Pre-opening | Civislend Finances With €1,720,000 Five Detached Homes in Benicàssim

09/10/2026 – ⏱ 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 €1,720,000 loan secured by a first-ranking mortgage to finance part of the deferred land payment and the construction of five detached homes in Benicàssim (Castellón).

The fact sheet publishes no opening date and no rating. The first tranche runs for 18 months, extendable by six more at the developer's option, and the developer may also repay without penalty from month 6. The rate is 10.50% and the minimum ticket €250, with no maximum. Interest only accrues from formalisation, which can come up to 30 working days after the funds are raised. That remuneration is subject to investment risk and is not guaranteed.

Asset description, construction progress and sales traction

The development occupies an urban plot of 2,073 sqm where five two-storey detached homes will be built, of around 170 sqm each, with four or five bedrooms, a private garden and pool; the expected countable area is 851 sqm. The land is registered in the developer's name, with part of the price outstanding and payable on signing the loan. The building permit was granted in March 2026.

Works started with the developer's own funds and stand at 14% progress, with the ground-floor structure of all five homes under way. On sales the fact sheet contradicts itself: it says marketing has not begun and will start with more construction completed, and at the same time records three reservations that had not been formalised into purchase contracts at the committee date. Repayment of the loan depends on those sales.

Financial structure, coverage ratios and security

The first gross drawdown is €430,266 and none of it goes to construction: €240,000 settles the deferred land payment and €190,266 the formalisation costs, 44% of that drawdown and 11% of the whole loan. The remaining €1,289,734 will be released against works certificates with external project monitoring. The current appraisal is €906,582 and the completed-building (HET) appraisal €3,413,521, some €4,011 per countable sqm. The LTV on the first drawdown works out at 47.5%, which the fact sheet rounds to 48%, and the LTV on completed value is 50%.

Security consists of the first-ranking mortgage and a pledge over the project company's shares. On the funding split, the developer contributes €483,774 at signing, 53% of what is needed then, but its total contribution is €517,593, 23% of the €2,237,593 forecast: 93% of its money goes in on day one and only €33,819 remains afterwards from its side. The rest of the development depends on the loan drawdowns, which cover 77%. The fact sheet does not state whether those funds include interest. The borrower, Building Ardeko, S.L., belongs to Building Group Azahar, with more than ten years in residential development in Benicàssim, and this is its third development nearby: Mohino 102 and Montesol, both sold, and Villa Marbesa 426, completed in March 2026.

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 it has no cover under Directives 2014/49/EU and 97/9/EC. Investors may not recover the capital contributed.

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