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DN Funding Zeta – ABS LV0000111425 (Sandbox Funding, monthly)
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.

DN Funding Zeta – ABS LV0000111425 (Sandbox Funding, monthly)

Fragile
45
score / 100
Yield
10.5%/yr
Duration
12 months
Min. ticket
10 €
Amount raised
100 k€
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À propos

ABS title (asset-backed security) issued by SIA DN Funding Zeta (Debitum Investments SPV) backed by pool of 5 commercial loans of €20,000 each granted by SIA SANDBOX FUNDING to Latvian companies in forest sector (forest acquisition and timber management). Each loan guaranteed by commercial pledge on borrower assets. ABS rate 10.50%/year, bullet repayment, maturity May 2027.

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 · 28.0/75
B1 · Instrument & Structure 7.0/10
B1.1: 4/5 - ABS with limited recourse, prospectus approved by Latvijas Banka
B1.2: 2/3 - Multi-series société dédiée (SPV) held by the platform, cross-collateralisation risk
B1.3: 1/2 - Non-subordinated, but fees and costs are priority
B2 · Opérateur & Track record 6.0/15faible
B2.1: 2/4 - Ingus Salmiņš and Ēriks Reņģītis appointed, profiles not detailed
B2.2: 1/5 - Originator created in 2023, unregulated, no data
B2.3: 2/3 - Previous programme on Debitum, no incident reported
B2.4: 1/3 - Balance sheets absent, register verification not performed
B3 · Garanties & Sûretés 7.0/15faible
B3.1: 6/9 - Commercial pledge over borrower assets, held by originator
B3.2: 1/4 - Buyback guaranteed by originator with capital of 2,800 EUR
B3.3: 0/2 - Originator without central bank licence or partner bank
B4 · Structure financière 1.0/15faible
B4.1: 0/5 - taux de couverture de la dette not disclosed, loan-to-collateral ratio 90%
B4.2: 1/4 - Retention of 10% by originator
B4.3: 0/4 - No stress tests presented
B4.4: 0/2 - Originator margin and profitability not disclosed
B5 · Pré-commercialisation 3.0/10faible
  • SME-NBFI: 3/10 - Pool of 5 identical loans, same forestry sector, same maturity
  • High concentration and originator's overall portfolio not detailed
B6 · Permis & Maturité 3.0/5

SME-NBFI: 3/5 - Activity since March 2023, audited accounts 2023-2024, but originator unregulated

B7 · Marché & Localisation 1.0/3faible
  • 1/3 - Latvian SME credit rising, but GDP growth 2026 at 1.4%
  • Forestry sector exposed to exports
  • Live data integrated: market trend rising, therefore no reduction to 0
Points forts
✓Prospectus approved by Latvijas Banka and notified to BaFin
✓Platform licensed, client funds segregated, Latvian investor guarantee up to 20,000 EUR
✓Buyback obligation by originator beyond 90 days delay
✓Retention of 10% by originator and minimum coverage ratio of 100%
✓No fees charged to investor
Risques identifiés
!Ingus Salmiņš manages the issuer and controls the originator: major conflict of interest
!Unregulated originator, created in 2023, share capital of 2,800 EUR
!Pool concentrated on five identical forestry loans, loan-to-collateral ratio of 90%
!Assignment indicated at 100%, in contradiction with announced 10% retention
!No direct recourse against borrowers; KID classified as risk 7/7
Score card
Score card — DN Funding Zeta – ABS LV0000111425 (Sandbox Funding, monthly)
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