La Premiere Brique Review - A EUR 1 Minimum, a Published Default Rate, and a Zero on the Loss Line

French property-lending platform, live since 2020, authorised by the AMF, the French markets regulator, and built around the lowest entry ticket in European crowdfunding: one euro. It is also one of the very few French platforms that actually publishes the default rate the EU crowdfunding regulation asks for, and the number is 9.28% of every project it has ever funded. That candour is real and it is unusual. What sits next to it is familiar: 81 projects are in insolvency or amicable creditor proceedings, another 109 are running on renegotiated schedules, and the line for definitive capital loss still reads zero.

What is La Premiere Brique in 60 seconds

La Premiere Brique lets French savers lend money to property developers and property traders. A developer needs the last slice of funding for a building, a renovation or a buy-and-resell operation, and the platform arranges a loan contract directly between individual lenders and that borrower. Terms are short, typically 12 to 24 months, and gross rates have averaged 11.4%. Two things make it unusual. The minimum is one euro, against EUR 1,000 at most French competitors, so a beginner can spread a few hundred euros across dozens of deals. And the platform charges investors nothing: the borrower pays it between 3% and 10% of the loan. Security is taken per project, usually a mortgage, a fiducie (a French security trust that holds an asset for the lenders’ benefit) or a personal guarantee from the developer’s director. There is no secondary market on this product, so money is locked until the loan repays, and the AMF licence does not make anyone responsible for whether a developer pays you back.

Strengths

• It publishes the default rate the regulation asks for, which almost none of its French peers do. Article 20 of Regulation (EU) 2020/1503 and Delegated Regulation (EU) 2022/2119 require a crowdfunding platform to disclose a default rate over non-overlapping twelve-month windows, using a defined trigger: a loan is in default once the platform judges full repayment unlikely without enforcing security, or the borrower is more than 90 days past due on a material obligation. La Premiere Brique states that rate, by vintage, on the face of its table: 9.28% across all projects ever financed, and 19.1% measured against projects still running. Neither ClubFunding nor Homunity publishes an equivalent figure. Whatever else is in this review, a platform that prints a 19.1% number about itself is not hiding the shape of the problem.

• A genuine, verifiable AMF authorisation, with the exact scope named. La Premiere Brique appears on the AMF white list as a Crowdfunding Service Provider under licence FP-2023-15, granted 28 September 2023, tied to RCS number 848 713 442. The register states the authorised activity narrowly: facilitation of the granting of loans, not placing of transferable securities. It is absent from the AMF list of providers whose authorisation has been withdrawn, a list that has grown to include Koregraf, Lendopolis, Lymo Finance, Zaleo, Lumo and Tylia Invest. We found no AMF sanction, warning or blacklist entry, and the French register shows no insolvency procedure against the operator.

• A one-euro minimum, and no fees, which changes what diversification costs. The platform’s help centre confirms projects are open from EUR 1, and that crediting and debiting the wallet is free. This is not a marketing detail. At Homunity or ClubFunding the ticket is EUR 1,000, so holding twenty positions requires EUR 20,000. Here the same twenty positions can be built with EUR 200, and an investor can hold sixty or eighty lines without a large balance. Since spreading across many borrowers is the only risk control available in this asset class, the entry point is doing real work. Idle wallet cash also earns 3% gross a year, capped at the amount invested over the previous 30 days and revisable at any time without notice.

• The operator itself is profitable and has taken in institutional minority capital. The FY2024 accounts filed at the Lyon registry, and not covered by a confidentiality declaration, show revenue of EUR 6.46M, net profit of EUR 2.12M and equity of EUR 2.43M. That is a genuinely profitable platform, which matters because workouts on troubled projects take years and a loss-making operator is more likely to disappear mid-recovery. Two French platforms, Koregraf and WeShareBonds, ceased activity during 2025. In June 2025 iXO Private Equity, with Elige Capital alongside, took a minority stake. No amount was disclosed and none should be quoted.

