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Latvian Forest Development Fund — LV0000113355
DE
Debitum Business lending 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.

Latvian Forest Development Fund — LV0000113355

Average
56
score / 100
Yield
15.0%/yr
Duration
36 months
Min. ticket
—
Amount raised
200 k€
Invest →
À propos

Fractionated loan note on Latvian platform Debitum, issued by the Latvian Forest Development Fund (LFDF), a Latvian originator specialising in loans to enterprises in the forestry sector. The instrument is a pool of enterprise loans over 36 months at 15% per annum. No information on underlying guarantees, structure of final borrowers or collateral is provided in the file.

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 · 39.0/75 (42.0 brut, red flags −3)
B1 · Instrument & Structure 7.0/10
B1.1: 5/5 - Simple obligation fixed rate, recognised Latvian EU law
B1.2: 1/3 - Fractionated ABS note, Latvian law, applicable law present
B1.3: 1/2 - Priority ranking claimed, not formally registered
B2 · Opérateur & Track record 9.0/15
B2.1: 4/4 - Jānis Upenieks appointed, identifiable former Latvian parliamentarian
B2.2: 3/5 - Recent NBFI (<3 years), outstanding ~52M€, documented growth
B2.3: 2/3 - 1 note repaid without incident (May 2025)
B2.4: 0/3 - Detailed LFDF balance sheet not available, verification impossible
B3 · Garanties & Sûretés 7.0/15faible
B3.1: 5/9 - Joint and several guarantee originator implicit via note structure; no confirmed registered mortgage
B3.2: 1/4 - Capital 1.5M€, leverage ~35x on outstanding, partial information
B3.3: 2/2 - LFDF NBFI licensed FCMC active >2 years, constitutes institutional partner
B4 · Structure financière 6.0/15faible
B4.1: 2/5 - taux de couverture de la dette not communicated, conservative estimate 1.0-1.5
B4.2: 2/4 - Capital 1.5M€ against 52M€ outstanding, very high leverage
B4.3: 1/4 - No stress testing, Loan-to-Cost (ratio prêt/coût total)/Loan-to-Value (ratio prêt/valeur actif) not applicable
B4.4: 1/2 - Margin/taux de couverture de la dette data insufficient, visible growth
B5 · Pré-commercialisation 6.0/10
  • Active portfolio ~52M€ (86% outstanding Debitum), supposed diversified SME pool, 2 year history
  • Detailed portfolio data not communicated: 6/10
B6 · Permis & Maturité 5.0/5✓ max

NBFI licensed FCMC Latvia, activity established since >2 years (April 2023), valid licences, legal structure in order: 5/5

B7 · Marché & Localisation 2.0/3
  • Latvian SME credit market in recovery (+18.6% outstanding 2025), non-bank loans in growth
  • Risks: GDP 2026 at 1.4%, inflation 3.6%, export/agricultural sectors under pressure: 2/3
Points forts
✓First note of 100,000€ repaid in full with interest in May 2025.
✓LFDF portfolio ~52M€ on Debitum, rapid and dominant growth (86% of platform).
✓Founder Jānis Upenieks, former parliamentarian and former Parliamentary Secretary to the Latvian Ministry of Finance.
✓Latvian SME credit market in strong structural recovery, documented non-bank needs.
✓Debitum rating A, zero historical default on this platform.
Risques identifiés
!LFDF founded April 2023: very short history, one economic cycle traversed.
!Share capital 1.5M€ against ~52M€ outstanding: implicitly extremely high leverage (~35x).
!Detailed balance sheet, DSCR and portfolio NPL rate not communicated in the file.
!Concentration: LFDF represents 86% of Debitum outstanding, mutual dependency risk.
!Latvian GDP forecast at 1.4% in 2026, inflation 3.6%; export and agricultural sectors under pressure.
Score card
Score card — Latvian Forest Development Fund — LV0000113355
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