Latvian Forest Development Fund — LV0000113488 — 12.0%/an · 12 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 · 48.0/75

B1 · Instrument & Structure 7.0/10

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

B1.2: 1/3 - ABS/fractional note structure, Latvian law recognised but pool opaqueness

B1.3: 1/2 - Rank not formally registered, absence of known senior debt confirmed

B2 · Opérateur & Track record 11.0/15

B2.1: 4/4 - Jānis Upenieks appointed, former parliamentarian, verifiable public profile

B2.2: 4/5 - Regulated NBFI, >2 years, launched 2025 on Debitum, outstanding ~52M€; short history

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

B2.4: 1/3 - No insolvency procedure identified; LFDF balance sheet not disclosed, gearing unknown

B3 · Garanties & Sûretés 8.0/15

B3.1: 5/9 - Joint and several guarantee LFDF (NBFI licence holder entity), no registered mortgage; guarantee over pool of SME loans not formalised

B3.2: 1/4 - LFDF balance sheet not published, equity and gearing not verifiable

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

B4 · Structure financière 9.0/15

B4.1: 3/5 - taux de couverture de la dette underlying pool not disclosed; internal rating A, estimated taux de couverture de la dette 1.5-2.0

B4.2: 2/4 - NBFI structure with equity partially committed; own contribution not quantified

B4.3: 3/4 - First repayment made May 2025 without incident; formal stress test absent, low Loan-to-Value (ratio prêt/valeur actif) compensates

B4.4: 1/2 - LFDF margin not disclosed; Latvian SME activity growing documented

B5 · Pré-commercialisation 6.0/10

LFDF active portfolio ~52M€, diversification not detailed, partial history (launched Feb 2025)
First repayment honoured
Platform counterparty concentration on Debitum 86% is a risk

B6 · Permis & Maturité 5.0/5✓ max

LFDF is an NBFI entity established >2 years, licensed by FCMC/BNB, all legal documents in order, licences valid

B7 · Marché & Localisation 2.0/3

Latvian SME credit market growing (+18.6% business loans 2025), credit-to-GDP 29% (low, potential)
Risks: GDP slowdown 2026 to 1.4%, inflation pressure, export/agriculture sectors under strain

Points forts

✓Founder solid public profile: former parliamentarian, Parliamentary Secretary Ministry of Finance.

✓First Debitum repayment honoured in full May 2025.

✓Latvian SME credit market strong growth, low banking penetration.

✓Debitum internal rating A, 12% rate consistent with SME-NBFI standard.

✓LFDF licensed by FCMC, recognised institutional structure.

Risques identifiés

!Excessive concentration: LFDF represents 86% of Debitum portfolio (~52M€), systemic risk.

!LFDF balance sheet not published: equity, gearing and DSCR of underlying pool not verifiable.

!ABS/fractional note structure: exact rank of investors in pool poorly transparent.

!Latvian GDP slowdown expected to 1.4% in 2026, export and agriculture sectors under pressure.

!Short history (launched February 2025), one repayment documented to date.

⚠ Avertissement sur les risques

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