SIA DN Funding Eta — Series LV0000111656 (Triple Dragon Funding Delta)

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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.

SIA DN Funding Eta — Series LV0000111656 (Triple Dragon Funding Delta)

Average

score / 100

Yield

11.75%/yr

Duration

9 months

Min. ticket

1 €

Amount raised

180 k€

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À propos

Issuance of asset-backed securities (ABS) of EUR 180,000 on the Debitum Investments platform, backed by a pool of 5 loans to companies (tech/mobile/cybersecurity sector) originated by Triple Dragon Funding Delta Ltd (UK). The issuer is a Latvian SPV (SIA DN Funding Eta), prospectus approved by Latvijas Banka. Announced rate 11.75% per annum over approximately 9 months (maturity January 2027), with monthly payments.

Plateforme · 15.1/25

A1 · Statut réglementaire 5.0/8

Regulated by the FCMC of Latvia under MiFID II, but absence of AMF licence or ECSP ESMA tier 1
Equivalent EU licence recognised (status confirmed Latvia)

A2 · Track Record 4.6/6bon

Adjusted score thanks to live data: Default 0% (6pts) × 0.5 + Delay 3% (6pts) × 0.3 + Yield N/A (3pts) × 0.2 - opacity penalty (-0.5pt) = 4.6/6
No definitive loss published, 3% in recovery, 97% performing

A3 · Rigueur de sélection 2.0/4

Selection process mentioned (partner originators, borrower KYC), but no published selection rate or detailed description of the analysis committee

A4 · Santé financière 2.0/4

Adjusted score thanks to live data: Profitability achieved in 2025 after years of losses
AUM €135.5M (June 2025), equity €758K
Sound growth but weak equity capital
Platform survival risk moderate

A5 · Protection investisseurs 1.5/3

MiFID II regulation imposes cooling-off period and continuity plan (1pt)
Originator buyback guarantee documented (0.5pt)
No operational secondary market identified

Projet · 35.0/75 (40.0 brut, red flags −5)

B1 · Instrument & Structure 6.0/10

B1.1: 2/5 - ABS backed by loans, pass-through structure, possible subordination

B1.2: 3/3 - Dedicated société dédiée (SPV) SIA DN Funding Eta, clear Latvian law, distinct issuer

B1.3: 1/2 - Rank not explicitly subordinated, but no formal senior ranking registration

B2 · Opérateur & Track record 5.0/15faible

B2.1: 2/4 - Ingus Salmins appointed, function specified; Triple Dragon shareholders named, no verified public profile

B2.2: 2/5 - UK originator established 2020, tech/mobile sector, no long credit history

B2.3: 1/3 - First series on this platform not confirmed as repaid

B2.4: 0/3 - Registration number 0000111656 not found in Latvian register; impossible to verify legal existence

B3 · Garanties & Sûretés 8.0/15

B3.1: 6/9 - Guarantees on floating charge assets (UK floating charge), advertising receivables, subsidiary shares; actual rank not registered in Latvian register

B3.2: 1/4 - Triple Dragon Funding Delta: capital USD 1.29M, accounts not audited, financial strength not verifiable

B3.3: 2/2 - UK licensed originator, skin-in-the-game 10% documented constitutes institutional commitment

B4 · Structure financière 8.0/15

B4.1: 4/5 - taux de couverture de la dette not communicated; diversified portfolio 5 loans, borrower rates 10.5-29.4%, solid relative profile

B4.2: 1/4 - Skin-in-the-game 10% only, originator equity contribution limited

B4.3: 1/4 - No stress test presented; Loan-to-Cost (ratio prêt/coût total)/Loan-to-Value (ratio prêt/valeur actif) not applicable, partial asset coverage

B4.4: 2/2 - Active portfolio, monthly repayments, UK/US tech sectors with documented recurring revenues

B5 · Pré-commercialisation 6.0/10

Portfolio 5 active loans, identified borrowers with documented activity (mobile apps, cybersecurity, gaming)
Correct sector diversification, partial borrower history
No concentration >50% on single obligor

B6 · Permis & Maturité 5.0/5✓ max

Established SME-NBFI activity, valid legal structure société dédiée (SPV) under Latvian law, prospectus approved by Latvijas Banka October 2025
Legal documents in order, LEI registered

B7 · Marché & Localisation 2.0/3

Adjusted score thanks to live data: Latvian SME credit market in growth (+18.6% enterprise portfolio 2025), EURIBOR 2.1%, NBFI playing increasing role
Geopolitical risks and consumer credit tightening noted
Established market justifying 2/3

⚠ Alertes détectées · −10 pts déduits

Opérateur anonyme −10 pts

Originator Triple Dragon managers named but without verifiable public profile; ISIN LV0000111656 not found in Latvian register - partial operator opacity (-10pts): NOTE - RF1 partially mitigated: Ingus Salmins named as SPV manager, Triple Dragon shareholders named in prospectus approved by Latvijas Banka; deduction reduced to -5pts as partial identity present in Latvijas Banka approved prospectus

Points forts

✓SPV dedicated Latvian law, prospectus approved by Latvijas Banka.

✓Portfolio 5 diversified loans, UK/US tech sectors with recurring revenues.

✓Originator skin-in-the-game 10% documented contractually.

✓Latvian SME market in strong growth (+18.6% portfolio 2025).

✓Monthly repayments reducing effective exposure duration.

Risques identifiés

!ISIN number LV0000111656 not found in Latvian companies register.

!Originator Triple Dragon Funding Delta: accounts not audited, financial strength not verifiable.

!Floating charge guarantees UK: execution uncertain in case of cross-border default.

!No DSCR or stress test communicated for the 5 underlying borrowers.

!Expected tightening of consumer credit standards Latvia Q2 2026 (+13%).

⚠ Avertissement sur les risques

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