Baltic Terra — LV0000113207 — 12.5%/an · 19 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 · 29.0/75 (34.0 brut, red flags −5)

B1 · Instrument & Structure 6.0/10

B1.1: 4/5 - Fractional note on ABS pool, obligation convertible-like structure without real security

B1.2: 2/3 - Latvian issuer, recognised EU law, limited documentation

B1.3: 0/2 - Rank in pool structure undocumented, subordination possible

B2 · Opérateur & Track record 6.0/15faible

B2.1: 2/4 - Baltic Terra named, managers not identified in file

B2.2: 2/5 - Latvian land fund, partial SME-NBFI track record

B2.3: 1/3 - First operation identified on Debitum

B2.4: 1/3 - No known proceeding, balance sheet absent

B3 · Garanties & Sûretés 4.0/15faible

B3.1: 2/9 - Underlying pool not detailed, no documented real security registration

B3.2: 0/4 - Guarantor strength not assessable, financial data absent

B3.3: 2/2 - Baltic Terra licenced FCMC, recognised financial institutional partner

B4 · Structure financière 5.0/15faible

B4.1: 2/5 - Underlying taux de couverture de la dette not disclosed, opaque pool

B4.2: 1/4 - Operator equity contribution not documented

B4.3: 1/4 - No stress test presented, Loan-to-Value (ratio prêt/valeur actif)/Loan-to-Cost (ratio prêt/coût total) undetermined

B4.4: 1/2 - Margin not disclosed, lending activity in market growth

B5 · Pré-commercialisation 6.0/10

Active portfolio of loans to Latvian companies, SME market in strong growth (+18.6% outstanding 2025)
Presumed diversification but not detailed in file → 6/10

B6 · Permis & Maturité 5.0/5✓ max

Baltic Terra fund licenced FCMC active for >2 years, all legal documents presumed in order
Established activity on regulated Latvian market → 5/5

B7 · Marché & Localisation 2.0/3

Latvian SME market in growth (+18.6% outstanding 2025), credit-to-GDP low (29%)
GDP slowdown 2026 (+1.4%) and inflationary tensions moderate the score → 2/3

Points forts

✓Latvian SME market in strong growth, business loan outstanding +18.6% in 2025.

✓Internal rating A assigned by Debitum, rate 12.5%/year in SME-NBFI norm.

✓Baltic Terra licenced FCMC, Latvian regulatory framework recognised EU.

✓Short duration (19 months) limiting temporal exposure to risk.

✓Debitum platform operational >3 years, zero default declared to date.

Risques identifiés

!Baltic Terra poorly documented: managers, balance sheets and SME track record absent from file.

!Underlying loan pool opaque: no data on borrowers, DSCR or concentration.

!Total absence of documented real or personal security → RF8 triggered.

!Anticipated Latvian economic slowdown in 2026 (GDP +1.4%, inflation +3.6%).

!ABS-like structure: investor repayment rank in pool undocumented.

⚠ Avertissement sur les risques

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