• The performance table is broken down by vintage and uses the current sector standard. Figures are split by calendar year of funding from 2019 to 2026, with the reference date being the day a raise closed successfully. The table follows the version 5 common framework published by Financement Participatif France, the French crowdfunding trade body, which lets vintages be compared across platforms that use the same version. Vintage detail is what makes the rest of this review possible: the 2022 cohort shows a default rate of 55.26% against still-running projects and the 2023 cohort 44.89%, while 2025 sits at 5.74%. An investor can see exactly which years went wrong.

Things to Watch

• Zero definitive losses, next to 81 projects in creditor proceedings. The table shows 0 projects and EUR 0 under definitive loss for every vintage since 2019. On the same table, 45 projects carrying EUR 26.87M are in amicable proceedings and 36 projects carrying EUR 18.06M are in collective or judicial insolvency proceedings. On our arithmetic that is 81 projects, about 9.2% of everything ever funded, and EUR 44.93M, about 10.6% of nominal. As at every French competitor, a loss is only recognised once it has been finally established, so projects sit in the proceedings buckets for years and never reach the loss line. The platform has effectively said so itself: in a public reply on Trustpilot dated 7 August 2026 it wrote that across 903 projects financed it has no official loss but knows one is certain to arrive. Read the zero as a definition, not as a record.

• Signing an extension moves a project out of the delay column. Under the version 5 framework the platform adopted, delay is measured against the schedule currently in force, not the original contract. Projects that have been extended by amendment or protocol and are respecting the new timetable sit in a separate bucket, “en cours respectueux d’echeances modifiees”, and disappear from the delay lines. La Premiere Brique states this on the page itself. The effect is visible in the numbers: 109 projects carrying EUR 44.36M sit in that renegotiated bucket, while the two delay buckets together hold 21 projects and EUR 17.38M, of which only one project and EUR 0.20M is more than six months late. On our arithmetic, 211 of 429 outstanding projects, 49.2%, are off their original schedule in some form, and EUR 106.67M of the EUR 252.1M outstanding, 42.3%, is with them. The version 5 change is a sector-wide rule rather than something this platform invented, and it is the reason a headline delay rate near 5% and a real off-schedule rate near 49% can both be true. The French review site Finance Heros has called the published delay figure misleading for exactly this reason.

• The table is a picture, not data. The performance page carries the numbers as a flat PNG image plus a link to a spreadsheet hosted on a company employee’s SharePoint drive. Nothing on the page is machine-readable, indexable or checkable by an automated tool, and the two of us who tried to read it programmatically could not. We read our figures off the image at native resolution, and our reconstruction of the platform’s own totals leaves a gap of roughly EUR 19M, about 4.5%, which we could not close. A disclosure this good deserves a format someone can actually audit.

• The published rate does not cover the whole book, and the update cadence does not match the promise. The platform states on the same page that the indicators cover operation-type projects only, and that its newer rental projects will get a dedicated indicator that is still under construction. So the 9.28% is not portfolio-wide. The page also promises monthly updates while carrying a stamp of 6 July 2026, which was still the live version when we read it on 1 September, about eight weeks later.

• Short history, concentrated recent exposure, and restructurings that wipe out returns. The independent tracker barometre-crowdfunding.com, reading the same July file, notes that 79.62% of the platform’s capital was deployed in the last three years and has therefore not had time to show its real loss rate. It also puts La Premiere Brique worse than its 17-platform category on both risk lines, 10.4% in proceedings against a 7.17% average and 29.67% of capital at risk against 25.7%. What that eventually looks like is visible in two cases republished by investors on a public forum: on Le Regent the platform told lenders in August 2025 that a sale would not cover principal or accrued interest and that a loss of around 24% on the EUR 1,000,000 raised was in view, asking them to vote on abandoning part of the capital and the interest; on Faubourg Saint-Honore 2 it told them that a court-ordered sale in liquidation would only satisfy the first-ranking creditor, leaving nothing for the platform’s lenders. Both are reported through a forum rather than obtained by us directly, and both are consistent with the direction of the published table.

