Pre-opening | Civislend Prepares €1,450,000 to Complete 14 Terraced Homes in Crevillent (Alicante)

27/09/2026 – ⏱ 3 min

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

Civislend is preparing a €1,450,000 loan secured by a first-ranking mortgage to Alicante y Castillo, S.L. to complete a development of 14 terraced houses in Crevillent (Alicante), in the Baix Vinalopó area. Any reference to return is inseparable from the risk, which is set out below.

The rate is 10.00% nominal and the term 18 months, extendable by six at the same rate, with full early repayment without penalty from month six. The minimum ticket is €250, with no maximum, and interest starts accruing on formalisation, within a maximum of 30 working days after the raise. The fact sheet gives no opening date or internal rating.

Asset description, construction progress and sales traction

The 1,088 sqm plot of consolidated urban land holds fourteen terraced houses with three and four bedrooms, parking and storage, averaging around 97 sqm. Countable area is around 1,362 sqm, between 1,311 sqm above ground and terraces at 50%, plus 969 sqm below ground that does not count.

The point to understand is the state of the asset: these are works that were halted and which the developer resumed in May 2026 with its own funds; progress now stands at around 45% and the permit remains valid. It bought and registered the asset that same month for €650,000, but left a deferred instalment of €292,500 owing to the seller, which will be paid with the first drawdown of this loan: part of the investors' money does not fund construction but the remainder of the purchase price.

Sales stand at 29%: four of the fourteen homes reserved with €6,000 payments per buyer, which are reservations and not signed sale contracts. Repayment depends on selling the homes, at an expected average ticket of €196,429 per unit, around €2,018 per sqm.

Financial structure, coverage ratios and security

The security is a first-ranking mortgage over the asset, with no additional guarantees. The current valuation is €1,279,905 and the completed-building value €4,703,311, from which the platform derives a first-drawdown LTV of 35% and an LTV on completed value of 31%. Both add up arithmetically, but the second deserves attention: the sales the developer itself projects total around €2,750,000 — fourteen homes at the stated average ticket — well below that valuation. Measured against the revenue the project expects to generate, the loan would be around 53%, not 31%. It is worth checking in the contractual documentation what accounts for that gap of almost two million between valuation and sales plan.

Of the total, a first drawdown of around €442,893 covers the deferred payment for the asset and some €150,393 of formalisation costs, a little over 10% of the loan; the rest, around €1,007,108, will be drawn against works certificates produced by an external project monitor. At signing the developer contributes €680,962, 61% of the funds.

Alicante y Castillo is part of Grupo Di Roma, with 36 years of activity mainly in hospitality, hotel operation and event organisation. Its real estate arm, confined to the province of Alicante, specialises in buying developments with halted works to finish and sell them: since 2012 it reports eight such projects and 111 homes delivered, and has two more under way, in Rafal and in Crevillent, totalling 22 homes.

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. 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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