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presented by October Italy



36 months


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Milano, Italy



Restaurants and catering services

Presentation of the company

Created in 2014, Ladder S.r.l.  is active in the food service sector. The company, managed by Massimo Taddei, has 41 employees and is based in Milan (Italy).

The company’s main activities are:

  • management of two steak house restaurants located in Como.
  • management of  two restaurants have more than 400 seating capacity and about 50 seating capacity outside used in summer.

Untill 2016 the company used to manage four more restaurants which had been sold in the meantime.

The current management has identified location to open a new steak house restaurant with 320 seating capacity located in Lentate sul Seveso.

Project Description

The company wishes to borrow 300 000 € over 36 months to finance start a new resturant branded "Blacket" in Lentate sul Seveso. This project will be realised in the next few months.

At least 40% of the risk of this loan is covered by a guarantee from the Republic of Italy via the ‘Fondo di Garanzia PMI’.

The amount offered on the platform is limited to 147 000€, which is in line with the regulatory limits.

Like all projects presented to private lenders on Lendix, it is co-financed with institutional investors, sophisticated investors and the management of Lendix, subscribers to the Lendix Fund.

Analyst’s Opinion

With a turnover of 6 982 431 € in 2016 and an experienced team, the company has a good track record combined with a strong operating margin.

The fluctuation of turnover and profitability are related to the number of restaurants managed by the company. In 2017, performance would be in the same range of 2016. The Forecast is based on the 2017 performance considering as well the first quarter of 2018.

The borrower has a correct repayment capacity with a forecast FCCR (Fixed Charge Cover Ratio *) at 1,06 and a good financial structure with a positive cash balance coming from the sales of the four restaurants.

The analysis of the project leads to a credit rating of B and a 5,2% annual interest rate.

Strong Points:

  • Good historical performance based on diversified client base;
  • Correct repayment ability with a forecasted FCCR of 1,06 reinforced by the support of banking pool;
  • Good geographical location of restaurants.

Point of caution:

  • Possible delay on the launch of the new restaurant.

Warning: At least 40% of the risk of this loan is covered by a guarantee from the Republic of Italy via the ‘Fondo di Garanzia PMI’. Learn more here.

*The multiple of FCCR at 1,06 means that the company has a safety margin of 6 % relative to its ability to repay its credit maturities.

The expert opinion is given as an indication on the basis of the elements provided by the project holder and information from our databases (ModeFinance, Crif, Cerved). This opinion is only an element of reflection in the decision making of a lender to participate in the financing of a project.