Pre-opening | Civislend opens Tranche 1 of €1,200,000 for the development of 14 homes in Carabanchel (Madrid)

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 Madrid. The operation consists of granting a loan secured by a first-rank mortgage 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. 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 tranche of €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; in the event of early repayment or extension, interest will be calculated according to the agreed rate and the actual drawdown period. 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 and drawn according to certifications of executed works validated by an independent Project Monitoring firm. The minimum ticket per investor is €250, with no maximum limit, and interest will begin to accrue from the formalization date, expected within a maximum of 30 days after the funds are raised.

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 homes will be studios or one- or two-bedroom units, with one or two bathrooms, and will have a terrace or balcony; the commercial unit and the parking spaces are located on the ground floor. The building permit was obtained in April 2022 and the land is already registered in the developer's name. Repayment of the loan will be made through the sale of the homes.

The developer acquired the land through a swap, in exchange for 5 homes and 2 parking spaces of the completed building. According to the platform, the Civislend mortgage will at the time of formalization cover the entirety of the current asset, and the swap does not entail a resolutory condition as a guarantee exists in favor of the sellers; 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 therefore reduced after the horizontal division, and that the project shows no marketing figures as of publication.

Capital Structure, Coverage Ratios and Collateral

At the signing of the loan, the developer will contribute €323,610 to the project, which represents a split of funds of 50% from the developer and 50% from Civislend, which contributes €323,754. 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%, calculated as the first drawdown of the tranche (€323,754) divided by that appraisal value. 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%, calculated as the total financing amount (€2,175,000) divided by that value. 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.

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.

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