Latvian Forest Development Fund — LV0000113314 — 13.0%/an · 25 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 · 37.0/75 (40.0 brut, red flags −3)

B1 · Instrument & Structure 7.0/10

B1.1: 4/5 - ABS note/fractionary tranche, structured instrument, Latvian law

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

B1.3: 1/2 - Rank not formally registered, no known senior debt

B2 · Opérateur & Track record 6.0/15faible

B2.1: 2/4 - LFDF appointed, managers not identified publicly in file

B2.2: 2/5 - Recent NBFI (<3 years), growing outstanding balance but limited history

B2.3: 2/3 - 1 note redeemed with interest (May 2025), without incident

B2.4: 0/3 - Allegations of opaque links LFDF/Debitum raised; intercompany structure not documented

B3 · Garanties & Sûretés 7.0/15faible

B3.1: 5/9 - Pool of underlying SME loans; no mortgage, joint and several guarantee LFDF implicit via FCMC licence

B3.2: 2/4 - Partial financial data: LFDF balance sheet not provided, gearing unknown

B3.3: 2/2 - LFDF is licensed Latvian NBFI active >2 years, constitutes institutional partner within SME-NBFI meaning

B4 · Structure financière 7.0/15faible

B4.1: 3/5 - Underlying pool taux de couverture de la dette estimated 1.5-2.0 per declared NPL rate 0%, but limited data

B4.2: 2/4 - LFDF contribution not documented; ABS structure implies partial equity

B4.3: 1/4 - No stress test presented; Loan-to-Cost (ratio prêt/coût total)/Loan-to-Value (ratio prêt/valeur actif) not applicable; insufficient data

B4.4: 1/2 - Margin estimated consistent with 13% spread, but no published balance sheet

B5 · Pré-commercialisation 6.0/10

LFDF portfolio active since 2025, ~8M€ financed via Debitum
Diversification unknown, <20 documented clients
Short history but first note redeemed without incident → 6/10

B6 · Permis & Maturité 5.0/5✓ max

LFDF is NBFI licensed by FCMC (Latvia), valid licence, established activity
Legal documents in order → 5/5

B7 · Marché & Localisation 2.0/3

Latvian SME loan market rising: +18.6% company balance sheets in 2025, credit-GDP 29% (under-penetration)
Stagflationary risks and 2026 slowdown (GDP 1.4%) moderate → 2/3

Points forts

✓First LFDF note fully redeemed with interest in May 2025.

✓Latvian SME market in strong growth, structural bank under-penetration.

✓LFDF licensed FCMC, Latvian regulatory framework recognised EU.

✓Declared NPL rate 0% on Debitum portfolio to date.

✓Debitum operational platform >3 years, no distress signal.

Risques identifiés

!Allegations of opaque links between Debitum and LFDF raised by independent analysts.

!LFDF represents 86% of Debitum portfolio: excessive concentration on single originator.

!LFDF financial balance sheet not published: gearing and equity not verifiable.

!Operator history very short (<18 months on Debitum), limited data on underlying loans.

!Latvian GDP slowdown forecast to 1.4% in 2026, stagflationary risk on exporting SMEs.

⚠ Avertissement sur les risques

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