Campaign Close | Civislend completes the €1,200,000 raise for Tranche I of a 16-unit tourist apartment building in the Mercado district, Alicante

22/07/2026 – ⏱ 4 min

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

The crowdfunding platform Civislend has issued the closing report for the first tranche of the fundraising round intended for the construction costs and part of the soft costs of a new-build building of 16 tourist apartments with common areas and a rooftop in the Mercado district of Alicante, promoted by the company Suites Alicante Plaza, S.L., of the GREENFO group. The operation, structured through a loan secured by a first-rank mortgage, has concluded its subscription process consolidating an amount raised of €1,200,000, the entirety of the amount planned for this tranche. Investors should keep in mind that any reference to return is inseparable from the corresponding risk, which is described below.

The campaign completed its €1,200,000 target in a period of 3 minutes. The analysis of the flow of contributions during that interval records an average contribution ratio of €400,000 per minute.

Investor Base and Capital Distribution

The campaign concluded after registering the participation of 529 investors, who covered the entire amount assigned to this tranche. The distribution of the funds raised among that number of contributors yields an average investment ticket of approximately €2,286 per participant.

Financial Terms of the Operation

This first tranche amounts to €1,200,000, of a total planned financing of €2,400,000 divided into two tranches; the second will be allocated to the outstanding construction costs and part of the soft costs. The total term of the loan is 18 months, with the developer's right to extend it by a further 6 months at 11.00% TIN, and with the possibility of total or partial repayment without penalty from the end of month 6; this return is subject to investment risk and is not guaranteed. In the first drawdown only the formalization costs are financed, at approximately €135,220; additionally, a drawdown of €50,000 is made for soft costs against invoices and payment receipts, and the remainder, approximately €1,014,780, is allocated to construction costs through works certifications from an external Project Monitoring firm engaged by the developer. In compliance with the European regulatory framework, non-experienced investors have a four-calendar-day pre-contractual reflection period during which they may revoke their commitment at no cost and without justification.

Asset Description and Planning Progress

The plot is undeveloped urban land of 233 m², with residential use and the possibility of implementing tertiary use under the applicable planning regulations. A hospitality building is planned on it, comprising 16 tourist apartments of zero, one or two bedrooms, with an average area of 63 m² including the proportional share of common areas, which include an audiovisual room, a laundry and a solarium terrace with jacuzzi. The building will have two basement floors for parking and installations, a ground floor, three upper floors, a penthouse floor and a roof, with a total built area of 1,456 m². The developer owns the land, registered using its own funds, and has the building permit granted. The asset is located in the Mercado district, in the center of Alicante, about 250 meters from the Bullring and 1.6 km from Postiguet Beach.

Capital Structure, Coverage Ratios and Collateral

As for the split of funds, the developer contributes €796,546 to the project over the course of its development, representing 25% of the funds required, while Civislend finances the remaining 75%, that is, €2,400,000. The collateral of the operation is a first-rank mortgage over the financed asset, whose current appraisal value amounts to €922,479, placing the first-drawdown LTV at 15%. The project also has an appraisal value under the Completed Building Hypothesis (HET) of €2,856,050 using the cost method, implying an HET LTV of 84%, and of €3,426,184 using the income capitalization method, placing the HET LTV by income at 70%. The platform notes that the value obtained by the income method is relevant in this project, given that the developer's objective is to retain the asset and operate it as tourist apartments generating rental income.

It should be noted that the HET LTV calculated using the cost method stands at 84%, a level significantly higher than the 70% resulting from the income method, and that repayment depends on the asset being brought into operation as tourist accommodation or, where applicable, on its sale. The company Suites Alicante Plaza, S.L., belonging to the GREENFO group, was incorporated for the development of three tourist apartment buildings, including this project. This is the second project Civislend carries out with this developer; the first, formalized in September 2025 for a building of 9 tourist apartments in the same district, is progressing according to the business plan, based on the information provided by the platform.

Finally, in compliance with the regulations governing crowdfunding platforms, investors are reminded that this is a participatory financing product and not a deposit or a guaranteed savings product, and that real estate investments carry specific risks, such as illiquidity, the risk of not obtaining the expected return, the possibility of dilution, or the partial or total loss of principal. This crowdfunding project is not authorized or supervised by the CNMV or the Bank of Spain, and the information provided by the developer has not been reviewed by these institutions. Likewise, the invested capital is not covered by the investment guarantee fund or the deposit guarantee fund.

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