Campaign Close | Civislend completes the €2,350,000 raise for a 26-home development in La Muela (Zaragoza)

22/06/2026 – ⏱ 3 min

This article is for informational purposes only and does not, under any circumstances, constitute investment advice or a recommendation.

The crowdfunding platform Civislend has issued the closing report for the fundraising round of the residential development promoted by Sildibe in La Muela (Zaragoza). The operation, structured through a loan secured by a first-rank mortgage, was intended to finance the pending construction costs and refinance the existing debt on a multifamily residential building of 26 homes, 39 garages and 29 storage rooms. The subscription process has concluded after completing the fundraising target, consolidating a final amount raised of €2,350,000. Investors should keep in mind that any reference to return is inseparable from the corresponding risk, which is described below.

Investor Base and Capital Distribution

The campaign concluded after registering the participation of 1,398 investors, who covered the entire amount assigned to the opportunity. The distribution of the funds raised among that number of contributors yields an average investment ticket of €1,681 per participant. Civislend opened the opportunity from a minimum ticket of €250, with no maximum contribution limit.

The operation offers a nominal annual interest rate of 11.00% (TIN), with an initial term of 15 months and the option of a 6-month extension, during which the 11.00% TIN is maintained. The developer may make total or partial early repayments without penalty from month 6. Interest will begin to accrue from the formalization date, expected within a maximum of 30 days after the funds are raised. In compliance with the European regulatory framework, non-experienced investors have a four-calendar-day pre-contractual reflection period during which they may revoke their commitment at no cost and without justification.

Asset Description, Technical Progress and Developer

The asset is a multifamily residential building of 26 homes, 39 garages and 29 storage rooms, on a consolidated urban plot of 969 m² and a total built area of 2,520 m², in La Muela (Zaragoza). The homes are distributed across one- to three-bedroom layouts, with an average area of 97 m². The building was constructed under a 2007 license and obtained the Certificate of Completion of Works in 2010; the developer acquired it in November 2023 and, after filing a Responsible Declaration in July 2024, began refurbishment works in September 2024 to bring it into compliance with the Technical Building Code. The works show a 65% execution progress. Commercially, marketing has begun, with 6 homes reserved (23%). The investors' exit will be executed through the sale of the finished homes.

The project is promoted by Sildibe, a developer active in the province of Zaragoza focused on the refurbishment and sale of homes, with 15 projects of this type delivered, in addition to a new-build development of two single-family homes completed in 2025.

Capital Structure, Coverage Ratios and Collateral

The funding structure combines the developer's contribution with participatory financing: Civislend contributes 70% of the total (€1,535,300) and the developer 30% (€666,915). The total loan amounts to €2,350,000, with a first net drawdown of €1,310,000 to cancel the existing financing, to which €225,800 of formalization costs are added; the loan also includes an available line of €117,500 for Soft Costs and up to €697,200 for Hard Costs, to be drawn down according to the progress of the works under Project Monitoring certifications.

According to the appraisal certificate, the current value of the asset amounts to €2,320,125, implying a first-drawdown LTV of 66%, while the LTV under the Completed Building Hypothesis (H.E.T.) is 54%, calculated on an H.E.T. value of €4,345,686. The collateral of the operation is a first-rank mortgage over the asset, to which a pledge over the shares of the special-purpose vehicle (SPV) is added.

Finally, in compliance with the regulations governing crowdfunding platforms, investors are reminded that this is a participatory financing product and 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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