Latvian Forest Development Fund — LV0000113454 — 10.4%/an · 3 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 · 44.0/75 (49.0 brut, red flags −5)

B1 · Instrument & Structure 7.0/10

B1.1: 5/5 - Simple obligation at fixed rate, clear Latvian law

B1.2: 1/3 - ABS/pool note, Latvian law, limited legal mentions

B1.3: 1/2 - No explicit subordination, but ranking not formally registered

B2 · Opérateur & Track record 9.0/15

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

B2.2: 4/5 - Latvian NBFI licensed, >2 years, ~€8M raised via Debitum, documented active SME portfolio

B2.3: 2/3 - 1 note repaid without incident in May 2025

B2.4: 1/3 - No known proceedings, but financial statements not verifiable in available registers

B3 · Garanties & Sûretés 9.0/15

B3.1: 5/9 - Pool of underlying loans with guarantees specific to borrower SMEs; no direct guarantee on note

B3.2: 2/4 - LFDF licensed, active, but equity and gearing not disclosed

B3.3: 2/2 - NBFI licensed by BNB/FCMC >2 years, constitutes the institutional financial partner

B4 · Structure financière 11.0/15

B4.1: 5/5 - Diversified SME pool, estimated taux de couverture de la dette >2.0 based on documented activity

B4.2: 2/4 - LFDF equity not disclosed, structure not transparent

B4.3: 2/4 - No explicit stress test, but very short duration (3.5 months) limits exposure

B4.4: 2/2 - NBFI active, margin and taux de couverture de la dette estimated sound on basis of repayments made

B5 · Pré-commercialisation 6.0/10

LFDF active portfolio documented, ~€8M via Debitum, SME diversification
Portfolio data limited publicly: 6/10

B6 · Permis & Maturité 5.0/5✓ max

NBFI licensed by FCMC, established activity >2 years, all legal documents in order, valid licences: 5 pts

B7 · Marché & Localisation 2.0/3

Latvian SME lending market growing (+18.6% in 2025), credit-to-GDP low (29%), strong structural demand
Stagflationary risks and 2026 slowdown limit to 2/3

Points forts

✓First note fully repaid with interest in May 2025.

✓Very short duration (3.5 months) reduces temporal exposure.

✓Latvian SME market with documented strong structural growth.

✓LFDF licensed by FCMC, recognised institutional NBFI in Latvia.

✓Rate 10.4% p.a. complies with SME-NBFI standard, not excessive.

Risques identifiés

!LFDF represents ~86% of Debitum portfolio: critical systemic concentration.

!LFDF managers and financial statements not publicly disclosed in file.

!Underlying SME loan details not detailed: opacity on portfolio quality.

!Latvian GDP growth expected at 1.4% in 2026 with inflation at 3.6%.

!In case of LFDF default, quasi-entirety of Debitum platform exposed.

⚠ 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.