Travaux CHRU Florence — 11.9%/an · 21 mois

Plateforme · 17.9/25

A1 · Statut réglementaire 8.0/8✓ max

Valid agrément AMF AMF licence (fonds propres-2023-38) since 2023, with European passport obtained in October 2024 enabling EU operations
Regulatory status at the highest level

A2 · Track Record 3.9/6

Score adjusted based on live data: default 0.0% displayed (6pts base), delay 0.0% displayed (6pts base), but critical opacity on actual treatment of defaults absorbed by platform internal reserves
Announced return 10-15% compliant (6pts base)
Calculation: (6×0.5 + 6×0.3 + 6×0.2) = 6.0, BUT penalty -2.1pts for opacity on defaults and internal absorption masking actual loss rates
Final score: 3.9/6

A3 · Rigueur de sélection 2.0/4

Mention of a selection process without published rate
Concerns identified by independent analysts on quality of financial analysis of borrowers and potential conflicts of interest (founder holds shares in major borrower Promup)

A4 · Santé financière 1.0/4faible

Score adjusted based on live data: operational disruptions end 2025 affecting access to investor/borrower accounts, infrastructure transition Lemonway→Mango, absorption of defaults by internal reserves raising questions on long-term viability
Platform survival risk identified if internal absorption continues
1pt = platform distress signal

A5 · Protection investisseurs 3.0/3✓ max

agrément AMF licence requires 4-day reflection period + continuity plan (1pt mandatory)
Trustpilot 4.6/5 suggests reasonable customer satisfaction
Minimum regulatory protection assured by agrément AMF status
Full score as legal obligations are met

Projet · 52.0/75

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Invoice financing, simple obligation under French law clear

B1.2: 2/3 - Direct loan operator, recognised EU local law, well documented

B1.3: 1/2 - Rank not formally registered, no known senior debt

B2 · Opérateur & Track record 9.0/15

B2.1: 4/4 - Vincenzo Carlucci named, identifiable manager, website verified

B2.2: 3/5 - taux de couverture de la dette 2.72, turnover €1.57M, >3 years activity, stable construction sector, public client portfolio

B2.3: 1/3 - First operation on Bienprêter, reputation not verified on other AMF platforms

B2.4: 1/3 - Debt ratio 0.14, healthy gearing, no proceedings reported; modest balance sheet, liquidity 1.64

B3 · Garanties & Sûretés 9.0/15

B3.1: 6/9 - Payment delegation on certain public receivable (Careggi Hospital, payments via public circuits)

B3.2: 1/4 - Joint and several guarantee of manager; fonds propres not precisely quantified, patrimony not documented

B3.3: 0/2 - No bank credit identified on financing <€2M, no RF2

B4 · Structure financière 9.0/15

B4.1: 5/5 - Public debtor (Careggi SSN), public market purchase order €3.25M attached

B4.2: 2/4 - Crowd €509k / market €3.25M c. 15.7% structurally self-financed

B4.3: 0/4 - No stress test; certain public receivable partially compensates

B4.4: 2/2 - Stable turnover, taux de couverture de la dette 2.72, net margin 6%, liquidity 1.64 over 3 fiscal years

B5 · Pré-commercialisation 10.0/10✓ max

Receivable on public debtor (Azienda Ospedaliero-Universitaria Careggi, SSN) + signed public market €3.25M documented
Payments via strict public circuits with work validation
Very low public risk profile, highly visible financial flows

B6 · Permis & Maturité 5.0/5✓ max

Construction activity established since 1998 (>25 years), all legal documents in order (registration with Turin court), valid activity licences for construction and renovation in Italy

B7 · Marché & Localisation 2.0/3

Italian public hospital market in sustained growth (national health plan), Careggi debtor budget >€1.2Bn, strong demand for health infrastructure
Established market but Italy GDP growth limited to 0.8% 2026

Points forts

✓Final debtor first rank public (Careggi Hospital, Italian SSN, budget >€1.2Bn)

✓Payment delegation on public market of €3.25M securing repayment

✓Solid DSCR at 2.72 and very low debt ratio (0.14) for HS Costruzioni

✓Operator active since 1998, specialised construction, high value-added hospital market

✓INVOICE structure on public receivable = quasi-null debtor risk

Risques identifiés

!Financial health of Bienprêter platform degraded (internal default absorption, PSP transition)

!Joint and several guarantee of manager not notarised, personal patrimony not documented or assessed

!Long duration 21 months for invoice financing, risk of delay in public payment from Careggi

!No HS Costruzioni history on Bienprêter or other crowdfunding platform identified

!Return 11.9%/year at high end of range for INVOICE; risk of requalification if timelines exceeded