My Capital Immo Review 2026

What it is

My Capital Immo is the property crowdfunding brand of Happy Capital, a small Bordeaux company in crowdfunding since 2013. Investors buy bonds issued by French property developers and dealers, mostly in the Bordeaux area, the south-west and the Paris region, many of them buying, renovating and reselling existing buildings. It has financed €52.6 million across 108 projects since 2017 (platform table, 25 October 2026). New lending has shrunk sharply, from €14.4 million in 2023 to €1.3 million so far in 2026.

How it works

You subscribe to a project's bonds from €100. Terms are advertised at 6 to 24 months; the average across all projects, weighted by size, is 22.6 months. Interest is not paid along the way: it builds up and is paid with your capital at the end of the project. French residents have 30% tax withheld from the interest at payment. You must complete a suitability questionnaire before investing.

Returns

Projects since 2017 carry an average interest rate of 9.58% a year, weighted by size (platform table, 25 October 2026). This is the rate agreed in the bond contracts, before tax, not what investors have actually received. Recent projects pay more: 10.55% for 2024, 10.42% for 2025 and 10.36% for 2026, and new campaigns advertise 10% to 11% a year. So far €20.6 million of capital (39.2% of everything financed) and €2.51 million of interest have been paid back. An older official page shows a return after risk of 9.36% since 2017, but it dates from July 2024, is higher than the 'maximum possible' return of 9.03% on the same page, and no longer reflects the book.

Losses and defaults

No project has yet been recorded as a definitive loss. But a large share of the money is in trouble. On the platform's own table of 25 October 2026, €6.84 million is more than six months late or in collective or court proceedings: 12.99% of all money ever financed, and 21.4% of the €32.0 million still outstanding (calculated from the platform's own figures). A further €17.86 million (33 projects) is in an out-of-court recovery procedure. Taken together, €24.7 million, 77% of the capital still outstanding, is late by more than six months or in a recovery procedure. Only €2.29 million (9 projects) is classed as paying normally.

The project-by-project list tells the same story: on 24 October 2026, 19 of 108 projects were more than six months late and 14 were in court proceedings, 33 in all. Of the 44 projects fully repaid, 21 were repaid late. The platform does not publish what it has recovered from failed projects. Its official performance page, still dated July 2024, shows no project more than six months late.

How we read these figures: so much money late or in procedures points to weak checks of whether developers' projects generate enough cash to repay on time. The absence of any final loss so far points to security that is valued well and recovered, although recovery figures are not published and most of the troubled money is still in procedures.

What secures your money

The platform says it can take a mortgage on the property, a pledge over the borrowing company's shares, a personal guarantee from the developer or an on-demand guarantee from a parent company. It does not show publicly which of these applies to each project or how much is lent against the property's value; those details are in each project's key information sheet, available after you register. The platform states that it does not guarantee your investment, and there is no buyback, reserve fund or compensation scheme. No recovery figures are published. In plain words: there may be security behind each bond, but with three-quarters of the outstanding money late or in procedures, how much it will bring back is still untested.

Who runs it and its licence

The platform is run by Happy Capital SAS (SIREN 791 766 397, Bordeaux), set up in March 2013, with €10,783 of share capital. It is authorised by France's market regulator, the AMF, as a crowdfunding service provider under the EU crowdfunding regulation since 9 November 2023 (number FP-2023-29). The same authorisation covers its startup equity platform, Happy Capital. No regulator warning or action against it was found. It publishes no audited accounts. If Happy Capital stopped trading, Capsens would take over collecting repayments and passing them to investors.

Fees

Investors pay no subscription fees on projects financed from 1 October 2023; fees applied to earlier projects. No other investor fees are listed. The platform is paid by the developers and does not publish how much. On interest, French residents pay the 30% flat tax, withheld at payment.

Getting your money out

You cannot sell early: the platform states that reselling the bonds will be impossible. Your money stays in each project until the developer repays, and with many projects late or in procedures, that can take well beyond the advertised term. Cash in your payment account can be withdrawn.

Our view

Return: Medium — projects since 2017 carry an average contract rate of 9.58% a year (October 2026). Risk: Medium (higher means more risk) — no project is yet recorded as a loss, which alone would put risk at the lowest level, Very Low, but we set it two steps higher, at Medium, because 12.99% of all money financed is more than six months late or in court proceedings and 77% of outstanding capital is late or in a recovery procedure, while the official performance page still shows none of this; losses could end up much higher. The high share in default points to weak checks of projects' cash flow, while no final loss so far points to security that is valued and recovered well. Risk-return: Medium — a middle return for a middle level of risk, with most of the outstanding money still to be recovered.