🔎 Detailed Analysis - “Industrial Logistics” Project (8Lends)

📄 Quick sheet

• Platform : 8LENDS (Maclear group)
• Project Name : Industrial Logistics
• Borrower : Terex-M DOO BOR
• Country / sector : Serbia / Logistics & construction - Public Works (rolling stock and equipment)
• Objective : Working capital financing + acquisition / operation of equipment (fleet of machinery & trucks)
• Amount of the envelope : €1,200,000
• Yield rate : 22.50% APR
• Duration : 9 months
• Repayment : Principal repaid at maturity, interest paid monthly
  
• Collateral : Pledge on a pool of assets (equipment & trucks) – coverage 180%
• Announced collateral value : €2,163,694.64
• Buyback / buyback guarantee : No (8Lends operates in asset-backed lending; the guarantee = collateral)
• Minimum ticket : 100 USDC

📊 Financial performances

• She started her activities on January 28, 2021
• Rapid growth : Revenue increased from €384k (2021) to €2.37M (2024), or ×6.
• Gross margin : from €87k to €690k (+700%).
• Net income 2024 : ~€339k.
• 2025–26 Forecasts : Comfortable interest coverage (ICR > 8x).

👉 The company has demonstrated its ability to grow rapidly while improving its margins.

🔒 Guarantees & security: solid protection

• Collateral :
  • Pool of tangible assets : construction equipment, transport trucks, earthmoving & logistics equipment.
  • Estimated value : €2,163,694.64 (conservative estimate, subject to adjustment).
  • Coverage : ≈ 180% (collateral value / covered exposure).
  • Legal mechanism : establishment of a pledge/security interest on each asset, with the right to enforce in case of default.
• Insurance : insured fleet (sector use) – require up-to-date certificates with assignment of rights to the lender / SPV.
• Usual covenants :
  • Maintenance of insurance & proper working condition of equipment.
  • Prohibition on alienating encumbered assets without consent.
  • Periodic financial information to the platform.
• Remedy : realization of collateral (sale of assets) in case of prolonged default.

🎯 Opportunities (investment thesis)

• Robust & over-collateralized : 180% is a very comfortable cushion for a short loan.
• Short duration (9 months) : limited-time exposure, suited for "cash-&-carry" strategies.
• Monthly interests : regular visibility on performance, appreciable "income" effect.
• Tangible assets : trucks / equipment easily valued across multiple EU geographies.
• Intra-project diversification : multi-asset pool vs. a single asset.

⚠️ Risk Analysis (home score)

Credit risk (business) — Moderate to High

• Dependence on construction/logistics activity (cyclicality).
• Exposure to payment deadlines in construction/transport.
• Mitigated by over-collateralization (180%) and tangible.

Collateral valuation risk — Moderate

• The equipment retains a resale value, but it is sensitive to the secondary market, the condition of use, and logistical delays.
• Mitigated by the diversity of the pool (several vehicles/machines).

Liquidity risk — Moderate

• 9-month loan, no secondary market: exit at maturity.
• Collection of monthly interest improves cash flow.

Operational / Legal Risk — Low to Moderate

• Depends on the quality of the securities (perfection, registration, priority).
• To be verified: exact priority of the pledges, absence of pre-existing encumbrances on the same assets.

Exchange risk — Low to Moderate

• By investing in USDC, your P&L in € will depend on the EUR/USDC exchange rate at the exit.

🧪 Sensitivities & scenarios

• Base case : monthly payments on time + lump-sum repayment at 9 months ⇒ IRR close to the nominal rate.
• Delay of 1–2 months : late fees + execution not triggered if communication is OK ⇒ IRR started but correct.
• Default & realization : sale of pledged assets. With 180% coverage, the probability of capital loss becomes low if the collateral is indeed the top priority and the secondary market is liquid. Timing (realization deadlines) remains the main risk.

✅ Investor Check-list (Due Diligence)

1. Cap your exposure : Even with 180% collateral, never put all your eggs in one basket. Determine a position size that won't jeopardize your portfolio in case of unforeseen events.
2. Diving into the collateral : The fact that these are "equipment and trucks" is a good thing, but it is crucial to validate their value. Request a detailed list of the pledged assets, and if possible, an independent appraisal report.
3. Ensuring the validity of the security : The key term is "lien / material pledge." It is important to ensure that this security is legally registered and that it has absolute priority over any other creditor. A second-ranking security would be much less reassuring.
4. Understanding the default scenario : It is easy to focus on performance, but it is equally important to understand the process in case of a problem. Who is responsible for selling the assets? What are the estimated timelines? Are the late penalties clearly defined?

🧾 Verdict IndexP2P

• Profile : short-term asset-backed project, focused on monthly income.
• Why I like it : the coverage of 180% on €2.163 million of collateral clearly puts the leverage on the right side. The 9-month duration limits macro exposure.
• What I monitor : legal perfection of securities (rank 1), insurance certificates, & any signs of cash flow pressure (customer payment delays).
• Conviction : Interesting for a diversified crypto-lending / asset-backed portfolio, with a measured position size and serious documentation tracking.