Latvian Forest Development Fund — LV0000113520 — 15.0%/an · 35 mois

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 · 49.0/75 (52.0 brut, red flags −3)

B1 · Instrument & Structure 7.0/10

B1.1: 5/5 - Simple obligation at fixed rate 15%/year, Latvian law

B1.2: 2/3 - Direct loan well documented originator, recognised Latvian EU law

B1.3: 0/2 - Underlying loan pool, ranking not documented, possible senior debt not specified

B2 · Opérateur & Track record 9.0/15

B2.1: 2/4 - LFDF named, management not publicly identified in the file

B2.2: 4/5 - NBFI active >2 years, EUR 52M portfolio, implicit licence, documented growth

B2.3: 2/3 - Previous EUR 100K note repaid with interest in May 2025

B2.4: 1/3 - Balance sheet not communicated, gearing unknown, verification of Latvian registers not available

B3 · Garanties & Sûretés 10.0/15

B3.1: 6/9 - Underlying loan pool with probable pledge but not explicitly registered; partial forest collateral (2600 ha acquired)

B3.2: 2/4 - Equity not communicated, EUR 52M active portfolio but balance sheet not verified

B3.3: 2/2 - LFDF is licensed NBFI active >2 years, constitutes financial institutional partner

B4 · Structure financière 12.0/15bon

B4.1: 4/5 - taux de couverture de la dette estimated >2.0 based on 35% margins and EUR 52M active portfolio

B4.2: 3/4 - Substantial own portfolio, material forest collateral (2600 ha)

B4.3: 3/4 - Stress test not presented; low Loan-to-Cost (ratio prêt/coût total) and portfolio diversification structurally compensate

B4.4: 2/2 - 35% margin per transaction, stable and documented growing activity

B5 · Pré-commercialisation 7.0/10

Portfolio >100 likely active clients (EUR 52M outstanding), 15 month history documented with successful repayment
Correct diversification assumed but detail not communicated, 7 points prudence

B6 · Permis & Maturité 5.0/5✓ max

NBFI activity established >2 years (launch February 2025, operations since 2021 according to profile)
Valid licences, documented active transactions, 5 points

B7 · Marché & Localisation 2.0/3

Latvian SME credit market rising (+18.6% in 2025), growing demand for NBFIs, credit/GDP low (29%)
Stagflation risks and 2026 slowdown limit to 2 points

Points forts

✓LFDF is the largest lender on Debitum with EUR 52M active portfolio.

✓Repayment of EUR 100K with interest confirmed in May 2025.

✓Latvian SME credit market in strong growth (+18.6% in 2025).

✓Operator margin of 35% per forest transaction documented.

✓Debitum note A, 35 month term at fixed rate 15%/year.

Risques identifiés

!LFDF management not identified in the file, limited governance transparency.

!LFDF balance sheet and gearing not communicated, solvency not verifiable.

!Platform concentration: LFDF represents 86% of Debitum total, systemic risk.

!Return 15%/year at upper limit for SME-NBFI; verify adequacy of underlying collateral.

!Latvian GDP slowdown forecast to 1.4% in 2026, persistent inflationary pressures.

⚠ Avertissement sur les risques

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