How It Works

1. Open an account in the app or on the web. Registration is free and includes identity verification plus the regulatory questionnaires the EU crowdfunding regulation requires of non-sophisticated investors, including an entry knowledge test and a simulation of ability to bear loss.
2. Fund your wallet by bank transfer. The platform states it handles no client money itself; funds sit with an authorised payment institution, named in its legal notice as Mangopay. Uninvested cash earns 3% gross a year, capped and revisable.
3. Pick a project. Two to five new deals open each week. Each listing names the borrower, the operation, the rate, the term, the repayment structure (at maturity or monthly) and the security taken, typically a mortgage, a fiducie or a director’s personal guarantee.
4. Invest from EUR 1. Rule-based bots called jimbots can pre-fill an order seconds after a project opens, but the platform states the investor must confirm it personally, so nothing is committed automatically.
5. Wait for repayment. Capital and interest are credited to your wallet, net of French withholding, and can be reinvested or withdrawn without fees. There is no secondary market on the lending product, so treat the money as locked. Contractual extensions are possible and, in the current market, common.

Who La Premiere Brique Is For

It suits a French-resident investor who wants exposure to French property lending, understands that the money is locked and at risk, and values being able to build a genuinely wide spread on a small balance. The one-euro minimum plus zero investor fees make it the cheapest place in the French market to hold fifty or a hundred separate positions, and the platform is more forthcoming about its own default rate than the larger, older names it competes with. If you are going to take this risk at all, taking it somewhere that prints a 19.1% number about itself is a defensible choice.

It is a poor fit for anyone outside France, since the licence carries no EU passport and the platform, its app and its help centre are French-only. It is a poor fit for anyone who needs the option to sell, or who cannot leave money in place for considerably longer than the advertised term. And it is not a diversifier: every loan is the same bet on French property operators surviving the same market, so a hundred positions here is one risk held a hundred times, which is precisely why the low minimum should be used to spread within a small overall allocation rather than to justify a large one.

Compared to Alternatives

La Premiere Brique vs. Maclear. Two different regulatory frames and two different books. La Premiere Brique holds a full AMF authorisation under the EU crowdfunding regulation, with the AMF supervising it directly and a published Article 20 default rate. Maclear operates under Swiss self-regulatory organisation membership, which covers anti-money-laundering obligations only, is not investment-firm supervision, and carries no investor compensation scheme. On supervision and on disclosure, La Premiere Brique is clearly ahead. On the book, the comparison flips: Maclear lends across several European countries against SME collateral at rates around 14%, while La Premiere Brique is single-country and single-sector, with 49% of outstanding projects off their original schedule on our arithmetic. Maclear’s own recovery process has not been tested at scale, so its clean record is short rather than proven. Stronger supervision here, less concentrated exposure there.

La Premiere Brique vs. Mintos. These barely compete. Mintos is a Latvian marketplace supervised under MiFID II, the EU’s investment-firm regime, with an investor compensation scheme of up to EUR 20,000 covering platform failure or misappropriation of client money, a working secondary market, and dozens of independent loan originators. Yields are lower, typically 8% to 11%. La Premiere Brique has no compensation scheme, no secondary market, no passport and one sector, but a EUR 1 minimum against Mintos’s EUR 50, higher headline rates, and loans secured against French property that Mintos consumer loans are not. An investor who wants liquidity and a regulatory backstop should not treat these as substitutes.

La Premiere Brique vs. ClubFunding and Homunity. The closest peers: same country, same asset class, same licence family, all three publishing vintage tables. La Premiere Brique is the smallest and youngest of the three at EUR 424M against ClubFunding’s EUR 1.92bn and Homunity’s EUR 864M, and it has repaid the smallest share of capital, 36.0% against 54% and 46%. It is also the only one of the three that publishes an Article 20 default rate rather than leaving the reader to infer one, the only one with a EUR 1 minimum, and the only one whose operator files a clear profit. On proceedings it currently looks better than Homunity, where 175 of 667 projects are late beyond six months or insolvent, about 36% of nominal, against 10.6% of nominal here. All three show zero or near-zero definitive losses, all three are the same French property cycle seen through three tables, and the youngest book is the one whose losses have had least time to surface.

