ClubFunding Review 2026

What it is

ClubFunding is a French property crowdfunding platform run by CLUBFUNDING SAS in Paris, founded in November 2014. It sells private investors short-term bonds issued by companies that French property developers and property traders set up for each project. It is one of the largest platforms of its kind in France: €1,930.6 million has been lent through it since May 2015 (as of 19 October 2026).

How it works

You choose projects one by one, from €1,000 per project. Each project is a bond with a fixed interest rate, usually paid monthly, and the capital is paid back in one sum at the end. Terms are typically one to three years. There is no automatic investing.

Returns

The interest rates written into the bonds average 10.59% a year across everything lent since 2015, weighted by amount (as of 19 October 2026). Rates have risen over time: 9.25% for 2015 projects, 12.50% for 2025 and 12.54% for 2026. This is the agreed rate, not what investors actually earned: ClubFunding publishes no return after late and failed loans. The home page shows 9.95% a year, but its own footnote says this counts only financings fully settled since 2015, so it leaves out every loan still running, late or in proceedings. In total, €258.5 million of interest has been paid to investors since 2015.

Losses and defaults

Money finally lost is still small: €2.3 million on 11 projects, about 0.12% of all money lent (as of 19 October 2026, calculated from the platform's own figures). This figure has been restated: in April 2026 the same page showed €1.6 million on 4 projects.

Many loans are in trouble, though. Following the French industry standard, €380.2 million (19.69% of all money lent, 226 projects) is in default: more than six months late (€58.7 million), in a negotiated rescue procedure (€62.6 million) or in court insolvency proceedings (€258.9 million). A further €94.5 million is up to six months late, and €222.3 million is being repaid on schedules changed by agreement, which the platform does not count as late. Together, about 36% of all money ever lent is late, rescheduled or in proceedings. Of the €879.2 million still outstanding, only €182.2 million is paying on its original schedule. Projects funded in 2022 and 2023 have done worst, with about 31% and 28% of their money in default. Losses are booked only when proceedings end, so the loss figure could rise.

How we read these figures: so much money in default points to weak checks of whether each project's cash flow can repay the loan on time. The low final loss, with about 79% of capital recovered on the 11 projects that ended with a loss, shows that the property security has been valued well and recovered.

What secures your money

Each project carries its own security: usually a registered mortgage on the property or a trust arrangement over it, a pledge of the borrowing company's shares, and an on-demand guarantee from the developer. There is no buyback, no reserve fund and no insurance. Projects are chosen by an internal committee after site visits; the platform publishes no rule for independent valuations or for how large a loan may be against the property's value. On the 11 projects that ended with a loss, about 79% of the capital came back (calculated from the platform's own figures); no recovery figure is published for the many projects still in proceedings. ClubFunding companies have themselves put in 19.76% of all money lent since 2015. In practice, your protection is the security on each project, and with about one euro in five in default, it has not yet been tested at scale.

Who runs it and its licence

CLUBFUNDING SAS (company number 807 764 980, Paris) is authorised by France's financial markets regulator, the AMF, as a European crowdfunding service provider, number FP-2023-40, since 24 November 2023. Its older French crowdfunding registration was removed on 6 March 2026 as part of the move to the European licence. No fine or regulator action against the platform was found.

Fees

Investors pay no fees to open an account, invest, hold or withdraw money, according to the platform's terms. Developers pay the platform a commission on what they raise, which is an indirect cost because the project has to earn it back.

Getting your money out

You get your money back only when the bond is repaid. There is no working market to sell bonds to other investors. Many repayments come late: on four projects of the developer DMVIP, which entered a court safeguard procedure in August 2023, investors were told in January 2026 that a ten-year repayment plan would start only after the properties are sold. Plan for your money to be tied up for the full term, and possibly much longer.

Our view

Return: High — the bonds carry 10.59% a year on average, a contractual rate rather than a measured result. Risk: Low (higher means more risk) — the money finally lost is only 0.12% of all lending, but we moved the level one step worse because about 36% of the money lent is late, rescheduled or in proceedings, the headline return counts only settled deals and the loss figure has been restated; with 19.69% in default, losses could end up higher. The high share in default points to weak checks of projects' cash flow, while the low final loss shows the property security has been valued and recovered well. Risk-return: High — a high contractual rate against low losses so far, as long as the security holds up in the proceedings now under way.