À propos
Construction of 250 social housing units in VEFA in Mamoudzou (Mayotte) by Eden Promotion, operator specialising in sustainable promotion active since 2008. Block sale at 100% to Al'Ma (Action Logement subsidiary) via reservation contract signed before notary in October 2025. Tranche 3 of financing on a total of 3.9M€, simple obligations at 10% over 36 months.
Plateforme · 18.5/25
A1 · Statut réglementaire
8.0/8✓ max
- Licence agrément AMF AMF fonds propres-2023-28 valid and in force since November 2023
- Status verified via live data
A2 · Track Record
3.5/6
- Score adjusted based on live data: default rate 0.79% (6/6×0.5=3.0), delay >90 days 7.47% (4.5/6×0.3=0.45), actual versus announced return data not communicated (0/6×0.2=0)
- 126 mentions on CrowdRevolt document investor complaints regarding delays and guarantee execution
A3 · Rigueur de sélection
2.0/4
- Mention of a selection process without published selection rate or complete details
- Established platform (2014) and recognised with >850 projects funded
A4 · Santé financière
3.0/4bon
- Independent profitable platform, >10 years of existence (since 2014), documented capitalisation €200K, active institutional partnerships
- No PLATFORM distress signal identified despite portfolio concerns
A5 · Protection investisseurs
2.0/3
- Mandatory 4-day reflection period (licenced agrément AMF) plus legally required business continuity plan (1/3)
- Segregated accounts probable but not explicitly documented in provided data (0/3)
- No secondary market mentioned (0/3)
Projet · 46.0/75
B1 · Instrument & Structure
8.0/10bon
B1.1: 5/5 - Simple obligations fixed rate, clear French law
B1.2: 2/3 - Direct loan Eden Promotion SASU, no dedicated société dédiée (SPV)
B1.3: 1/2 - Priority ranking claimed, pledges documented but not registered in first rank mortgage
B2 · Opérateur & Track record
8.0/15
B2.1: 4/4 - Edgard Valéro and Tristan Rivet appointed with precise functions, structured group
B2.2: 2/5 - Eden Promotion active since 2008, operations in Mayotte documented, partial track record visible
B2.3: 1/3 - Tranches T1 and T2 ongoing, not yet repaid
B2.4: 1/3 - Gearing 1.5 in 2022, net result negative -517K€, weak liquidity noted
B3 · Garanties & Sûretés
10.0/15
B3.1: 7/9 - Notarised GAPD R2D2 at 120% plus pledges on securities/account/CCA/AMO; no first rank mortgage
B3.2: 2/4 - GROUPE EDEN guarantor in second rank, tight balance sheet; REVERSO fonds propres 5.08Bn€ but dependency on financial income
B3.3: 1/2 - Bank mentioned but not identified in the file
B4 · Structure financière
8.0/15
B4.1: 5/5 - Loan-to-Cost (ratio prêt/coût total) crowd 5.7% on total cost, very low
B4.2: 0/4 - Operator equity 0€ declared (1,102K€ in CCA, i.e. approximately 1.6%, <5%)
B4.3: 2/4 - Breakeven threshold documented, low margin for manoeuvre; very low Loan-to-Cost (ratio prêt/coût total) compensates
B4.4: 1/2 - Operating margin 6.71%, below 8% threshold by 2 points
B5 · Pré-commercialisation
8.0/10bon
- Reservation contract signed before notary in October 2025 at 100% with Al'Ma (Action Logement)
- Rank 3 (notarised VEFA reservation)
- Virtually all secured but sale and purchase agreement not yet signed as at the date of the file
B6 · Permis & Maturité
3.0/5
- Building permit obtained (schedule: end June 2025), land purchase planned end December 2025 (not yet concluded at the time of T3 raise)
- Building permit not yet expired, land subject to conditional sale agreement
B7 · Marché & Localisation
1.0/3faible
- Adjusted score thanks to live data: declining market (market_trend=declining)
- Mayotte = very specific market, institutional social housing protects against commercial risk but degraded sector context and Mayotte operational risks (cyclones, cost overruns) documented
⚠ Alertes détectées · −3 pts déduits
Terrain pas encore acheté
−3 pts
Land not concluded as at date of T3 raise - purchase planned end December 2025, subject to conditional sale agreement - RE-MDB ONLY: NOT applicable here as RE-PROM; penalty not triggered, risk captured in B6.
Points forts
Commercialisation 100% secured by notarised reservation contract with institutional buyer Al'Ma.
LTC crowd very low (5.7%) on total financing of 68M€.
Notarised GAPD at 120% supplemented by multiple pledges on KALISTRA assets.
Operator Eden Promotion active since 2008, documented presence in Mayotte.
Rate 10% within high norm RE-PROM justified by location and internal rating C.
Risques identifiés
Land not yet concluded at the time of T3 raise (purchase planned end December 2025).
Very weak operating margin (6.71%) with high sensitivity to cost overruns on Mayotte worksite.
Eden Promotion: weak liquidity, negative net result in 2022, gearing 1.5 documented.
Previous delays of 3 to 6 months on Mayotte project linked to cyclone; real climate risks.
National residential market in sharp decline (sales -20%+ Q3 2025); Mayotte isolated but degraded sector context.
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