[Issuer] 1754 Factory

Real World Assets Pools
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Company Information
Company Name 1754 Factory
Website 1754.finance
Asset Type Cash Advances
Pool Summary

Company

Please give a brief history of the company and, if applicable, group structure.

Bling (bling.eu) is a mobile app for French consumers that offers a cash advance system up to €100

Please give an overview of the legal structure.

1754 Factory LLC is a Delaware Series LLC created by Davoa Capital. 1754 Factory will enter into an agreement with Centrifuge to operate a special purpose vehicle designed to facilitate transactions on Tinlake. 1754 Factory will launch Bling Series 1 LLC and enter into an institutional purchase agreement to buy Bling bonds. 1754 Factory will bridge Bling bonds to Decentralized Finance (“DeFi”).

Organization

How many full-time equivalent team members do you have and what do they do?

3 full time team members

Have you sold equity? Are you venture funded, if so please describe the previous rounds, money invested, and lead investors.

Davoa Capital owns 100% of 1754 Factory. Fabien Dureuil is the founder and the General Partner of Davoa Capital (Davoa.capital).

Is your business sustainably profitable or well funded with sufficient cash runway?

1754 Factory is owned and operated by Davoa Capital with sufficient cash runway.

Asset Details

Describe the asset collateral that you seek to finance.

1754 Factory will buy Bling bonds that are sold at €10,000, which is comprised of over 125 micro loans that average €80. The underlying assets generate a 75% APR and the bond has an 8% coupon rate that is paid quarterly.

infografic 1754
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Describe your previous track record related to this business proposal.

Bling has originated over 20,000 advances with no defaults

What is the average collateral asset size?

The average collateral asset size is €80

Describe the risk of the assets you are proposing. How do you evaluate and manage that risk?

Bling has advanced over 20,000 micro loans has zero defaults. The Bling bond has a large margin for default risk since the underlying assets pay 75% APR and the bond pays 8%. In addition, 1754 Factory utilizes an extremely conservative structure with multiple layers of risk mitigation. 1754 will utilize Tinlake and provide a 10% TIN ratio as a cash buffer against defaults. In addition, 1754 will only advance about 86% for each bond but will pay pay Tinlake investors 100% of interest recieved from the Bling bonds.

Disclosures

Please describe any conflicts of interest or potential conflicts of interest or any relationship that could compromise or be viewed to compromise the decision making of the company.

None

Are there or have there in the last 10 years, been any criminal, civil, regulatory or administrative proceedings against (i) the Company or any of its principals or (ii) the product in any similar such matters including reparations, arbitrations, and negotiated settlements? If so, please describe.

None

Are there any further disclosures that interested party should be aware of?

None

15 Likes
2

Very interesting project

2 Likes
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@Fabien
Interesting project… how do you factor in Corona-driven loss of jobs & loss of income into the defaulting for micro loans in France?

Also, when I looked at the Bling website it seemed like the loans are free (may be my mistake). Where does the money for the interest rates on TIN and DROP come from?

Thanks & kind regards,

4

Here’s an article a friend put me onto about Fabien Dureuil of 1754 factory,one of the pools.A little more digging raises many more questions.Please read the article in its entirety and make your own mind up.

3 Likes
5

Being part of the fund that supported this project and its fork had generate at the time some hatred and some strong reactions. Indeed if I could go back in time I would have stay away from this and done something else. If you have a specific question about the present - happy to answer it.

7

Hi, my signature document has been submitted and it is pending for days.
(I know I made a mistake when filling the form), is there any way to resign the document? Thank you !

8

Hi Fabien,

The sub agreement is not yet signed past two weeks. I am still waiting from your end. Can you please updates with regards to it?

Regards
Pats

1 Like
9

Hi Everyone,

There is currently no available liquidity which is preventing redemptions. Once additional liquidity is added redemptions will be begin to process at the conclusion of the epoch.

The way it works:
At the end of the epoch, all locked orders will be processed and executed at the current TIN/DROP prices considering the max reserve amount, min TIN risk buffer and available liquidity is enough to cover redemptions. If part of the redemption could not be executed, it will be rolled over into the next epoch and these tokens remain locked. After the epoch turn, investors can collect the DAI from the executed orders in the UI. This locked order can be cancelled at any time.

