Commande Jezero — 14%/an · 21 mois

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 · 36.0/75 (39.0 brut, red flags −3)

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Direct ECSP loan, invoice financing clear legal title

B1.2: 2/3 - Direct LUMAR borrowing, recognised EU Slovenian law, well documented

B1.3: 1/2 - Unsecured bond, no known senior debt, de facto ranking but not registered

B2 · Opérateur & Track record 10.0/15

B2.1: 4/4 - Marko LUKIC appointed, management function specified, company identifiable

B2.2: 4/5 - LUMAR created 2001, >20 years activity in prefabricated wood construction, turnover €30M, solid track record

B2.3: 1/3 - First transaction on Bienprêter, reputation not verified on other AMF platforms

B2.4: 1/3 - Year N-1 balance sheet sound (turnover €30M, margin 12%), gearing 6.6 high but taux de couverture de la dette 14.8 strong; gearing >2.5 penalises

B3 · Garanties & Sûretés 5.0/15faible

B3.1: 4/9 - Unnotarised personal guarantee (2 pts) + payment delegation on PROJEKT JEZERO settlements (6 pts) → delegation takes precedence at 6 pts, but claim not certified by formal purchase order attached → 4 pts

B3.2: 1/4 - PROJEKT JEZERO created June 2023, net margin 0.16%, guarantor under-capitalised

B3.3: 0/2 - No banking partner, project <€2M therefore no RF2

B4 · Structure financière 8.0/15

B4.1: 5/5 - Debtor PROJEKT JEZERO identified, order €1.12M real, concentration <100% on single private debtor but programme verifiable

B4.2: 3/4 - Crowdfunding 30.64% of order, ~69% self-financed by LUMAR from its own resources

B4.3: 0/4 - No stress test presented, claim not publicly certified

B4.4: 0/2 - PROJEKT JEZERO net margin 0.16%, very recent activity, cash position not documented

B5 · Pré-commercialisation 3.0/10faible

Claim on unrated private debtor (PROJEKT JEZERO created 2023), contractual undertaking mentioned but purchase order not attached to file
Jezero programme identifiable and marketed, but sales not documented
Score: 3/10

B6 · Permis & Maturité 3.0/5

LUMAR established activity since 2001, sound legal structure, all documents in order
Construction announced 2026, programme identifiable
Documents to be updated on Jezero construction site not yet started
Score: 3/5

B7 · Marché & Localisation 2.0/3

Bled, Slovenia: premium alpine residential market, 14 quality homes >€1M/unit, recognised tourist location
Established European market, confirmed international demand
Score: 2/3

Points forts

✓LUMAR: 24 years activity, turnover €30M, DSCR 14.8, solid timber industry player.

✓Crowdfunding limited to 30.64% of order, good operational leverage.

✓Rezidenca Jezero programme identifiable and marketed in Bled, high-end specification.

✓Payment delegation on PROJEKT JEZERO flows provides partial structural protection.

✓Rate of 14% with monthly interest offers partial regular liquidity.

Risques identifiés

!PROJEKT JEZERO created June 2023, net margin 0.16%, guarantor very under-capitalised.

!Formal purchase order not attached to file, payment delegation poorly secured.

!LUMAR gearing of 6.6 (high debt ratio) despite comfortable DSCR.

!No registered real security; personal guarantee of Marko LUKIC unnotarised.

!Bienprêter: opacity on track record, past financing of borrowers in compulsory liquidation documented.