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Chantier complexe Antibes
BI
BienPrêter Invoice financing 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.

Chantier complexe Antibes

Fragile
49
score / 100
Yield
11.9%/yr
Duration
18 months
Min. ticket
—
Amount raised
1.4 M€
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À propos

Invoice financing for Rolling Stores System, sole proprietor based in Vallauris (06), acting as sole service provider on the closures and solar protection item of two premium residential programmes of Kaufman & Broad on the Côte d'Azur. The global contract amounts to 2,197,000 euros; the 1,375,000 euro financing covers the working capital requirement linked to the gap between material purchases and payments from the developer. Repayment expected in fine over 18 months maximum.

Plateforme · 15.0/25
A1 · Statut réglementaire 8.0/8✓ max
  • agrément AMF licence from AMF valid since 2023
  • Maximum applicable score without reservation
A2 · Track Record 2.0/6faible
  • Score adjusted using live data: official rates 0%/0% but documented opacity (borrowers in compulsory liquidation not recorded)
  • Real statistics unpublishable - default N/C (0), delay N/C (0), yield N/C (0)
  • Opacity penalty applied
  • Score: 2/6
A3 · Rigueur de sélection 1.0/4faible
  • Mention of risk scoring improvements in 2025, but documented financing of borrowers in collective insolvency proceedings indicates historically deficient selection
  • No selection rate published
A4 · Santé financière 2.0/4
  • Independent platform, agrément AMF since 2023, outstanding portfolio growing
  • Lemonway operational blocks documented end 2025
  • No institutional shareholders
  • No signal of collective insolvency proceeding on the platform itself
A5 · Protection investisseurs 2.0/3
  • agrément AMF licensed: reflection period 4 days plus continuity plan = 1 mandatory point
  • PSP Lemonway third party identified = 1 point (segregation)
  • Absence of documented secondary market = 0 points
Projet · 34.0/75 (39.0 brut, red flags −5)
B1 · Instrument & Structure 8.0/10bon
B1.1: 5/5 - Direct ECSP loan, fixed rate, French law
B1.2: 2/3 - Direct borrowing by operator, no société dédiée (SPV)
B1.3: 1/2 - Unsecured, no known senior debt
B2 · Opérateur & Track record 6.0/15faible
B2.1: 2/4 - Manager Pierre Notaro appointed, profile not verified
B2.2: 2/5 - Single financial year, private borrower, short history
B2.3: 0/3 - No documented history on Bienprêter
B2.4: 2/3 - Sound balance sheet, register verification not performed
B3 · Garanties & Sûretés 7.0/15faible
B3.1: 5/9 - Delegation on K&B, private, without purchase order attached
B3.2: 2/4 - Acceptance by K&B not documented, guarantee not assessed
B3.3: 0/2 - No banking partner, project below 2 M€
B4 · Structure financière 7.0/15faible
B4.1: 3/5 - Rated solid borrower, not rated, total concentration
B4.2: 3/4 - 37% of market, including customer collections
B4.3: 0/4 - No stress test, financing at 63% of market
B4.4: 1/2 - One published financial year, liquidity 1.41, net margin 5.7%
B5 · Pré-commercialisation 6.0/10

B5: 6/10 - K&B market described (2,197 M€), but purchase order not attached to file

B6 · Permis & Maturité 3.0/5

B6: 3/5 - Recent registration (01/2025), legal structure apparently sound

B7 · Marché & Localisation 2.0/3
  • B7: 2/3 - Côte d'Azur premium
  • Live data centred on Paris, little relevance here
⚠ Alertes détectées · −5 pts déduits
Concentration débiteur élevée −5 pts

concentration of 100% on single borrower (Kaufman & Broad) - total dependence on obligor

Points forts
✓Obligor Kaufman & Broad, developer listed on Euronext Paris
✓Payment delegation on promoter's capital calls
✓Borrower's low debt, declared historical DSCR of 5.7
✓Rate of 11.9%, in line with market standard
✓Funds managed by third-party payment service provider Lemonway
Risques identifiés
!Loan of 1.375 M€ exceeding total borrower's balance sheet (823 K€)
!Registration dated 18/01/2025, inconsistent with SIREN 519 762 918
!Pledge of business assets announced but absent from guarantee list
!Acceptance of delegation by K&B and purchase order not attached
!Platform opaque on its defaults, with Lemonway blocks end 2025
Score card
Score card — Chantier complexe Antibes
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