For additional reading on the process please review the link below:

Regards,

Jay

2 Likes
10

Hey guys, just wondering how long is it going to take to provide liquidity to the pool. Cause i want to withdraw a part of my funding but i am still waitting because of the lack of liquidity.
Thanks!

1 Like
11

I also just redeemed my DAI. I just want my investment back. Can someone solve this problem of liquidity. The last reply about was 12 days ago and it shocked me that there no response. So its like great in communicating when you need DAI but no communicating when the investors need his own DAI.

Anyhow, I need the DAI back.

12

Sorry for the delay. Did you contact the support already with your claiming issue?

1 Like
13

Hi @baracuda and @kitch ,

sorry to hear that you can’t redeem right now. But since it’s dependent on the issuer I can give you a rough estimate of 30 June that’s when the underlying off-chain collateral will be paid back. Due to mismatch in the on-chain structure. @Fabien can confirm if this is still up-to-date.

1 Like
14

Please accept our apologies for the unusual long delay here — in the future please feel free to contact us directly via DM on discord or via email.

We definitely hear you and understand your need to redeem the DAI previously deployed in the pool and we are sorry for the delay you are currently experiencing. We had to manage a massive volume of redemption within the pool during this last couple months and even if our model since day 1 include a liquidity buffer, and a line of credit from our VC fund, it was clearly not sufficient to absorb this redemption volume in such a short period of time.
We completely understand the value of having access to liquidity during a bear market and in order to facilitate, honor the current redemptions we will be adding some additional liquidity by the end of the month, and will add a significant amount of liquidity June 30th by reducing the pool size.

That being said, as describe in various documents such the PPM and the subscription agreement it takes in our configuration 90days to sell the underlying assets and recreate the necessary buffer/liquidity.

We are very excited and grateful to be part of this journey and feel like RWA are the next frontier in DeFi — a more stable and sustainable path forward.
On the flip side, at this stage nothing about Tokenize RWA (debt security) can be instant and the premium (APY) is also reflecting it.

I will be working and posting a more in depth update on both Blind and Branch in a few.

1 Like
15

Thanks @Fab @annamehr for the reply. It is a madhouse on the market right now and I think I understand why we should wait before we can withdraw. Please keep up this level of communication with this board. Everything we need now is transparency and communication. Without communication it become suspicious. Again thanks!

16

Hi it’s already the 30th June but I do not see anything that’s ready for redemption.

Can the AO kindly provide some updates? Thanks

17

Hi Max,
We will start providing liquidity for this pool within the next 48h.
Thank you for your message and for your patience.

3 Likes
18

Hi Guys, I redeem 1 week ago and now I don’t have drops and dai.

I have nothing to redeem now, so it’s gonna redeem automatically when gets liquidity? many thanks in advance

Many thanks to all!

19

Good day jdvs

After redeeming you should wait for the execution of the epoch and once the epoch will be executed you should claim ( MANUALLY) your DAI.

I just checked the Pool situation (1754 Factory):
Liquidity Available liquidity 0 DAI

This is mean that you can not withdraw your DAI now, but please check Fabien`s message:

We will start providing liquidity for this pool within the next 48h.
Thank you for your message and for your patience.

So the liquidity will be available soon. Please check manually this page:
https://tinlake.centrifuge.io/pool/0x0ced6166873038ac0cc688e7e6d19e2cbe251bf0/bling-series-1

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Once the liquidity will be different from 0 DAI click on COLLECT Dai.

You can ask the Issuer (Fabien) any questions related to your investment in 1754.

20

Hello,

have 20k DAI since nearly 1 year in your pool and im still not able to claim months after Maturity Date? Whats happening here? When will money be payed back? Why is there no liquidity since months?
Thanks

21

Hi Imdior, thanks for you quick answer,

My only doubt is when I redeem iee left with 0 drops and 0 dai.

When I made redeem, against what will be the redeem if I don’t have any drops?

Thanks in advance for all your support mate.