Pre-opening | Civislend opens Tranche I of €1,200,000 for the construction of a 16-unit tourist apartment building in the Mercado district, Alicante

16/07/2026 – ⏱ 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 is preparing a real estate investment opportunity in Alicante. The operation consists of granting a loan secured by a first-rank mortgage intended to finance the construction costs and part of the soft costs for the development of a new-build building of 16 tourist apartments with common areas and a rooftop in the Mercado district, promoted by the company Suites Alicante Plaza, S.L., of the GREENFO group. Investors should keep in mind that any reference to return is inseparable from the corresponding risk, which is described below.

Financial Terms of the Operation

This call corresponds to a first financing tranche of €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; in the event of early repayment or extension, interest will be calculated according to the final drawdown period. In the first drawdown only the formalization costs are financed, at approximately €135,220; additionally, a drawdown of €50,000 will be made for soft costs against invoices and payment receipts, and the remainder, approximately €1,014,780, will be allocated to construction costs through works certifications from an external Project Monitoring firm engaged by the developer. The minimum ticket per investor is €250, with no maximum, and interest will begin to accrue from the formalization date, expected within a maximum of 30 days after the funds are raised.

Asset Description and Planning Progress

The plot is currently 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 already 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%, calculated as the first drawdown of Tranche I (€135,220) divided by that appraisal value. 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.

The company Suites Alicante Plaza, S.L., belonging to the GREENFO group —a company founded in 2022 dedicated to real estate development, engineering and energy efficiency solutions—, was incorporated for the development of three tourist apartment buildings, including this project, and is additionally developing two single-family homes in Altea (Alicante). 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.

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.

In compliance with the European Crowdfunding Regulation (EU) 2020/1503, it is recalled that non-experienced investors have a four-calendar-day pre-contractual reflection period during which they may revoke their investment offer at no cost and without justification. It is also warned that this is a participatory financing product —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.

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.