Fractional note issued on Debitum, backed by a pool of loans to companies of Latvian originator Sandbox Funding. Amount of 200,000€ at 12.5%/year over approximately 12 months. The file contains no financial data, no guarantees, no detail of the underlying portfolio.
- FCMC investment licence (Latvia) obtained in September 2021
- Recognised EU regulator, but investment licence ≠ explicit ECSP passport
- Recognised EU equivalent → 5 points
- 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
Transition to ABS model involves a structured selection process (FCMC licenced), but selection rate not published and process poorly detailed publicly → 2 points
- Independent platform operational for >3 years (2021+), active in 2026, no platform distress signal identified
- No known institutional shareholder → 3 points
- 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
Underlying portfolio data not communicated (number of loans, concentration, history) → 1 pt
No information on seniority, licences or legal situation of Sandbox Funding in the file
Latvian SME/consumer credit market judged stable according to live data, but NPL and GDP not verified → 1 pt
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