La Première Brique Commercial real estate 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.

La Triade (34)

Average

score / 100

Yield

12.0%/yr

Duration

24 months

Min. ticket

1 €

Amount raised

4.4 M€

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À propos

Acquisition and light restructuring of a 2,771 m² office building in Montpellier (Millénaire district), with a view to unit sales in 25 independent cells of 50 to 290 m². Operator R CAPITAL, headed by Adrien Rambier, signed an offer in October 2025. 12 units (48%) are already under reservation contracts representing 41% of projected revenue.

Plateforme · 20.0/25

A1 · Statut réglementaire 8.0/8✓ max

agrément AMF licence AMF in force, licence fonds propres-2023-15 confirmed
Maximum score

A2 · Track Record 5.0/6bon

Default 0% → 6 pts
Delay 8.6% → 4.5 pts (range 5-15%)
Average return 11.7% gross in line with announcements → 6 pts
A2 = (6×0.5)+(4.5×0.3)+(6×0.2) = 3+1.35+1.2 = 5.55 → rounded 5.5

A3 · Rigueur de sélection 2.0/4

Mention of a selection process without published refusal rate or committee details
Mature platform 6 years, €325M collected

A4 · Santé financière 3.0/4bon

Independent platform, >5 years in operation, no operational distress signal
Modest share capital (€150K) but sound growth
No identified institutional shareholder

A5 · Protection investisseurs 2.0/3

Approved agrément AMF: 4-day reflection period + mandatory continuity plan (1 pt)
Segregated accounts presumed via third-party PSP (1 pt)
Secondary market not documented in available data (0 pt)

Projet · 32.0/75 (42.0 brut, red flags −10)

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Participating loan remunerated, clear French law

B1.2: 2/3 - Direct borrowing from R CAPITAL SAS, well documented French law

B1.3: 1/2 - Priority ranking via non-subordinated fiduciary pledge, no formal mortgage registration

B2 · Opérateur & Track record 6.0/15faible

B2.1: 4/4 - Adrien Rambier appointed, identifiable president, address and RCS provided

B2.2: 2/5 - approximately 30 declared operations but 2 recent compulsory liquidations, company created October 2025

B2.3: 0/3 - First operation on LPB, no platform history

B2.4: 0/3 - 2 compulsory liquidations documented (RF4 not active as proceedings closed), current situation not clarified

B3 · Garanties & Sûretés 14.0/15bon

B3.1: 8/9 - Fiduciary pledge over entire real estate portfolio (notarial deed), 91% coverage as is, 141% after works

B3.2: 3/4 - Personal guarantee €5.24M but guarantor not financially evaluated (partial information)

B3.3: 0/2 - No identified banking partner, project <€2M not applicable to RF2, but >€2M here without bank

B4 · Structure financière 7.0/15faible

B4.1: 2/5 - Loan-to-Value (ratio prêt/valeur actif) 70% (range 70-80% → 2 pts RE-COM)

B4.2: 1/4 - Operator contribution 14.44% (approximately €736K), 15-20% threshold not reached

B4.3: 2/4 - 18% margin withstands -15% according to file; -20% stress not documented

B4.4: 1/2 - Target IRR gross estimated 8-12% range, 18% margin acceptable but Loan-to-Cost (ratio prêt/coût total) 86% tight

B5 · Pré-commercialisation 5.0/10

RE-COM: 12 units under reservation contracts (41% revenue, 48% units)
Rank 3 commitments (revocable reservations)
Equivalent 40-50% by reservations → 5/10 per RE-COM/property trader mixed grid

B6 · Permis & Maturité 2.0/5faible

RE-COM: Offer signed October 2025, acquisition not yet completed at file date (deed not signed)
No licence required (existing asset)
Score 2/5 for firm offer + no licence necessary

B7 · Marché & Localisation 0.0/3faible

Adjusted score thanks to live data: regional office market in decline documented (-34% placements H1 2026), rising vacancy
Exit price €2,592/m² above median of recent comparables (€2,539/m²)
Declining market → 0/3

⚠ Alertes détectées · −10 pts déduits

Pas de financement bancaire −5 pts

No identified banking partner on €4,367,000 project (>€2M) - crowd funding 85.56% without bank credit.

Ratio prêt/valeur trop élevé −5 pts

LTC calculated at 86% (threshold 85%) - loan/total cost ratio slightly above threshold.

Points forts

✓Fiduciary pledge over real estate asset, 141% coverage after works per independent expert.

✓12 units pre-commercialised (41% revenue), commercial momentum engaged before fundraising.

✓Works limited to €282K (6% total cost), low site risk and supervised.

✓Sequestration of interest over 12 months, liquidity reserve constituted for investors.

✓Real estate expert mandated by LPB confirms asset valuation independently.

Risques identifiés

!Operator R CAPITAL created October 2025, capital €20,000, subject to 2 compulsory liquidations.

!Land under offer only (not completed) at file date - risk of acquisition non-completion.

!Regional office market in documented contraction (-34% placements H1 2026, vacancy 7-9%).

!LTC at 86% exceeds 85% threshold, crowd funding at 85.56% without banking partner.

!Office exit price (€2,592/m²) higher than median of recent comparables (€2,539/m²).

⚠ 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.