Sandbox Funding — LV0000113371 — 12.0%/an · 9 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 · 25.0/75 (35.0 brut, red flags −10)

B1 · Instrument & Structure 6.0/10

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

B1.2: 2/3 - Direct originator loan documented, Latvian EU law

B1.3: 2/2 - No senior debt documented, factual priority rank

B2 · Opérateur & Track record 7.0/15faible

B2.1: 2/4 - Sandbox Funding entity named, directors not identified in file

B2.2: 3/5 - NBFI active, partial portfolio data, limited history in file

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

B2.4: 1/3 - No procedure identified but balance sheet not provided, verification impossible

B3 · Garanties & Sûretés 7.0/15faible

B3.1: 5/9 - Joint and several guarantee of NBFI originator licensed by FCMC, underlying asset pool of SME loans

B3.2: 0/4 - Originator balance sheet not provided, financial soundness not assessable

B3.3: 2/2 - NBFI originator licensed by FCMC in operation >2 years, qualified institutional partner

B4 · Structure financière 5.0/15faible

B4.1: 3/5 - taux de couverture de la dette not disclosed, Latvian SME pool, prudent estimate 1.5-2.0

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

B4.3: 0/4 - No stress test presented, portfolio data insufficient

B4.4: 1/2 - NBFI active, estimated margin correct but not confirmed

B5 · Pré-commercialisation 3.0/10faible

Active loan pool, but diversification and client concentration not documented in file - 3 points (portfolio data poorly detailed)

B6 · Permis & Maturité 5.0/5✓ max

NBFI licensed by FCMC, established activity >2 years, valid licences according to live enrichment data
Legal documents in order

B7 · Marché & Localisation 2.0/3

Latvian SME loan market growing (+18.6% in 2025), strong structural demand
Stagflationary risks and 2026 slowdown (GDP 1.4%) moderate the score - 2/3

Points forts

✓Latvian SME loan market in strong structural growth in 2025.

✓NBFI originator licensed by FCMC, recognised EU regulatory framework.

✓Rate of 12%/year in the norm for SME-NBFI in this market.

✓Debitum platform operational >3 years, zero published historical default.

Risques identifiés

!Sandbox Funding directors not identified, balance sheet and DSCR not disclosed.

!Underlying loan pool opaque: concentration, NPL, sectors not detailed.

!Fractional ABS instrument - risk of undocumented implicit subordination.

!Latvian GDP expected at 1.4% in 2026, possible stagflationary context.

!No stress test or originator financial data available in file.

![Disqualification lifted after application of locked scores] RF1 triggered (Sandbox Funding operator anonymous, no director named or identifiable) - deduction -10 points. Net B score = max(0, 35 - 10) = 25. Final score = (17×0.25) + (25×0.75) = 4.25 + 18.75 = 23.0, i.e. <35 - verdict To avoid.

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