Latvian Forest Development Fund — LV0000113470 — 11.5%/an · 9 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 · 47.0/75

B1 · Instrument & Structure 7.0/10

B1.1: 4/5 - ABS note on loan pool, recognised EU Latvian law

B1.2: 2/3 - Direct borrower LFDF, clear Latvian law

B1.3: 1/2 - Rank not explicitly registered, no known subordination

B2 · Opérateur & Track record 9.0/15

B2.1: 3/4 - LFDF entity named, managers not detailed in file

B2.2: 4/5 - Recent NBFI but €52M outstanding, documented rapid growth

B2.3: 2/3 - Previous note repaid May 2025 without incident

B2.4: 0/3 - LFDF financial statements and judicial verification not confirmable

B3 · Garanties & Sûretés 9.0/15

B3.1: 5/9 - Guarantees on underlying loans not detailed; LFDF guarantee implicit

B3.2: 2/4 - €52M outstanding increasing, equity capital not disclosed, soundness incomplete

B3.3: 2/2 - LFDF Latvian licensed NBFI, qualified institutional financial partner

B4 · Structure financière 9.0/15

B4.1: 3/5 - taux de couverture de la dette estimated 1.5-2.0 on portfolio growth basis, not disclosed

B4.2: 2/4 - LFDF equity contribution not documented, moderate estimate

B4.3: 2/4 - No stress test; diversified portfolio partially compensates

B4.4: 2/2 - Strong growth €52M, implicit NBFI margin healthy

B5 · Pré-commercialisation 6.0/10

LFDF portfolio €52M, 86% Debitum, active since Feb 2025
Successful repayment
Client diversification not detailed

B6 · Permis & Maturité 5.0/5✓ max

LFDF Latvian licensed NBFI, established activity, all legal documents in order

B7 · Marché & Localisation 2.0/3

Latvian SME loan market in growth (+18.6% in 2025), low credit-to-GDP
Risks: forecast GDP slowdown 2026 at 1.4%, stagflationary pressures

Points forts

✓LFDF first Debitum originator with €52M outstanding in 18 months.

✓Previous repayment completed without incident in May 2025.

✓Latvian SME loan market in documented strong growth.

✓Rate 11.5% per annum within normal SME-NBFI range for this risk profile.

✓LFDF entity licensed by Latvian regulator recognised by EU (FCMC).

Risques identifiés

!Concentration: LFDF represents 86% of Debitum portfolio, systemic risk.

!Guarantees on underlying pool loans not detailed in file.

!LFDF managers and financial statements not disclosed, independent verification impossible.

!Latvian GDP slowdown forecast at 1.4% in 2026, degraded macro environment.

!LFDF history very short (since February 2025), track record insufficient.

⚠ 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.