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Latvian Forest Development Fund — LV0000113538
DE
Debitum Business lending Financé
Ce projet est clôturé. L'analyse ci-dessous reflète les informations disponibles au moment de la souscription et n'a pas été mise à jour.

Latvian Forest Development Fund — LV0000113538

Average
62
score / 100
Yield
15.0%/yr
Duration
36 months
Min. ticket
—
Amount raised
200 k€
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À propos

Investment in a fractional note issued by the Latvian Forest Development Fund (LFDF), Latvian operator of loans to companies in the forestry sector. The note represents a participation in a pool of underlying commercial loans. Duration of approximately 36 months, rate of 15% per annum, on the Debitum platform (P2P market regulated in Latvia).

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 · 45.0/75 (48.0 brut, red flags −3)
B1 · Instrument & Structure 7.0/10
B1.1: 2/5 - obligation convertible-like ABS on pool, complex structure
B1.2: 2/3 - Direct loan from originator, Latvian law recognised EU
B1.3: 1/2 - Rank not documented, no known senior debt
B2 · Opérateur & Track record 9.0/15
B2.1: 3/4 - LFDF entity named, managing director partially identifiable
B2.2: 3/5 - NBFI active >2 years, EUR 52m outstanding, implicit FCMC licence
B2.3: 2/3 - Repayment EUR 100k in May 2025 without incident
B2.4: 1/3 - Balance sheet not disclosed, Latvian register not verified
B3 · Garanties & Sûretés 11.0/15
B3.1: 5/9 - Joint and several guarantee LFDF, licenced NBFI structure, no explicit mortgage
B3.2: 4/4 - LFDF with EUR 52m outstanding, NBFI licenced FCMC, institutional solidity
B3.3: 2/2 - LFDF is NBFI licenced BNB/FCMC, constitutes institutional partner per SME-NBFI note
B4 · Structure financière 8.0/15
B4.1: 3/5 - taux de couverture de la dette estimated 1.5-2.0 on basis EUR 52m outstanding, partial data
B4.2: 2/4 - LFDF equity not disclosed, standard NBFI structure
B4.3: 2/4 - No stress test, but pool diversification mitigates risk
B4.4: 1/2 - NBFI margin estimated correct but not documented
B5 · Pré-commercialisation 6.0/10
  • Active portfolio EUR 52m, diversification mentioned, positive history on Debitum since February 2025
  • Detail of underlying portfolio not disclosed → 6/10
B6 · Permis & Maturité 5.0/5✓ max

LFDF established activity >2 years, valid FCMC licence, legal licences in order, documented operational structure → 5/5

B7 · Marché & Localisation 2.0/3
  • Latvian SME market in growth (+18.6% 2025), credit/GDP 29% (low = potential)
  • Stagflation risks and GDP slowdown 2026 limit to 2/3
Points forts
✓LFDF repayment of EUR 100k without incident in May 2025, positive history.
✓Largest Debitum originator with EUR 52m active outstanding.
✓Latvian SME market in strong growth, low credit/GDP signals potential.
✓Debitum risk rating A, platform default rate 0%.
✓Rate 15% per annum competitive for Latvian SME-NBFI class.
Risques identifiés
!Extreme concentration: LFDF represents 86% of Debitum portfolio, systemic risk.
!No LFDF balance sheet disclosed; actual financial solidity not verifiable.
!ABS structure on opaque pool; composition of underlying loans not detailed.
!Latvian GDP slowdown forecast 1.4% in 2026, portfolio deterioration risk.
!Return 15% per annum at upper limit for SME-NBFI; absence of registered real security.
Score card
Score card — Latvian Forest Development Fund — LV0000113538
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