Chantier Cagliari — 12%/an · 15 mois

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 at documented fixed rate

B1.2: 2/3 - Direct borrowing by the operator, without dedicated société dédiée (SPV)

B1.3: 1/2 - No known senior debt, rank not registered

B2 · Opérateur & Track record 7.0/15faible

B2.1: 2/4 - Manager Luigi Canuto appointed, without detailed profile

B2.2: 4/5 - Company established in 1966, taux de couverture de la dette 2.52, cyclical construction sector

B2.3: 0/3 - No documented history on the platform

B2.4: 1/4 - Registration number '0', high gearing, not verified

B3 · Garanties & Sûretés 6.0/15faible

B3.1: 5/9 - Public payment delegation without purchase order attached

B3.2: 1/4 - Joint and several guarantee from the manager, assets not documented

B3.3: 0/2 - No banking partner, project below 2 M€

B4 · Structure financière 8.0/15

B4.1: 3/5 - Public debtor, but 100 % concentration and no purchase order

B4.2: 2/4 - Self-financing of the balance not demonstrated

B4.3: 2/4 - No stress test, financing ratio of 23.7 %

B4.4: 1/2 - Only one published financial year, net margin of 0.17 %

B5 · Pré-commercialisation 6.0/10

B5: 6/10 - Foreign public market described but not attested
Future receivable, works not commenced

B6 · Permis & Maturité 3.0/5

B6: 3/5 - Long-established activity, but registration number '0' to be verified

B7 · Marché & Localisation 1.0/3faible

B7: 1/3 - Municipal debtor in island region
Stable trend according to live data, low liquidity

Points forts

✓Final public debtor: City of Cagliari, announced municipal budget exceeding 420 M€

✓Financed amount limited to 23.7 % of the order

✓Long-established company, registered in 1966

✓DSCR of 2.52 and debt ratio of 0.36

✓Payment delegation completed by a joint and several guarantee from the manager

Risques identifiés

!Contract of 2.69 M€ close to annual turnover (2.8 M€): high execution risk

!No purchase order or attestation of the public contract attached to the file

!Net margin of 0.17 % and only one published financial year

!Registration number '0': impossible to confirm registration with Registro Imprese

!Repayment presented as both 'bullet' and 'partial': inconsistent documentation

⚠ 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.