Campaign Closing Report | Civislend Completes the €1,800,000 Raise for the First Tranche of 27 Townhouses in Espartinas (Seville)

17/09/2026 – ⏱ 3 min

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

Civislend has issued the closing report for the round covering the first tranche of the first-ranking mortgage-backed loan financing a development of 27 townhouses in Espartinas (Seville). The campaign closed with €1,800,000 raised, the full amount of the tranche. It should be remembered that any reference to return is inseparable from the corresponding risk, which is set out below.

The raise was completed in 135 minutes, equivalent to an average pace of €13,333 per minute over the time the call remained open.

Investor base metrics and capital distribution

The operation recorded the participation of 928 investors, with an average ticket of €1,940. The call set a minimum ticket of €250 per investor and no maximum amount.

The loan was agreed at a 10.50% nominal annual rate over a 21-month term; this reference is subject to investment risk and is not guaranteed. The developer may repay in part or in full without penalty from month 15, and holds the right to extend the loan by six months at the same 10.50% rate; in both cases interest is calculated according to the final drawdown period. Interest begins to accrue from the formalisation date, expected within a maximum of 30 working days from the raise. Non-sophisticated investors have a four-calendar-day pre-contractual reflection period to revoke their investment at no cost.

Asset description, planning status and developer

The asset is a development of 27 townhouses with garage and storage room, on a 1,414 sqm plot on one of the main roads of Espartinas, a municipality in the Aljarafe area of Seville. The homes are laid out over basement, ground and first floor, with two bedrooms, two bathrooms and a terrace, and an average built area of 70 sqm; the development includes communal areas with a pool. The land has been registered in the developer's name since July 2025 and the works licence has been granted. The loan will be repaid from the sale of the homes.

Sales stand at 89%, with 24 of the 27 units committed. The documentation describes them as "already sold, with signed reservation contracts": these are therefore reservations and not completed sales, a distinction that matters for the certainty of the exit. The borrower is Susurro al Viento, S.L., the special purpose vehicle set up for this project by the developer Sualvien, a family firm with more than 25 years in residential development in Seville and its surroundings, part of it under the LINCE trade name.

Capital structure, coverage ratios and security

This €1,800,000 tranche forms part of a total loan of €2,800,000, with a second tranche of €1,000,000 also earmarked for construction. The first drawdown is €250,000 for works advances, plus some €193,330 in formalisation costs; the remaining €1,356,670 is released against works certificates verified by an external Project Monitoring firm.

The security is a first-ranking mortgage over the asset, with a current valuation of €2,221,870 and a valuation of €5,552,748 on the completed-building assumption, complemented by a pledge over the special purpose vehicle's shares. Against those figures, the first-drawdown LTV is 20% — €443,330 against the current valuation — and the completed-building LTV is 50%, calculated on the total loan and the completed-works value, so it depends on the development actually being finished. At signing the developer contributes €419,789, 49% of the funds, and over the life of the project its contribution reaches €659,942, 19% of the total.

This is a crowdfunding product, not a deposit or a guaranteed savings product. The investment carries risks of illiquidity, of dilution, of obtaining a return below expectations and of total or partial loss of principal. The project is not authorised or supervised by the CNMV or the Bank of Spain, and the information provided by the developer has not been reviewed by them. The capital invested has neither the deposit guarantee scheme cover provided for in Directive 2014/49/EU nor the investor compensation scheme provided for in Directive 97/9/EC. Investors may not recover the capital contributed.

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Your real estate crowdfunding, in one app.

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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.