Pre-opening | Civislend Prepares the €2,100,000 First Tranche for 8 Detached Homes in Polop (Alicante)

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 is preparing a first-ranking mortgage-backed loan call to finance eight detached homes in Polop (Marina Baixa, Alicante). The borrower is Vizcaya Homes, S.L., a special purpose vehicle of the Vizcaya Equities group. It should be remembered that any reference to return is inseparable from the corresponding risk, which is set out below.

This first tranche amounts to €2,100,000, within a total loan of €3,235,000 with a second tranche of up to €1,135,000 for construction against works certificates. The rate is 10.50% nominal annual and the term 18 months; this reference is subject to investment risk and is not guaranteed. The developer may repay without penalty from month 6 and extend for six months at the same rate. Interest accrues from formalisation, within a maximum of 30 working days from the raise. Minimum ticket €250, no maximum. No opening date or internal rating is stated.

Asset description, construction progress and sales traction

The asset is a 2,444 sqm residential urban plot on which four terraced and four semi-detached homes will be built, with three bedrooms and two bathrooms, a solarium, garden and private pool, at an expected price of around €600,000 per unit. The declared built area of 1,599 sqm only adds up if terraces count at 100%; at the 50% the fact sheet itself states, the figure is 1,376 sqm, consistent with the declared average of 172 sqm per home.

The works licence has been granted and is in force, the land is registered free of charges in the developer's name since 2021, and the works, carried out by the builder Gesater, are around 25% advanced. Three of the eight homes are reserved — 38% — with contributions of €6,000 each, an amount worth bearing in mind when assessing how binding those reservations are. Repayment will come from the sale of the homes. The developer has operated since 2021 and has delivered 53 homes in Alicante.

Financial structure, coverage ratios and security

The first drawdown is €800,000 to release the developer's own funds, plus some €233,005 in formalisation costs; the remaining €1,066,995 will be released against certificates verified by an external Project Monitoring firm. The security is a first-ranking mortgage over the asset, valued at €1,830,789 today and €5,358,284 on completion, plus a pledge over the special purpose vehicle's shares. The first-drawdown LTV is 56% and the completed-building LTV 60%, the latter against a value that depends on the works being finished. The split of funds at signing is inconsistent: the fact sheet assigns Civislend 37% (€601,205) and the developer 63% (€1,033,005), yet uses that same figure as the loan's gross first drawdown when calculating the LTV.

Non-sophisticated investors have a four-calendar-day pre-contractual reflection period to revoke their investment at no cost. This is a crowdfunding product, not a deposit or a guaranteed savings product, and it carries risks of illiquidity, of dilution, of not obtaining the expected return and of total or partial loss of principal. It is not supervised by the CNMV or the Bank of Spain, and the developer's information has not been reviewed by them. The capital has neither the cover provided for in Directive 2014/49/EU nor that of Directive 97/9/EC. Investors may not recover the capital contributed.

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