité 5.0/5✓ max

LFDF activity established >2 years, valid FCMC licences, Latvian legal structure in order

B7 · Marché & Localisation 2.0/3

Latvian market rising: SME loans +18.6% over 8 months 2025, credit-to-GDP 29%, NBFIs growing
2026 GDP slowdown (1.4%) and inflationary pressures limit to 2/3

Points forts

✓LFDF largest Debitum originator with 52M€ outstanding, demonstrated position.

✓First note repaid in full with interest by May 2025.

✓Latvian SME loan market in strong growth (+18.6% over 8 months 2025).

✓Tangible forest assets with average 35% margin on resales documented.

✓NBFI licensed FCMC for >2 years, recognised European regulatory framework.

Risques identifiés

!Formal guarantees on ABS note not documented - repayment seniority uncertain.

!Extreme concentration: LFDF represents 86% Debitum outstanding - high counterparty risk.

!LFDF financial balance sheet not disclosed, gearing and DSCR not verifiable.

!LFDF managers not publicly identified in the file.

!Rate 15%/year at upper SME-NBFI limit; guarantees insufficiently documented.

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