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# What happens in the event of a delay or default on a funded project ?

### ${color}[#3faae1](Distinguishing between a delay and a default)
These two situations are not equally serious:
* A delay in repayment means that the operator has not repaid the principal or paid the interest by the scheduled due date, but that the transaction is still ongoing (sale in progress, authorisations pending, etc.). Interest generally continues to accrue.
* A default is a more serious situation, where the operator is unable to meet its obligations, which may lead to insolvency proceedings (receivership or compulsory liquidation).

### ${color}[#3faae1](The process in the event of a delay)
1. Follow-up and dialogue: Raizers remains in contact with the operator to understand the cause of the delay (delayed planning permission, marketing difficulties, etc.) and to obtain a new provisional timetable.
2. Investor updates: you are kept informed of developments via your personal account and through dedicated communications.
3. Formal notice: If dialogue does not yield a resolution within a reasonable timeframe, this constitutes the first formal step prior to any legal action.

### ${color}[#3faae1](The process in the event of default)
If the situation deteriorates further (the operator entering collective insolvency proceedings, prolonged refusal to pay), Raizers will activate the guarantees associated with the transaction (mortgage, first-demand guarantee, personal guarantee, etc.) and may take legal action on behalf of the body of bondholders, of whom Raizers is the legal representative.

### ${color}[#3faae1](Market context to be aware of)
The private property debt sector has been experiencing a more challenging period since 2023–2024: according to the latest industry barometers (Financement Participatif France, Forvis Mazars), a significant proportion of projects funded across all platforms are currently experiencing delays of more than six months, whilst a smaller proportion end up in insolvency proceedings or result in a definitive loss of capital. Moreover, in a warning issued in June 2025, the AMF highlighted the risks specific to this type of investment: capital loss, delayed repayment, recovery costs, or even the failure of the platform itself.

### ${color}[#3faae1](What this means for your investment strategy
)Private property debt carries a real risk of partial or total loss of the capital invested, as well as a risk of illiquidity (the inability to resell or recover your investment before maturity, including in the event of a delay). It is recommended that you diversify your investments across several transactions rather than concentrating a large sum on a single project.