Pre-opening | Civislend Funds €5,000,000 for Land and Servicing Works for 151 Homes in El Médano (Tenerife)

23/10/2026 – ⏱ 2 min · By Realty Investor Editorial Team

This article is for informational purposes only and does not, under any circumstances, constitute investment advice or a recommendation.

Civislend is preparing a €5,000,000 loan secured by a first-ranking mortgage to Grupo Nordestada to buy two of the project's four plots and service the four plots of El Médano Park, in Granadilla de Abona (Tenerife), with 151 homes planned.

The term is 24 months plus a possible six-month extension. The only rate the file carries, 12.00% nominal a year, appears in the extension clause; that reference is subject to investment risk and is not guaranteed. The developer may repay without penalty from month 6 and the minimum ticket is €250. No opening date or rating is disclosed.

Asset Description, Planning Progress and Commercial Traction

El Médano Park is 82,126 m² for 473 homes, with a retail area, a school and sports facilities. The four plots will hold 151 of those homes, averaging 67 m², with a garage and a storeroom. The site is 58% serviced, with €1.35 million already invested from own funds, and the works are being carried out by A0 Desarrollos y Proyectos. The building permit has been applied for, not granted.

There is a contradiction in the file: the body places the project in El Médano (Granadilla de Abona) and the key points in Adeje, 40 kilometres away. Repayment does not depend on selling homes: Civislend's exit "will coincide with the granting of the developer loan", so within 24 months the developer must finish the servicing works, obtain the permit, market part of the homes and secure bank financing.

Financial Architecture, Coverage Ratios and Real Security

The first drawdown, of €3,900,080, breaks down into €3,051,000 to complete payment for the two plots, €213,570 of IGIC sales tax, €250,000 to advance the works and €385,510 of arrangement costs. Of that first tranche only €250,000, 6%, goes to the works, and arrangement takes 9.9%. Of the whole loan, €1,349,920 — 27% — goes to the servicing works.

The first-drawdown LTV the file states, 37%, does not follow from its own formula: €3,900,080 over the €9,881,667 valuation gives 39.5%. The final LTV of 46% does reconcile. And that €9,881,667 is not a fresh valuation: it is the last valuation plus the capital already spent on servicing. And the final value of €10,855,587 adds €973,920 to the current one, less than the €1,349,920 the loan assigns to servicing.

The funding split, 56% from the developer — €4,964,323 — against 44% from Civislend, is measured against the first drawdown; once the whole loan is drawn, the developer's share falls below 50%. Grupo Nordestada has more than 20 years in property management and this is its second project with the platform: the first, in Caleta de Fuerteventura, dated May 2025, has repaid 43% of the principal.

Non-sophisticated investors have a four-calendar-day pre-contractual reflection period in which to withdraw their offer without penalty. This is a crowdfunding product, not a deposit or a guaranteed savings product. It carries the risk of illiquidity and of partial or total loss of principal. It is not supervised by the CNMV or the Bank of Spain, and it has no cover from the deposit guarantee fund or the investor compensation scheme. Investors may not recover the capital contributed.

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