À propos
Invoice financing of 722,694 € granted to INHUS Construction, Lithuanian general construction company, for execution of a structural lot (hybrid structure prefabricated concrete/steel) within the extension of a tertiary complex in central Vilnius, ordered by INVL Baltic Real Estate (REIT listed on Nasdaq Vilnius). Overall contract amounts to 1,876,400 €. Duration 19 months, bullet repayment with monthly interest.
Plateforme · 15.0/25
A1 · Statut réglementaire
8.0/8✓ max
- agrément AMF licence from AMF valid since 2023
- Maximum applicable score without reservation
A2 · Track Record
2.0/6faible
- Score adjusted using live data: official rates 0%/0% but documented opacity (borrowers in compulsory liquidation not recorded)
- Real statistics unpublishable - default N/C (0), delay N/C (0), yield N/C (0)
- Opacity penalty applied
- Score: 2/6
A3 · Rigueur de sélection
1.0/4faible
- Mention of risk scoring improvements in 2025, but documented financing of borrowers in collective insolvency proceedings indicates historically deficient selection
- No selection rate published
A4 · Santé financière
2.0/4
- Independent platform, agrément AMF since 2023, outstanding portfolio growing
- Lemonway operational blocks documented end 2025
- No institutional shareholders
- No signal of collective insolvency proceeding on the platform itself
A5 · Protection investisseurs
2.0/3
- agrément AMF licensed: reflection period 4 days plus continuity plan = 1 mandatory point
- PSP Lemonway third party identified = 1 point (segregation)
- Absence of documented secondary market = 0 points
Projet · 45.0/75
(48.0 brut, red flags −3)
B1 · Instrument & Structure
7.0/10
B1.1: 5/5 - Invoice financing, clear direct instrument Lithuanian/EU law
B1.2: 1/3 - Direct loan to operator, Lithuanian law, applicable law poorly detailed
B1.3: 1/2 - Payment delegation not formally registered but priority ranking claimed
B2 · Opérateur & Track record
8.0/15
B2.1: 2/4 - Manager Darius CEMNOLONSKAS appointed, no verifiable public profile outside file
B2.2: 4/5 - Construction company active since 2012, turnover 12.6M€, taux de couverture de la dette 4.8, solid history
B2.3: 1/3 - First documented operation on Bienprêter
B2.4: 1/3 - Healthy balance sheet, negative net debt, but Lithuanian registers not accessible via Pappers
B3 · Garanties & Sûretés
8.0/15
B3.1: 6/9 - Payment delegation on receivable from INVL Baltic Real Estate (Nasdaq Vilnius listed company, solvent)
B3.2: 3/4 - Debtor INVL fonds propres 28.14M€, assets 49.18M€, gearing ~0.75, sound situation
B3.3: 0/2 - No banking partner identified (amount >2M€ not applicable here, <2M€ INVOICE project)
B4 · Structure financière
10.0/15
B4.1: 4/5 - Debtor INVL private listed, receivable verifiable on tertiary asset in Vilnius
B4.2: 3/4 - Crowd financing 38.51%, balance supported by own resources and supplier terms
B4.3: 2/4 - taux de couverture de la dette 4.8 but no formalised stress test; Loan-to-Cost (ratio prêt/coût total) 38.5% structurally compensates
B4.4: 1/2 - Net margin 8.5%, close to INVOICE minimum threshold
B5 · Pré-commercialisation
8.0/10bon
- Receivable on private debtor listed on Nasdaq Vilnius (INVL Baltic Real Estate), purchase order contractual 1,876,400 € with building permit obtained
- Documented investment-grade equivalent debtor, order attested
B6 · Permis & Maturité
5.0/5✓ max
- INHUS Construction active since 2012, all legal documents in order, valid construction licences, building permit issued by Vilnius municipality on 30/04/2025
- Activity established >2 years
B7 · Marché & Localisation
2.0/3
- Tertiary market Vilnius (Baltic capital), documented rental demand (occupancy rate 91-100%), investment recovery 2026
- Established market but outside reference French metropolises
- Score 2/3
Points forts
Final debtor INVL Baltic Real Estate listed on Nasdaq Vilnius, FP 28M€, assets 49M€.
DSCR borrower 4.8 and negative net debt (-505K€) - INHUS balance sheet very healthy.
Building permit obtained on 30/04/2025, site launched, contractual milestones defined.
Payment delegation on certain receivable from capitalised and solvent debtor.
Crowd financing limited to 38.5% of purchase order, balance supported by company.
Risques identifiés
Bienprêter platform: opacity on actual default rates, historically deficient selection documented.
Lithuanian law applicable, guarantee enforcement outside France poorly documented for FR investors.
Unsecured personal guarantee: enforceability and recovery uncertain in case of default.
Rate of 14.5%/year close to RF10 threshold; absence of real guarantee registered in register.
Total concentration on single debtor (INVL) for payment delegation.
⚠ Avertissement sur les risques
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