Campaign Close | Civislend completes the €1,200,000 raise for Tranche 1 of a 14-home development in Carabanchel (Madrid)

23/07/2026 – ⏱ 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 Tranche 1 of the fundraising round intended for the release of equity to the developer and the financing of the construction costs of a development of 14 homes, 7 parking spaces and a commercial unit in the Carabanchel district, promoted by Grupo Index. 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 25 minutes. The analysis of the flow of contributions during that interval records an average contribution ratio of €48,000 per minute.

Investor Base and Capital Distribution

The campaign concluded after registering the participation of 2,013 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 €596 per participant.

Financial Terms of the Operation

This first tranche amounts to €1,200,000, of a total planned financing of €2,175,000. The total term of the loan is 21 months, with a possible 6-month extension at 10.00% TIN per annum, and the developer may repay in full or in part without penalty from month 9; this return is subject to investment risk and is not guaranteed. The disbursement structure contemplates a first net drawdown of €200,000 for the release of equity to the developer, to which formalization costs of €123,610 are added; the remainder of the capital, approximately €876,390, will be allocated to construction costs through certifications of executed works validated by an independent Project Monitoring firm. 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, Planning Progress and Sales Plan

The asset is an urban plot of approximately 326 m² located in the Carabanchel district, in the south of Madrid, on which a new-build multifamily residential building will be constructed over a ground floor and four above-ground levels. The project contemplates 14 homes, 7 parking spaces and a commercial unit, with a total area of 1,228 m², of which 912 m² will be allocated to housing. The building permit was obtained in April 2022 and the land is already registered in the developer's name. The developer acquired the land through a swap, in exchange for 5 homes and 2 parking spaces of the completed building; when the horizontal division is carried out, the units corresponding to the swap will be released and Civislend will retain the mortgage over the rest of the project (9 homes, 5 parking spaces and the commercial unit). It should be noted that the perimeter of the collateral is reduced after the horizontal division, and that repayment of the loan will be made through the sale of the homes.

Capital Structure, Coverage Ratios and Collateral

At the signing of the loan, the developer contributed €323,610 to the project, which represents a split of funds of 50% from the developer and 50% from Civislend. The current appraisal value of the assets pledged as collateral amounts to €1,491,949, placing the first-drawdown LTV of Tranche 1 at 22%. The appraisal value under the Completed Building Hypothesis (HET) of the assets pledged as collateral —excluding the homes and garages of the swap— is €3,406,586, implying an HET LTV of 64%. The collateral of the operation consists of a first-rank mortgage over the pledged assets and the pledge of the shares of the special-purpose vehicle. The project is promoted by Grupo Index, a developer and builder with more than 2,000 homes delivered in the Community of Madrid, which will also carry out the construction through its construction arm Elite 25.

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.

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.