Pre-opening | Civislend opens a €1,600,000 first tranche to build a detached villa in Marbesa (Marbella), secured by two first-rank mortgages

08/09/2026 – ⏱ 5 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 new real estate crowdlending transaction on the Costa del Sol. The project consists of granting a loan secured by a first-rank mortgage to finance part of the purchase of the asset and part of the construction costs of a new-build detached villa in the Marbesa development, in the municipality of Marbella. The developer behind the transaction is Grupo Zamu, through the company Zamu Homes S.L. Investors should keep in mind that any reference to return is inseparable from the corresponding risk, which is described below.

The call now being prepared corresponds to a first tranche of €1,600,000 within a total loan of €2,950,000; the second tranche, of up to €1,350,000, will be allocated to construction costs and drawn down against works certificates. The transaction sets a nominal annual interest rate of 12.00% (TIN); this reference return is subject to investment risk and is not guaranteed. The total loan term is 24 months, with the developer entitled to repay in full or in part without penalty from the end of month 12, and with the option to extend the contract for a further 6 months at the same 12.00% TIN. Both in the case of early repayment and of extension, interest is calculated according to the actual final drawdown period of the loan and the agreed annual rate. Interest begins to accrue on the formalisation date, expected within a maximum of 30 business days from the close of fundraising. The minimum investment is a €250 ticket per user, with no maximum contribution limit. The published offering does not specify the opening date and time of the call or an internal credit rating, points the investor should verify in the contractual documentation and in the key investment information sheet before committing funds.

Asset Description, Planning Progress and Commercial Traction

The asset underlying the project is a detached villa on an 850-square-meter plot of consolidated urban land for residential use. The plan provides for the demolition of the existing building and the development of a new-build home of 438 square meters of built area, laid out across three bedrooms and four bathrooms, with terraces, a garden, a private pool and sea views. The building permit was granted in February 2026.

The site sits in the Marbesa development, within the Elviria-Cabopino district of Marbella, a consolidated low-density residential area close to the beach, to the centre of Marbella, and to international schools, green areas and golf courses. According to the description of the transaction, the product is aimed at both primary and second-home buyers, with domestic and international demand. The market study included in the documentation analyses detached villas of similar characteristics within the same development, comparing actual transactions recorded at the Land Registry in recent years with the available new-build and second-hand supply, and concludes that the project's projected sale price is in line with the market. Repayment of the loan will come from the sale of the home, whose projected sale price is €4,650,000.

Financial Structure, Coverage Ratios and Real Collateral

Of the €1,600,000 first tranche, a first drawdown of €1,235,000 will be made to finance part of the acquisition of the asset, to which formalisation costs of approximately €166,790 are added. The remaining €198,210 of this tranche will go to construction costs and will be drawn down against works certificates issued by an external Project Monitoring service contracted by the developer. The split of funds contributed to the project at signing places Civislend at 51% of the total, with €1,401,790, and the developer at 49%, with €1,325,000.

The security package is built on two first-rank mortgages. The first is over the project asset in Marbesa, which the developer is acquiring for €1,315,000 and whose current appraised value is €1,442,167. The second is constituted over an additional asset provided as collateral: consolidated urban land for residential use in Mijas (Málaga), acquired by the developer in November 2023 for €1,160,000 with its own funds, already registered in its name and currently appraised at €1,752,667. The combined current value of the collateral therefore amounts to €3,194,834, which determines a first-drawdown loan-to-value ratio of 44%, calculated by dividing the gross first drawdown of tranche I (€1,401,790) by the appraised value of both assets.

The project is managed by Grupo Zamu, a developer and construction company with more than 30 years of experience in real estate projects on the Costa del Sol, whose housing division operates under the Zamu Homes brand. This is the fourth loan the developer has arranged with Civislend. The first, Kalma Málaga — six multifamily homes in the city of Málaga, with a first-rank mortgage, five of the six units reserved and 36% of the works executed at the time of formalisation — was repaid in June 2025. The second, La Dalia Marbella, finances two detached villas in Marbella across two tranches: the first for the land purchase, started in July 2025, and the second for construction costs, formalised in June 2026. The third, Residencial Huerta Málaga, was formalised in October 2025 for nine homes in central Málaga, secured by a mortgage over the project land and over an additional plot in Ronda (Málaga) owned by the developer, and its works currently show 64% progress.

In compliance with the European crowdfunding framework, it is recalled that non-experienced investors have a four-day pre-contractual reflection period during which they may revoke their investment at no cost. This is a crowdfunding product and not a deposit or a guaranteed savings product. Real estate credit transactions carry specific risks such as illiquidity, the risk of not obtaining the expected return, the possibility of dilution, or the total or partial loss of principal in the event of the debtor's insolvency. This crowdfunding project is not authorised or supervised by the Spanish National Securities Market Commission (CNMV) or by the Bank of Spain, and the information provided by the developer has not been reviewed by those institutions. Likewise, the capital invested is not covered by the investment guarantee fund or the deposit guarantee fund.

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