Maclear Project Balcho Investment Group
- Written by
- Just P2P
- •
- Updated October 6, 2025
Score B+
Balcho Investment Group AD is a Bulgarian commercial real estate services company founded in 2022, operating in the logistics and business support sector. The company manages modular warehouses and office spaces, totaling over 1,300 m² of facilities. Its clients include importers-exporters, distributors, and digital enterprises, with established partnerships including Rhenus Logistics Bulgaria.
The project will finance technical equipment for a new logistics facility in Meden Rudnik near Burgas. The funds will acquire handling systems, temperature-controlled storage infrastructure, and IT solutions. This strategic expansion will allow the company to enter the Southeast European logistics corridor and strengthen its presence in the Sofia region.
Investment terms
Loan requested : 600,000€
Period : 15 months
Interest rate : 14.5%
Company contribution : 200,000 € (undistributed profits)
The loan amount represents 25% of projected annual revenue of 2.4 M€ and 2.8 times the 2024 net profit (215 K€), showing appropriate scale for the planned expansion. The partnership with Rhenus Logistics Bulgaria, providing for a 40% share of net operating profits, ensures revenue from the start. The company’s contribution of 200 K€ represents 25% of total investment, showing strong commitment of the company. The terms offered to investors – 15-month duration and 14.5% interest rate – reflect the company’s growth potential in Bulgaria’s expanding logistics market.
Risk metrics
Debt/Equity Ratio : 0.35 (Low risk)
LTV (Loan to Value) : 91% (High risk)
Credit History Score : 9/10 (Very good creditworthiness)
The debt-to-equity ratio of 0.35 shows a solid financial structure with minimal debt, providing a substantial safety margin. The LTV of 91% indicates high loan value relative to pledged assets, requiring careful attention to collateral quality.
The excellent credit score of 9/10 shows exemplary payment history and strong financial management since the company’s creation. These metrics together suggest a moderate risk profile where financial strength and credibility partially offset the somewhat elevated LTV ratio.
Business profile
Geographic Location : Bulgaria (EU member states)
Industry Sector : Logistics Services
Collateral Type : Company Equipment/Assets
Bulgaria’s strategic position as a crossroads between the EU and Turkish and Middle Eastern markets provides significant competitive advantages through reduced operational costs and privileged access to pan-European transport corridors. The Bulgarian logistics sector is experiencing strong growth driven by e-commerce expansion and warehouse relocation from Western Europe.
The collateral includes existing liquid assets (Lozen warehouse, operational equipment) and the newly financed equipment, creating a diversified asset base valued at 656,900 €. The company has shown resilience by maintaining positive profitability since 2022 despite the inflationary challenges in Europe.
Positive / Risk factors
Positive factors
- Excellent credit score (9/10)
- Low debt-to-equity ratio (0.35)
- Strategic partnership (Rhenus Logistics)
- Substantial company contribution (200 K€)
- Consistent profitability since 2022
- Strategic geographic positioning
- Diversified B2B client base
Risk factors
- High LTV at 91%
- Short loan duration (15 months)
- Sensitivity to occupancy rates
- Progressive ramp-up
Opinion Balcho Investment Group
The B+ rating is justified by the excellent credit history (9/10), the very conservative debt-to-equity ratio (0.35), and the strategic partnership with Rhenus Logistics providing a profit-sharing arrangement, which together reduce the primary risk of the elevated LTV. While the 91% loan-to-value ratio requires careful attention, the company’s contribution of 200 K€ and the diversified asset base of 656,900 € provide confidence that the company can meet its repayment obligations.
