Pre-opening | BDkapital Prepares €425,000 for Eight Detached Homes in Tamaraceite (Las Palmas)

08/10/2026 – ⏱ 5 min

This article is for informational purposes only and does not constitute investment advice or a recommendation of any kind.

BDkapital, authorised by the CNMV under registration number 23, is preparing a mortgage-secured loan of €425,000 to Kraftwerk, S.L. to build eight detached homes in Tamaraceite, in Las Palmas de Gran Canaria. It should be remembered that any reference to return is inseparable from the corresponding risk, which is set out below.

The nominal rate is 9.5% a year over 18 months, with principal and interest repaid at maturity and an APR of 9.925%. One figure does not add up: the fact sheet presents an "opportunity return" of 15.25%, when 9.5% a year over eighteen months gives 14.25% on a simple basis, 14.58% compounded or 14.89% applying the APR. The operation does provide for interest to accrue from the date of investment rather than from formalisation — a detail in investors' favour — but the fact sheet does not quantify that period or explain the percentage point of difference. No opening date or minimum investment is stated.

Asset description, construction progress and sales traction

The developer already owns the land and the permit, and has paid out €650,000 to get there; the loan funds part of the works, which have yet to start. The mortgaged property is identified in the Las Palmas Land Registry No. 2 under number 23,954, and the expected construction period is under eighteen months.

That schedule deserves attention, because the loan also matures at eighteen months and repays principal and interest in a single instalment at the end. If the works consume the full period, no margin remains between handover and maturity to sell and complete on the homes that are not committed. The contract does provide for full early repayment if sales come sooner, with interest accrued to that date and the corresponding fee.

On sales there are four formalised reservations out of the eight homes. They are reservations, not sale agreements, and the platform adds that there is a list of interested parties because the developer already built the "La Galera" scheme in the same area. The target price is around €340,000 per home, so projected sales total €2,720,000, consistent with the completed-works valuation. It is worth noting that the fact sheet does not publish the homes' floor area: it cites an average of €2,720 per sqm in the area in August 2026 — 6.83% more than a year earlier — and €3,029 per sqm for new build according to the Notaries' Statistical Portal, but without square metres there is no way to test the €340,000 against those references. The fact sheet itself warns that the first figure is indicative because it mixes new and second-hand stock.

Financial structure, coverage ratios and security

The ratios are the strong point and they are correctly calculated. Arco Valoraciones puts the current value of the security at €609,714.51, placing the LTV at 69.70%, and the value assuming the works are completed at €2,713,701.63, which leaves the loan at 15.66% of that amount. Projected sales equal 100.2% of that completed value, so business plan and valuation support each other.

The security is a mortgage over the property, although the fact sheet does not specify its ranking, a point worth verifying in the contract. It is complemented by a joint and several guarantee from a group company which expressly waives the defence of prior recourse and to which equity of more than eight million euros is attributed. And here comes the file's most relevant inconsistency: the security section identifies the guarantor as "Inmuebles Archipiélago, S.L.U.", while the corporate description calls it "Inmuebles Elevaciones, S.L.U.". Those are two different names for the party standing behind the loan, and the corporate tax document the fact sheet attributes to the guarantor links to the same file as the developer's, so its accounts cannot be consulted separately.

On the borrower: Kraftwerk, S.L. was incorporated in October 2020, has share capital of €3,020 and two employees. Its own solvency is limited, and the file offsets this with the €650,000 already contributed to the project and with the group guarantee. The company does not appear in the RAI, the Experian or ICIRED registers, or in insolvency or court proceedings, is up to date with the tax and social security authorities and the regional tax office, and files its accounts regularly.

Control over the money is well handled: drawdowns are released against a milestone schedule verified by an external company, and undrawn amounts remain in the developer's account at Lemonway. The operation is also subject to a condition precedent — the contract does not take effect until the minimum amount is reached — and to notarial ratification before disbursement. The platform's fee, €21,250 plus taxes, 5% of the target, is paid by the developer.

The platform states that it only publishes projects rated A, AA or AAA, but this fact sheet's risk field does not record which rating the project obtained. And one drafting detail in the risk section: the document refers to investors as "borrowers" when their position is that of lenders.

Non-sophisticated investors have a four-calendar-day pre-contractual reflection period to revoke their offer without penalty. This is a crowdfunding product, not a deposit or a guaranteed savings product; the platform recommends investing no more than 10% of net worth in this type of project. It carries risks of illiquidity and of total or partial loss of principal. It is not supervised by the CNMV or the Bank of Spain, and has no cover under Directives 2014/49/EU and 97/9/EC. Investors may not recover the capital contributed.

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Realty Investor

Your real estate crowdfunding, in one app.

Discover new opportunities. Invest through leading platforms. Manage your whole property portfolio from a single place.

The Realty Investor beta is now available. Explore the market, discover new projects and get to know the platform with simulated money, without putting in any capital.

Download the beta and start discovering a new way to manage your real estate investments.