Pre-opening | Civislend finances the completion of five homes in a new-build development in Menorca through a €2,500,000 loan

26/06/2026 – ⏱ 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 is preparing an investment opportunity in Menorca (Balearic Islands). The operation consists of granting a loan secured by a first-rank mortgage to the developer Grupo Azur, 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. Investors should keep in mind that any expected return is inseparable from the corresponding risk, which is described below.

The total loan amounts to €2,500,000, with a nominal annual interest rate of 12.00% (TIN) and an initial term of 15 months, extendable by an additional 3 months. A first drawdown of approximately €757,000 will be made to refinance part of the current debt, to which formalization costs of approximately €274,045 are added; the remaining capital, approximately €1,468,955, will be drawn down according to the certification of an external Project Monitoring service. 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. The minimum ticket per investor is €250, with no maximum contribution limit, and interest will begin to accrue from the formalization date, expected within a maximum of 30 business days after the funds are raised.

Asset Description, Technical Progress and Commercial Traction

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, next to the sea and close to towns such as Son Parc, Port d'Addaia and Fornells. The homes have an average built area of 114 m² and a 95 m² solarium per unit, with an average ticket of €740,000 and sea views. 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 other 27 homes are not provided as collateral as they currently carry a charge with another financier. The five collateral homes have two reservations of €30,000 each.

The amount pending to complete the works is approximately €1.46M, which will be covered by the Civislend loan capital allocated to construction costs.

Financial Structure, Collateral and Risk Mitigation

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% (calculated on the first drawdown of €1,031,045). 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 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, dedicated to the development, operation and management of residential, hotel and commercial properties. 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.

In compliance with the European Crowdfunding Regulation (EU) 2020/1503, it is recalled that non-experienced investors have a four-calendar-day 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 risks of illiquidity and partial or total loss of principal; this vehicle is not supervised by the CNMV or the Bank of Spain, and lacks the coverage of the deposit guarantee fund or the investor compensation scheme.

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