Pre-opening | Civislend finances the second tranche of a 12-luxury-home development in Begur (Girona) with a first-rank mortgage

13/08/2026 – ⏱ 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 to launch a real estate investment opportunity on the Costa Brava. The operation consists of a loan secured by a first-rank mortgage granted to the developer Goaf Homes, intended to finance part of the construction costs of a development of 12 terraced single-family homes in Begur (Girona). This call activates the second tranche of the financing. It is worth recalling that any reference to returns is inseparable from the corresponding risk, which is detailed further below.

The call sets a €3,320,000 amount for this second tranche, with a net first drawdown of €400,900 for the loan formalisation costs; the remainder of the capital, approximately €2,919,100, will be allocated to the financing of the construction costs and drawn according to certifications from an external Project Monitoring firm. The term of the operation is 11 months, with the option of partial or full repayment without penalty from month 3. The minimum investment is €250 per user, with no maximum, and interest will accrue from the formalisation date, expected within a maximum of 30 days from the raising of funds.

Asset Description, Construction Progress and Developer

The project's asset is an urban plot in Begur (Girona), on the Costa Brava, on which 12 terraced single-family homes are being developed with an average area of 171 square metres, distributed over three floors with three to four bedrooms and three to four bathrooms, a fitted kitchen, a private garden, a pool and sea views, with a private garden and pool area of 193 square metres per home. The land is registered in the developer's name, the building licence is granted and in force, and the works show 50% progress, with the structure practically completed. Commercially, marketing has begun with 33.33% progress (4 of the 12 homes reserved). Repayment of the loan will be made through the sale of the homes.

The total financing planned for the project amounts to €5,970,000, divided into two tranches: a first tranche started in January 2025, of €2,650,000, intended to release part of the own funds and finance part of the construction costs, and this second tranche of €3,320,000. The developer, Goaf Homes, is part of Goaf Holding, a Barcelona-based family investment group active in the real estate sector, and has, according to the fact sheet, experience in residential projects in locations such as Barcelona, the Costa Brava and Sitges.

Financial Structure, Coverage Ratios and Collateral

The operation is secured by a first-rank mortgage over the asset, which has a current valuation of €4,369,842 and a Finished Building Hypothesis (HET) valuation of €10,774,127. This results in a first-drawdown LTV of 68% and an LTV HET of 55% — dividing the total financing amount (€5,970,000) by the HET valuation. As additional collateral, the operation includes a pledge over the shares of the special-purpose vehicle. At the time of signing, the allocation of funds places the developer at 33% (€2,923,121) and Civislend at 67% (€5,970,000).

In compliance with European crowdfunding regulations, it is recalled that non-sophisticated investors have a pre-contractual reflection period of four calendar days during which they may withdraw their investment offer without justification or penalty. This is a crowdfunding product and not a deposit or a guaranteed savings product. Real estate investments carry risks of illiquidity and total or partial loss of principal; this project is not supervised by the CNMV or the Bank of Spain, and is not covered by the deposit guarantee scheme (Directive 2014/49/EU) or the investor compensation scheme (Directive 97/9/EC).

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