Bottom line on competitors. La Premiere Brique is currently the most transparent of the large French real-estate lending platforms on the one number that matters most, and the most accessible on price. It is also the least seasoned. The sector context is unforgiving: the 2025 barometer published by Forvis Mazars and France FinTech in March 2026 reported that 25% to 30% of French real-estate crowdfunding projects are more than six months late and 20% to 25% are in collective proceedings, concluding that one project in two shows significant difficulties, while noting that platforms declare very few definitive losses and that in some insolvency judgments a large part of the capital is cancelled.

Frequently Asked Questions

Is La Premiere Brique regulated? Yes. It holds Crowdfunding Service Provider authorisation FP-2023-15 from the AMF, granted 28 September 2023 under Regulation (EU) 2020/1503, and appears on the AMF’s public white list. The authorised service is facilitation of the granting of loans. The licence has not been passported into any other member state. It does not make the AMF responsible for whether a borrower repays you, and there is no investor compensation scheme covering credit losses.

Is the minimum really one euro? Yes. The platform’s own help centre states that projects are open to investment from EUR 1, and there are no entry, exit or wallet fees on the lending product. It is the lowest ticket among the large French real-estate platforms, where EUR 1,000 is the norm. The practical point is diversification: the low minimum lets a small balance be spread across many borrowers, which is the only risk control available in this asset class.

Why does the platform report zero definitive losses when projects are in insolvency? Because a loss is only recognised once it has been finally established. Projects whose borrower is in amicable or judicial proceedings stay in those buckets, currently 81 projects carrying about EUR 44.9M, and do not reach the loss line until the proceedings close. The platform itself said in a public reply in August 2026 that it has no official loss yet but knows one is certain to come. Note that unlike its main French competitors it does publish a regulatory default rate, 9.28% of all projects and 19.1% of running projects, which is the more honest number to look at.

What is the real delay rate? The published delay figures are small because, under the reporting framework the platform uses, a project that has been formally extended and is meeting its new timetable is no longer counted as late. On the platform’s own counts, 109 projects sit in that renegotiated bucket, 20 are up to six months late and 1 is more than six months late. Adding the proceedings buckets, our arithmetic puts 211 of 429 outstanding projects, 49.2%, off their original schedule. That is CrowdIndex arithmetic on the platform’s figures, not a number the platform publishes.

Can I sell before maturity? No. There is no secondary market on the lending product, and the platform’s own site warns of illiquidity. A secondary market is described as under development for its newer rental-property product only. Contractual extensions are possible, so the effective term can be longer than advertised.

What does it cost? Nothing to the investor on the lending product. The borrower pays the platform between 3% and 10% of the loan under its general terms. The newer rental product is different: there the platform’s remuneration is stated as 10% of the raise, included in the acquisition price, plus management fees deducted from rents.

Bottom Line

La Premiere Brique is the most honest of the large French property-lending platforms about the one figure that matters, and the cheapest to diversify on. It publishes an Article 20 default rate of 9.28% of all projects and 19.1% of running projects, broken down by vintage, when its bigger competitors publish nothing comparable. It lets an investor start at one euro and charges nothing. Its operator is profitable and has institutional minority shareholders. Against that: 81 projects are in creditor proceedings, 109 more are running on renegotiated schedules, the definitive-loss line still reads zero while the platform itself says a first loss is certain, the table is published as an image rather than as data, the newer rental line is excluded from it, and 80% of the capital has been deployed in the last three years and has not been tested. This is a platform for a small, deliberately sized allocation, spread very widely because the low minimum makes that cheap, with money you can leave alone for far longer than the advertised term, and only after reading the vintage table yourself.

Affiliate disclosure. CrowdIndex earns a commission when readers sign up to platforms through links on this page. This does not affect our editorial assessment. La Premiere Brique’s ranking on CrowdIndex is based on the editorial criteria documented on our Methodology page. We last reviewed this article on September 1, 2026.