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Latvian Forest Development Fund — LV0000113298
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 — LV0000113298

Average
53
score / 100
Yield
12.0%/yr
Duration
12 months
Min. ticket
—
Amount raised
200 k€
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À propos

Investment in a fractional loan note on the Debitum platform (Latvia), backed by a pool of loans to enterprises originated by the Latvian Forest Development Fund. The originator is a Latvian fund active in the forestry sector. Duration of 12 months, fixed rate of 12% p.a., internal rating A.

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 · 36.0/75
B1 · Instrument & Structure 7.0/10
B1.1: 5/5 - Simple obligation fixed rate, recognised EU Latvian law
B1.2: 1/3 - Fractional note on ABS pool, Latvian law poorly documented
B1.3: 1/2 - Rank not formally registered, no known senior debt
B2 · Opérateur & Track record 7.0/15faible
B2.1: 2/4 - LFDF appointed, management not identified in file
B2.2: 3/5 - Recent NBFI on Debitum, documented forestry portfolio, 800 ha resold
B2.3: 1/3 - First Debitum operation (Feb. 2025), repayment €100K May 2025
B2.4: 1/3 - Opaque intercorporate structures flagged, balance sheet not provided
B3 · Garanties & Sûretés 6.0/15faible
B3.1: 4/9 - No material guarantees documented on underlying loans; joint and several guarantee not confirmed → 4 pts prudence
B3.2: 0/4 - Guarantor solvency not evaluable, LFDF balance sheet absent
B3.3: 2/2 - LFDF NBFI licenced active, institutional criterion satisfied
B4 · Structure financière 6.0/15faible
B4.1: 3/5 - taux de couverture de la dette estimated 1.5-2.0 on basis margin 35%, limited data
B4.2: 2/4 - Partial self-financing via own land, exact contribution unknown
B4.3: 1/4 - No stress testing, Loan-to-Value (ratio prêt/valeur actif) not calculable
B4.4: 0/2 - Exact net margin and taux de couverture de la dette not provided
B5 · Pré-commercialisation 4.0/10faible

Active loan pool but diversification not detailed, <20 clients documented, partial history on Debitum → 4 pts

B6 · Permis & Maturité 4.0/5bon
  • LFDF established activity >2 years, documented forestry operations, operational Latvian legal structure
  • Legal documents not exhaustively listed → 4 pts
B7 · Marché & Localisation 2.0/3
  • Latvian SME-NBFI market in growth (+18.6% business credit 2025), low NPL, credit-to-GDP 29%
  • Risks: 2026 GDP at 1.4%, inflation 3.6%, geopolitical exposure
Points forts
✓Latvian SME market in strong growth, documented structural non-bank demand
✓LFDF repaid €100K in May 2025, demonstrating operational capacity
✓Forestry margin ~35% per transaction offers substantial safety cushion
✓Debitum rating A, FCMC regulated platform since 2021
✓Rate 12% consistent with SME-NBFI standard, apparent risk/return
Risques identifiés
!Opaque intercorporate structures flagged; Re:think P2P analyst in gradual exit
!LFDF balance sheet and actual DSCR absent from file, financial solvency not verifiable
!LFDF management not identified, opaque governance
!Nature and quality of guarantees on underlying loans not documented
!Latvian GDP slowdown forecast (1.4% 2026), inflation rising (3.6%)
Score card
Score card — Latvian Forest Development Fund — LV0000113298
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