Les Entreprêteurs Property development 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.

PRELUDE | Valence d'Agen

Strong

score / 100

Yield

11.0%/yr

Duration

24 months

Min. ticket

100 €

Amount raised

942 k€

À propos

Property development project concerning construction of 40 social housing units in individual houses at Valence-d'Agen (82400, Tarn-et-Garonne), operated by PRELUDE SA (Hervé Gevaudan). Land under reservation at 565 000 €, building permit obtained and cleared in October 2025, 100% marketing in VEFA with two social landlords (Mesolia and TGH). Simple bullet bond over 24 months for 942 000 €.

Plateforme · 18.5/25

A1 · Statut réglementaire 8.0/8✓ max

Licence agrément AMF AMF fonds propres-2023-28 valid and in force since November 2023
Status verified via live data

A2 · Track Record 3.5/6

Score adjusted based on live data: default rate 0.79% (6/6×0.5=3.0), delay >90 days 7.47% (4.5/6×0.3=0.45), actual versus announced return data not communicated (0/6×0.2=0)
126 mentions on CrowdRevolt document investor complaints regarding delays and guarantee execution

A3 · Rigueur de sélection 2.0/4

Mention of a selection process without published selection rate or complete details
Established platform (2014) and recognised with >850 projects funded

A4 · Santé financière 3.0/4bon

Independent profitable platform, >10 years of existence (since 2014), documented capitalisation €200K, active institutional partnerships
No PLATFORM distress signal identified despite portfolio concerns

A5 · Protection investisseurs 2.0/3

Mandatory 4-day reflection period (licenced agrément AMF) plus legally required business continuity plan (1/3)
Segregated accounts probable but not explicitly documented in provided data (0/3)
No secondary market mentioned (0/3)

Projet · 52.0/75

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Simple bonds fixed rate, French law

B1.2: 2/3 - Direct loan from operator PRELUDE SA, no dedicated société dédiée (SPV)

B1.3: 1/2 - Simple bond without senior bank debt; ranking not formally registered

B2 · Opérateur & Track record 10.0/15

B2.1: 4/4 - Alain and Maryvonne Morelli named, functions specified, publicly identifiable

B2.2: 4/5 - 8 operations delivered between 2009-2023 (volumes 0.8-4.9M€, margins 12-20%), last delivered 2023 (Le Vivaldi 27 units)

B2.3: 0/3 - First operation on Les Entreprêteurs, no documented platform history

B2.4: 2/3 - No insolvency proceeding, healthy balance sheets (equity 175K€, debt 50K€), but weak capitalisation post-transition 2024

B3 · Garanties & Sûretés 11.0/15

B3.1: 7/9 - GAPD PRELUDE SA + registered securities pledge + notarised personal guarantee Gevaudan 120%

B3.2: 3/4 - PRELUDE SA: Equity >5M€ according to IPO valuation, high indebtedness (gearing ~1.5-2.0)

B3.3: 1/2 - No bank named; garantie financière d'achèvement underwritten confirmed (insurance D&O/garantie financière d'achèvement = site commitment)

B4 · Structure financière 9.0/15

B4.1: 5/5 - Loan-to-Value (ratio prêt/valeur actif) 16%, Loan-to-Cost (ratio prêt/coût total) very low, well below threshold

B4.2: 0/4 - Equity committed 174K€ being ~3% of cost price, below 5% threshold

B4.3: 2/4 - No documented stress test but Loan-to-Cost (ratio prêt/coût total) <20% structurally compensates

B4.4: 1/2 - Net margin 9.71% (adjusted), gross margin unadjusted 4%, between 8-12%

B5 · Pré-commercialisation 10.0/10✓ max

100% marketed via two VEFA contracts signed with social landlords Mesolia and TGH (deeds 16/04/2026 and 13/04/2026), financing approved
Ranking 1: authenticated deeds signed - commercial risk nil

B6 · Permis & Maturité 3.0/5

Building permit obtained 06/06/2025 and cleared of all appeals in October 2025
Land under reservation not yet executed (land purchase planned May 2026)
Score 3/5: building permit cleared but land not yet executed at funding date

B7 · Marché & Localisation 1.0/3faible

Valence-d'Agen ~5 300 inhabitants, secondary market in Tarn-et-Garonne (82)
Social housing VEFA: market risk almost nil (approved landlords)
Local market illiquid but commercial relevance low thanks to social VEFA

⚠ Alertes détectées · −8 pts déduits

Terrain pas encore acheté −3 pts

Land not yet executed on RE-MDB - NOTE: RF6 strictly reserved for RE-MDB; not triggered here (RE-PROM). Penalised via B6 only.

Aucune garantie réelle sur ce projet −5 pts

B3.1=7/9 > 0 therefore RF8 not triggered - real guarantees documented (GAPD + pledge + notarised guarantee).

Points forts

✓100% marketing in VEFA to two recognised social landlords, financing approved.

✓LTV/LTC of 16%, very low, strongly limiting investor exposure.

✓Building permit obtained and cleared of all appeals since October 2025.

✓Triple guarantee: GAPD PRELUDE SA + securities pledge + notarised personal guarantee Gevaudan.

✓GFA and defects insurance confirmed for construction phase.

Risques identifiés

!Land still under reservation at funding date, notarial acquisition planned May 2026.

!Operator equity contribution limited to 3% of cost price, very weak financial commitment.

!High indebtedness of PRELUDE SA group (>80% of balance sheet), cash flow weakened by previous operation.

!No bank financing on operation; total dependence on VEFA drawdowns and crowdfunding.

!Rate 11%/year above RE-PROM standard; unadjusted gross margin at 4%, weak safety buffer.

⚠ 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.