L'Opérator (06) - Antibes — 13%/an · 24 mois

Plateforme · 18.0/25

A1 · Statut réglementaire 8.0/8✓ max

agrément AMF licence AMF fonds propres-2023-15 currently valid
Maximum regulatory status

A2 · Track Record 3.0/6

Default 10.45% → 1.5pts (×0.5=0.75)
Delay 10.45% → 4.5pts (×0.3=1.35)
Target IRR ~10% consistent with historical announcements → 6pts (×0.2=1.20)

A3 · Rigueur de sélection 2.0/4

880 projects funded, 420M€ raised since 2019
Process mentioned but selection rate not published in available data

A4 · Santé financière 3.0/4bon

Independent platform, 6 years of operations, iXO Private Equity entry into capital in 2025
Modest share capital (150K€) but institutional support now secured, no platform distress signal identified

A5 · Protection investisseurs 2.0/3

agrément AMF licensed → mandatory 4-day reflection period and business continuity plan (1pt)
Segregated payment account probable via third-party provider (1pt)
Secondary market not documented in available data

Projet · 38.0/75 (43.0 brut, red flags −5)

B1 · Instrument & Structure 9.0/10bon

B1.1: 5/5 - Participating loan with remuneration, fixed rate, French law

B1.2: 3/3 - Dedicated société dédiée (SPV) SAS Immobilière SADE

B1.3: 1/2 - No known senior debt, trust not yet established

B2 · Opérateur & Track record 11.0/15

B2.1: 4/4 - Clément Arthaud appointed, president, detailed background

B2.2: 4/5 - Around twenty Vieil Antibes operations, weak group equity

B2.3: 2/3 - Two LPB operations in progress, not reimbursed

B2.4: 1/3 - Property company highly leveraged, holding not communicated, registers not verified

B3 · Garanties & Sûretés 7.0/15faible

B3.1: 6/9 - Trust-security on société dédiée (SPV) shares, coverage 72% then 99%

B3.2: 1/3 - Joint and several guarantee under private deed, guarantor's assets not documented

B3.3: 0/2 - No bank credit

B4 · Structure financière 10.0/15

B4.1: 4/5 - Loan-to-Cost (ratio prêt/coût total) 64%

B4.2: 1/4 - Contribution 501 878 €, being 6.5% of cost

B4.3: 3/4 - Margin resistant to stress, balance covered by inventory

B4.4: 2/2 - Forecast margin 31% of turnover

B5 · Pré-commercialisation 4.0/10faible

Notarial promises for 3.5M€ (45% of cost), without financing condition
LOI from social landlord for 0.83M€, not binding

B6 · Permis & Maturité 0.0/5faible

Land under compromise dated 19/12/2025, not executed
Deed scheduled mid-October 2026 with collected funds
Building permit cleared, but the grid imposes 0 if land not executed

B7 · Marché & Localisation 2.0/3

Vieil Antibes, liquid market up 17% over 2021-2025
Exit price 12 525 €/m², above premium median (11 795 €/m²)
Live data not verified

Points forts

✓Building permit cleared 16/09/2026, GFA in place

✓Two notarial promises without financing condition, 5% escrowed

✓Forecast margin of 31% and LTV of 44% on sale price

✓Operator specialising in Vieil Antibes, prices already practiced on the street

✓BPCE expertise: value after works 10.81M€ at low price

Risques identifiés

!Land not executed: fundraising finances acquisition, scheduled mid-October 2026

!Weak group equity: 96K€ for the property company, holding not communicated

!Operator contribution limited to 6.5% of total cost, no bank

!Personal guarantee under private deed, guarantor's assets not documented

!Two operations in progress on LPB with no reimbursement confirmed to date

⚠ 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.