Pre-opening | Civislend finances €5,000,000 for the first tranche of a detached home in Sierra Blanca, Marbella (Málaga), at 12.50% nominal

28/07/2026 – ⏱ 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 Marbella (Málaga). The operation consists of a loan secured by a first-rank mortgage, corresponding to the first tranche of the financing for the development of a detached home in Sierra Blanca, promoted by Cogitari Homes. 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 first tranche amounts to €5,000,000, within a total planned financing of €10,000,000, with a nominal interest rate of 12.50%; this reference is subject to investment risk and is not guaranteed. The total term of the loan is 24 months, with the possibility of partial or total repayment without penalty from month 12 and the developer's right to extend it by 12 months at the same 12.50% nominal rate; in the event of early repayment or extension, interest is calculated based on the final drawdown period. The minimum ticket per investor is €250, with no maximum. Interest begins to accrue from the formalization date, within a maximum of 30 days from the collection of funds. Civislend's exit will coincide with the sale of the home.

Tranche Structure and Use of Funds

The first tranche will allow the payment of the interest accrued to date on the land-acquisition loan, as well as financing approximately 50% of the construction costs and part of the Soft Costs. In the first drawdown, €730,874 will be drawn (€369,774 for the payment of interest on the current debt and around €361,100 for formalization costs); the rest of the capital will be allocated to Soft Costs (up to €350,000 via invoices) and Hard Costs (available amount of €3,919,126), released according to executed-works certifications from an independent Project Monitoring. The land-purchase financing (principal of €2,100,000) will coexist with the Civislend loan during Tranche 1, both first-rank and with equal rights; upon formalization of Tranche II, a first drawdown will cancel that coexisting financing, leaving Civislend as the sole mortgagee with exclusive first rank. At the signing of the first tranche, the developer contributes €4,323,908 (60% of the funds), the other financier €2,100,000 (29%) and Civislend the remaining 10% (€730,874).

Asset Description

The asset is residential urban land with a 2,048 m² plot located in Sierra Blanca, Marbella, on which a high-specification detached home of 1,522 m² built area is being developed, distributed across basement, ground floor and first floor, with 6 bedrooms and 6 bathrooms and services such as an outdoor and heated indoor pool, spa, sauna, wine cellar and entertainment area. The land was registered in the developer's name in December 2024. The building permit has been granted and is in force, and the works, executed by the construction company BILBA, show 11% progress. The area, on the slopes of Sierra Blanca, has international schools, restaurants, the Marbella Club Hotel and Puente Romano, and access to the golf courses of Nueva Andalucía.

Collateral and Coverage Ratios

In addition to the first-rank mortgage over the asset, the loan has a sale mandate in favor of Civislend for €12,000,000 that may be exercised in the event of default. The current appraisal value of the collateral asset is €7,724,843, placing the first-drawdown LTV at 37% (calculated by dividing Civislend's first drawdown, €730,874, and that of the other financier, €2,100,000, by the current appraisal). The appraisal value under the Completed-Building Hypothesis (HET) amounts to €19,782,833, resulting in an HET LTV of 51% (Civislend's total loan amount, €10,000,000, over the HET appraisal). It should be borne in mind that repayment depends on the completion of the works and the sale of the home, and that during Tranche 1 the first-rank mortgage is shared with the coexisting land-acquisition financing.

Developer

Cogitari Homes is a real estate developer specialized in high-end villas and apartments on the Costa del Sol, mainly in Málaga and Marbella, with more than 30 years of experience and more than 600 units delivered, according to the information provided. Construction is carried out by BILBA.

In compliance with 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, or the partial or total loss of principal. This crowdfunding project is not supervised by the CNMV or the Bank of Spain, and the information provided has not been reviewed by these institutions. Likewise, the invested capital is not covered by the deposit guarantee fund or the investor compensation scheme.

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