Maclear Project Loan originator
- Written by
- Just P2P
- •
- Updated October 11, 2025
Score B+
PRIMA FINANCE GROUP AD is a financial institution founded in 2025 and licensed by the Bulgarian National Bank. With paid-in capital of 3,277,000 BGN (~1.67 M€), the company specializes in corporate financing, financial leasing, factoring, and structured financing solutions for SMEs and mid-sized businesses in the manufacturing, commercial, construction, logistics, and agricultural sectors.
The project provides financing to support an SME loan portfolio and a small-scale pilot consumer lending activity. The funds will increase lending capacity, generate high returns through recycling of repaid capital, and strengthen PRIMA’s position in the Bulgarian alternative financing market while maintaining disciplined risk management.
Investment terms
Loan requested : 1,200,000€
Period : 8 months
Interest rate : 15.2%
Company contribution : No contribution
The loan represents 48% of total disbursements made since launch (2.5 M€ from January to August 2025), demonstrating significant expansion for a newly established entity. This substantial amount will enable PRIMA to accelerate its growth in the Bulgarian alternative financing market, where SME demand remains unmet by traditional banks.
Risk metrics
Debt/Equity Ratio : 0.72 (Low risk)
LTV (Loan to Value) : 72% (Medium risk)
Credit History Score : 9/10 (Very good)
The debt-to-equity ratio of 0.72 indicates conservative financial leverage, well below the risk threshold, which reinforces capital strength. The LTV of 72% falls within the medium range, offering acceptable collateral coverage but requiring continuous monitoring of asset quality.
The credit score of 9/10 demonstrates excellent creditworthiness despite limited operational history, supported by strict regulatory compliance and Bulgarian National Bank licensing. Together, these metrics indicate a moderate risk profile with solid fundamentals, where low debt and excellent creditworthiness partially offset the medium LTV.
Business profile
Geographic Location : Bulgaria (EU Member State)
Industry Sector : Financial services
Collateral Type : Company assets (paid-in share capital + revenue-backed loan recycling)
Bulgaria offers substantial competitive advantages through its progressive regulatory framework that encourages non-bank financial institutions, operating costs below the European average, and rigorous supervision by the Bulgarian National Bank (BNB) that ensures stability.
The alternative financing sector is growing at 8% annually, driven by the SME financing gap. SMEs represent 60% of employment but have limited access to traditional bank credit. The collateral combines paid-in capital of 1.68 M€ and a performing loan portfolio that generates recurring cash flows through repayment recycling (~1.1 M€).
Positive / Risk factors
Positive factors
- BNB license + regulatory compliance
- Diversified portfolio: 4 financial products
- Rapid market penetration (2.5 M€)
- Very high credit score 9/10
- Conservative debt/equity ratio
- Repayment recycling = continuous liquidity
- Experienced management in corporate finance
- B2C pilot expansion = versatility
Risk factors
- Very limited operational history (8 months)
- Highly competitive Bulgarian financial sector
- Medium LTV at 72% requiring monitoring
- Exposure to regulatory changes
- Absence of tangible fixed asset collateral
- Short duration creating refinancing risk
Opinion Prima Finance Group AD
The B+ rating is justified by conservative financial leverage, an excellent credit score, and a solid regulatory framework under Bulgarian National Bank supervision—factors that offset the medium LTV. Although limited operational history is a concern, rapid market penetration, portfolio diversification, and the repayment recycling mechanism demonstrate strong execution ability.
