Pre-opening | Civislend finances nine homes in Tetuán with €1,725,000 and 78% already sold

14/10/2026 – ⏱ 2 min

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

Civislend is preparing a €1,725,000 loan secured by a first-ranking mortgage for a development of nine homes, four garage spaces and nine storage rooms in the Almenara neighbourhood, in Madrid's Tetuán district. The developer is Covinsa; the fact sheet does not identify the borrowing company.

The term is 12 months, extendable by three more at the developer's discretion, and the developer may repay early without penalty from month 3. The TIN is 10.00% and the minimum ticket is €250, with no maximum. Interest accrues only from formalisation, which may take place up to 30 business days after the funds are raised. There is no opening date or rating.

Asset description, construction progress and sales traction

The asset is a 225 m² plot of urban residential land on which a building of ground floor plus four storeys is being built: 802 m² built, of which 540 m² are residential, with nine one-bedroom, one-bathroom flats averaging 62 m², plus the storage rooms and the parking spaces on the ground floor at street level. It is less than one kilometre from Plaza de Castilla and its transport interchange, with access to the M-30 and the A-1.

The developer bought the land in April 2025, although the building licence was granted in June 2023, almost two years before that purchase. In August 2026 construction stood at 73% progress. Sales are the strongest point of the file: seven of the nine homes are sold under private purchase contracts, 78%, at an expected average ticket of €403,889 per home, around €6,529/m².

Financial structure, coverage ratios and security

The use of funds deserves attention: the first drawdown, of €1,325,000, is devoted entirely to releasing equity already contributed by the developer, another €146,381 covers formalisation costs and only the remaining €253,619 —14.7% of the loan— finances construction costs, released against certifications from an external Project Monitoring firm. In other words, 85% of the loan does not go to construction.

The security consists of the first-ranking mortgage and a pledge over the borrower's shares. The first-drawdown LTV is 71%, but the denominator is not just the valuation: the €2,063,578 are the €1,966,910 in the report plus €96,668 of construction carried out after it was issued; with the valuation alone, the ratio rises to 74.8%. The fact sheet does not publish an LTV on the Completed Building Hypothesis, which, with the completed value of €3,679,643, comes to 46.9%. That HET is barely 1.2% above the sum of the nine expected sale tickets, €3,635,001, so the value of the finished building leaves little margin over the prices already agreed. And although the fact sheet puts the developer's total contribution at €2,085,054, that first drawdown returns €1,325,000 to the developer: the net contribution comes to around €760,054.

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 a risk of illiquidity and of total or partial loss of principal, it is not supervised by the CNMV or the Bank of Spain and it is not covered by Directives 2014/49/EU and 97/9/EC. Investors may not recover the capital contributed.

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