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Macro Location Analysis
EvoEstate Risk rating is of an informative nature only & can not be considered investment advice.
Loan To value
Purpose of the loan
The Boulevard Pasteur operation, carried out by ACF INVEST, is the purchase and resale of two houses located at the corner of Boulevard Pasteur and of rue des moines saint Martin in Bry-sur-Marne (94360), 25 minutes by RER from Paris.
ACF INVEST, which is carrying out the operation, is the result of the association between Mr. Franck AFFINITO and Mrs. Cécile AFFINITO, brother and sister, both of whom have been in the real estate business for over 15 years. After having participated in real estate operations (development and property management) within the framework of their respective activities, they got together to carry out their own operations, alone or in co-promotion.
The operators are buying this complex with a view to selling it off. One of the plots includes a 200 m² dwelling house, which is sold after some work. The other plot, which includes a smaller house, is sold as is, with the suspensive condition of obtaining building permission (at the expense of the final purchaser) to build a 140 m² house. The latter plot is already under promise at a price of €370,000.
The pre-commercialised unit corresponds to the smallest house, where the land allows for the construction of an extension. The offer is subject to a building permit being obtained by the final purchaser as soon as ACF INVEST acquires the property.
It should be noted that the sale of unit no. 2 alone, i.e. the house that will be sold after the works, will allow the loan to be fully repaid. The operator has also undertaken to sell this house as is, without any condition precedent of a permit, if no permit has been obtained within 12 months.
The operators are also keeping the eastern plots of the operation as a land reserve. These parcels will improve the overall result of the operation, even though they have not been valued in the context of this audit.
The operators have positioned the units at a selling price below the Bry-sur-Marne market.
This difference is justified by the type of project. The operators are not providing a finished project, and work will still be required of future buyers. Indeed, only the work related to the cutting of the plots, the roof, the window frames and the costs related to the clearing of the plots are taken care of by the operator.
As regards the house, which must be the subject of a building permit, the total cost of the operation for the final purchaser has been estimated (including acquisition) at €670,000 for a total final surface area of 140 m², i.e. a cost price of around €4,780/m², which remains below the sectoral averages. As a reminder, the works and the building permit are at the expense of the final purchaser.
It should be noted that in addition to these two units, the operator is keeping a land reserve, which will further strengthen the overall margin of the operation.
Bry-sur-Marne is located in the department of Val-de-Marne, on the left bank of the Marne and the hillside overlooking this river. The town is part of sector 1 of the new town of Marne-la-Vallée. It is located in the greater Paris basin, between the towns of Le Perreux-sur-Marne to the west, Noisy-le-Grand to the north, Villiers-sur-Marne to the east and Champigny-sur-Marne to the south.
It is located in the east of the Ile de France region, 12 kilometres from Paris and 15 kilometres from Disneyland Paris.
The project is located 450 metres from the RER A line, which provides a quick link to the centre of Paris.
The transaction is being carried out by ACF INVEST, with a capital of 5,000 euros, registered in the Créteil Trade and Companies Register under number 802 734 780, on 31/07/2017.
SAS ACF INVEST, which is carrying the BVD PASTEUR transaction, is 51% owned by Ms Cécile AFFINITO and 49% by Mr Franck AFFINITO.
The bond will be issued by SAS ACF INVEST at an annual rate of 10% per year, for a term of 18 months. The bond will be amortised and repaid as the operator sells, with interest paid annually but guaranteed for a minimum period of 6 months.
In order to provide additional guarantees, the repayment of the bond is secured by :
* A 1st ranking mortgage in favour of Raizers representing the bondholders' mass
* Personal guarantees from Mrs Cécile AFFINITO and Mr Franck AFFINITO
All the documents associated with this fundraising are available in the "documentation" tab.
First ranking mortgage :
* Loan to Value (Loan / Turnover): 59 %
* Loan to Cost: 74 %
* Loan to Buy Value: 120 %
Presentation of the operator
ACF INVEST is the result of the association between Mr. Franck AFFINITO and Mrs. Cécile AFFINITO, brother and sister, both of whom have been in the real estate business for over 20 years.
Mrs. AFFINITO has more than 20 years of experience in real estate, especially in the field of real estate transactions. She took over the family agency (AT'IMMO) with her brother and her father.
Mr. AFFINITO has also been in the real estate business for 20 years, with experience in selling tax exemption products at CENTURY - EUREKA before joining the family business and developing the development and property management activity alongside his sister.
Balance sheet ACF INVEST
Income statement ACF INVEST
* Corresponds to the creation of stock
ACF INVEST was in an acquisition/development phase in previous years, which explains the result (especially in 2019). The 2020 accounts have not yet been finalised. The first elements provided by the operator's accountant show a turnover of €652,247 for €126,136 of profit for the 2020 financial year.