Pre-opening | Civislend finances the construction of 6 townhouses in Cártama (Málaga) through a €1,125,000 loan at 11.00% with a first-rank mortgage

07/08/2026 – ⏱ 3 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 to launch a real estate investment opportunity in the province of Málaga. The operation consists of a loan secured by a first-rank mortgage granted to the developer, intended to finance the construction costs of a development of 6 terraced single-family homes in Cártama (Málaga). It is worth recalling that any reference to returns is inseparable from the corresponding risk, which is detailed further below.

The call sets a total financing amount of €1,125,000 and a nominal annual interest rate of 11.00% (TIN); this return reference is subject to investment risk and is not guaranteed. The term is 21 months, with the option of partial or full repayment without penalty from the end of month 12 and the developer's right to extend the loan by a further 6 months maintaining the 11.00% TIN. The minimum investment is €250 per user, with no maximum. Interest will accrue from the formalisation date, expected within a maximum of 30 business days from the raising of funds.

Asset Description, Project Progress and Developer

The project's asset comprises two urban residential plots with a total area of 354 square metres, on which 6 terraced homes with a rooftop solarium will be developed. The homes will have an average area of 122 square metres, with three bedrooms, three bathrooms, an interior patio and a patio, distributed over a ground floor and two upper floors. The asset is located in Cártama, a municipality in the Málaga metropolitan area about 18 kilometres from the capital. The land was registered in the developer's name, having been acquired with own funds in March 2025, and the project holds a building licence obtained in May 2026. Civislend's exit will coincide with the sale of the homes.

The total loan amount of €1,125,000 is allocated to the execution of the works, with a first drawdown of €114,479 for formalisation costs; the remainder, approximately €1,010,521, will be allocated to construction costs and drawn according to works certifications carried out by an external Project Monitoring firm engaged by the developer. The developer is BPG Capital, a company created in 2020 dedicated to real estate development and investment management which, according to the information provided, has developed five projects in the province of Málaga and delivered more than 60 homes; the beneficial owner of the development is Desarrollo Arroyo Hondo SL. This is the second project Civislend finances with this developer, after Residencial Nerja, formalised in June 2026.

Financial Structure, Coverage Ratios and Collateral

The operation is secured by a first-rank mortgage over the project's land, which has a current valuation of €424,059 and a Finished Building Hypothesis (HET) valuation of €2,013,644. This results in a first-drawdown LTV of 27% — dividing the first drawdown (€114,479) by the current valuation — and an LTV HET of 56% — dividing the total financing (€1,125,000) by the HET valuation. As additional collateral, the operation includes a pledge over the shares of the special-purpose vehicle. At the time of signing, the allocation of funds places Civislend at 38% (€114,479) and the developer at 62% (€184,078).

In compliance with European crowdfunding regulations, it is recalled that non-sophisticated investors have a pre-contractual reflection period of four calendar days during which they may withdraw their investment offer without justification or penalty. This is a crowdfunding product and not a deposit or a guaranteed savings product. Real estate investments carry risks of illiquidity and total or partial loss of principal; this project is not supervised by the CNMV or the Bank of Spain, and is not covered by the deposit guarantee scheme (Directive 2014/49/EU) or the investor compensation scheme (Directive 97/9/EC).

Realty Investor

Our calendar brings together crowdfunding opportunities from across Europe in one place, so you can plan and follow each issue.

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.