Pre-opening | Civislend finances the land purchase for 63 homes in Portonovo, Sanxenxo (Pontevedra) through a €2,020,000 loan

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 is preparing an investment opportunity in Portonovo, a locality of Sanxenxo (Pontevedra, Galicia). The operation consists of granting a loan secured by a first-rank mortgage to the developer company, managed by ORA Inmobiliaria, intended to finance part of the land purchase price for the development of a new-build multifamily residential building of 63 homes with annexes and common areas. Investors should keep in mind that any expected return is inseparable from the corresponding risk, which is described below.

The total loan amounts to €2,020,000, with a nominal annual interest rate of 11.00% (TIN) and a term of 15 months, extendable by an additional 6 months. A single drawdown of €1,815,000 will be made for the land purchase, to which formalization costs of approximately €205,000 are added. Total or partial early repayment is allowed without penalty from the end of 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 asset is a consolidated urban plot for residential use of 3,762 m², located in a consolidated area of Portonovo, close to the main access roads and about 6 minutes on foot from Baltar beach. On the plot, a new-build multifamily residential block of ground floor plus three storeys (PB+3) will be built, with 6,364 m² of residential built area and 63 homes of one to three bedrooms, with an average area of 101 m² per home, each with a garage space and storage room, in addition to communal green areas and a swimming pool.

The developer already owns the land —the purchase deed was signed in September 2025— and this loan finances the last deferred payment of the purchase price. On the urban-planning side, the building permit was applied for in January 2026 and its obtaining is estimated in the coming months; marketing has not begun and will start after the license is granted. Civislend's exit will coincide with the entry of the developer's bank loan, once the license is obtained and the necessary pre-sales are reached.

Financial Structure, Coverage Ratios and Collateral

The funding structure at the time of signing combines the developer's contribution with participatory financing: the developer contributes €1,855,342, equivalent to 48% of the funds required, while Civislend contributes the remaining 52%, that is, €2,020,000. According to the appraisal certificate, the value of the land amounts to €6,303,982, implying an LTV of 32%, calculated as the gross loan amount divided by the current appraisal value.

The main 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. The project is promoted by ORA Inmobiliaria, a company specialized in the management of housing cooperatives and real estate development, with experience in the delivery of more than 1,000 homes. It is the fourth project Civislend carries out with this developer, following ORA Los Sauces (2025), Ahijones Madrid (2025) and ORA Arroyomolinos (2026).

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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