Pre-opening | Civislend opens a €1,800,000 first tranche for 27 terraced homes in Espartinas (Seville), with 89% already reserved

14/09/2026 – ⏱ 5 min

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

The crowdfunding platform Civislend is preparing a new real estate crowdlending transaction in the Seville metropolitan area. The project consists of granting a loan secured by a first-rank mortgage to finance the development of a scheme of 27 terraced single-family homes in the municipality of Espartinas. The developer operates through the special purpose vehicle SUSURRO AL VIENTO, S.L. Investors should keep in mind that any reference to return is inseparable from the corresponding risk, which is described below.

The call now being prepared corresponds to a first tranche of €1,800,000 within a total loan of €2,800,000; the second tranche, of €1,000,000, will also go to construction costs and will be drawn down against works certificates. The transaction sets a nominal annual interest rate of 10.50% (TIN); this reference return is subject to investment risk and is not guaranteed. The total loan term is 21 months, with the developer entitled to repay in full or in part without penalty from the end of month 15, and with the option to extend the contract for a further 6 months at the same 10.50% TIN. Both in the case of early repayment and of extension, interest is calculated according to the actual final drawdown period of the loan and the agreed annual rate. Interest begins to accrue on the formalisation date, expected within a maximum of 30 business days from the close of fundraising. The minimum investment is a €250 ticket per user, with no maximum contribution limit. The published offering does not specify the opening date and time of the call or an internal credit rating, points the investor should verify in the contractual documentation and in the key investment information sheet before committing funds.

Asset Description, Planning Progress and Commercial Traction

The asset is a development of 27 terraced single-family homes with an adjoining garage and storage room, located on one of the municipality's main roads on a 1,414-square-meter plot. The homes are laid out across a basement, ground floor and first floor, each with two bedrooms and two bathrooms plus a terrace, and the scheme has communal areas with a pool and green spaces. The average built area per home is 70 square meters. The land is already registered in the developer's name, having acquired the plots in July 2025, and the building permit has been granted recently.

Commercially, the scheme shows 89% progress: 24 of the 27 homes have signed reservation contracts. It is worth noting that these are reservations, not completed sales. Repayment of the loan will come from the sale of the homes.

The site is in Espartinas, west of the Andalusian capital, a consolidated urban area with schools, green spaces, shops and sports centres, and with shopping centres and hospitals nearby. The municipality is connected by road to Seville and to Tomares, Mairena de Aljarafe and Bormujos, 22 kilometres from Santa Justa station and 27 from Seville airport, and has an intercity bus service. According to the description of the transaction, the product is aimed at primary-residence buyers. The market study included in the documentation analyses new-build and second-hand assets of similar characteristics in the area, comparing actual transactions recorded at the Land Registry in recent years with the available supply, and concludes that the project's sale price is in line with the market.

Financial Structure, Coverage Ratios and Real Collateral

Of the €1,800,000 first tranche, a first drawdown of €250,000 will be made for construction advances, to which formalisation costs of approximately €193,330 are added, placing the gross first drawdown at €443,330. The remaining capital, €1,356,670, will be drawn down against works certificates issued by an external Project Monitoring service contracted by the developer. At signing, Civislend contributes 51% of the funds, equivalent to €443,330, and the developer the remaining 49%, with €419,789. Over the life of the project the proportion reverses: the developer contributes €659,942 (19%) and Civislend €2,800,000 (81%).

The main security is a first-rank mortgage over the project asset, whose current appraised value is €2,221,870 and whose valuation on the Completed Building Assumption (HET) is €5,552,748. That gives a first-drawdown loan-to-value ratio of 20%, calculated on the gross first drawdown against the current valuation, and a 50% LTV on the completed-building assumption, calculated on the total loan amount against the completed-building valuation. The package is completed by a pledge over the shares of the special purpose vehicle.

The developer is SUALVIEN, a family business with more than 25 years of activity developing residential schemes, mainly multifamily, in Seville and municipalities close to the Andalusian capital. It has carried out much of its work under the LINCE trade name and has a record of single-family, multifamily and office developments across several neighbouring municipalities. SUSURRO AL VIENTO, S.L. is the special purpose vehicle set up specifically for this project.

In compliance with the European crowdfunding framework, it is recalled that non-experienced investors have a four-day pre-contractual reflection period during which they may revoke their investment at no cost. This is a crowdfunding product and not a deposit or a guaranteed savings product. Real estate credit transactions carry specific risks such as illiquidity, the risk of not obtaining the expected return, the possibility of dilution, or the total or partial loss of principal in the event of the debtor's insolvency. This crowdfunding project is not authorised or supervised by the Spanish National Securities Market Commission or by the Bank of Spain, and the information provided by the developer has not been reviewed by those institutions. Likewise, the capital invested is not covered by the investment guarantee fund or the deposit guarantee fund.

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