Campaign Close | Civislend completes the €2,500,000 raise for the completion of five homes in a new-build development in Menorca

01/07/2026 – ⏱ 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 promoted by Grupo Azur in Menorca (Balearic Islands). The operation, structured through a loan secured by a first-rank mortgage, was intended to refinance part of the existing debt on the asset and to finance the pending construction costs to complete the works of a new-build development. The subscription process has concluded after completing the fundraising target, consolidating a final amount raised of €2,500,000. Investors should keep in mind that any reference to return is inseparable from the corresponding risk, which is described below.

The round started from a target of €2,500,000 and completed 100% of its allocation over a period of 10 minutes. The analysis of the flow of contributions during that interval records an average contribution ratio of €250,000 per minute.

Investor Base and Capital Distribution

The campaign concluded after registering the participation of 1,011 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 €2,473 per participant.

The operation is structured as a loan with an initial term of 15 months, with the option of a 3-month extension, and a nominal annual interest rate of 12.00%. The return of the operation is subject to investment risk and is not guaranteed. Interest is paid under a bullet structure, settled at the time of the total repayment of the loan, with the possibility of early repayment without penalty from month 6. 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 collateral of the operation is constituted over five duplex-type homes belonging to a development of 32 new-build homes with a swimming pool and common areas, with garage and storage-room annexes, located in Arenal d'en Castell, in the north of Menorca. The homes have an average built area of 114 m² and a 95 m² solarium per unit, with an average ticket of €740,000. The development shows an overall construction progress of 85%, although the five homes provided as collateral are at 75% completion due to adverse weather recorded months ago; the five collateral homes have two reservations of €30,000 each. The amount pending to complete the works is approximately €1.46M, covered by the loan capital allocated to construction costs.

The project is promoted by Grupo Azur, a real estate developer founded in 1989, with headquarters in Luxembourg and offices in Ibiza, Alicante, Marbella and Valencia. It is the second project Civislend carries out with this developer; the first, Panorama Fuerteventura, formalized in 2024, was repaid on schedule in December 2025.

Capital Structure, Coverage Ratios and Collateral

The funding structure combines the developer's contribution with participatory financing: Grupo Azur contributes approximately €1,823,846, equivalent to 22% of the funds required. The main collateral is a first-rank mortgage over the five homes, whose current appraisal value amounts to €2,069,718, implying a first-drawdown LTV of 50%. The value under the Completed Building Hypothesis (HET) stands at €3,773,477, yielding an HET LTV of 66% relative to the total loan amount. The first drawdown of the loan, of approximately €757,000, was allocated to refinancing part of the current debt, and the remaining capital will be drawn down according to the certification of an external Project Monitoring service.

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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