Campaign Close | Civislend completes the €1,980,000 raise for a 19-home development in Tordera (Barcelona)

20/07/2026 – ⏱ 4 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 intended for the outstanding construction costs and the refinancing of the existing debt of a project of 19 homes with annexes in a multifamily residential building in Tordera (Barcelona), promoted by Grupo Danepi. The operation, structured through a loan secured by a first-rank mortgage, has concluded its subscription process consolidating an amount raised of €1,980,000, the entirety of the planned amount. Investors should keep in mind that any reference to return is inseparable from the corresponding risk, which is described below.

The campaign completed its €1,980,000 target in a period of 6 minutes. The analysis of the flow of contributions during that interval records an average contribution ratio of €330,000 per minute.

Investor Base and Capital Distribution

The campaign concluded after registering the participation of 1,043 investors, who covered the entire amount assigned to the operation. The distribution of the funds raised among that number of contributors yields an average investment ticket of approximately €1,898 per participant.

Financial Terms of the Operation

The total loan amounts to €1,980,000, with a duration of 12 months and the developer's right to extend it by a further 6 months at 11.00% TIN; this return is subject to investment risk and is not guaranteed. The developer may make total or partial repayments without penalty from month 6, and in the event of early repayment or extension the interest will be calculated according to the final drawdown period. The disbursement structure contemplates a first net drawdown of €1,200,000 to refinance the current debt, to which formalization costs of €221,419 are added; additionally, up to €39,600 may be drawn for soft costs against invoices and €518,981 for hard costs, according to certifications of executed works validated by an independent Project Monitoring firm. 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, Construction Progress and Sales Plan

The asset is a building under construction that the developer acquired in February 2025, with an initial project dating from 2006 and a valid building permit. It is distributed over a ground floor and three above-ground levels, taking advantage of the change in level between the two streets the project faces, and comprises 19 homes, 15 parking spaces and 6 storage rooms, with a total project area of 1,928 m². The homes will have an average area of 74 m², with one, two or three bedrooms and one or two bathrooms. Works resumed in July 2025 and show 80% progress according to the latest certification. The asset is located in Tordera, a municipality in the province of Barcelona with connections to Barcelona and Girona, and where the head offices of Inditex and logistics centers of other companies are located.

Marketing has not yet begun: the developer plans to start it once the works are completed, with the aim of maximizing sale prices. Civislend's exit will coincide with the sale of the homes. It should be noted that, as marketing has not yet started, there is no verifiable sales traction as of publication, and repayment depends on those sales materializing within the expected timeframe.

Capital Structure, Coverage Ratios and Collateral

At the signing of the loan, the developer contributes €1,548,130 to the project, which represents a split of funds of 52% from the developer and 48% from Civislend, which contributes €1,421,419. The collateral of the operation is a first-rank mortgage over the financed asset, appraised at €3,450,420, placing the first-drawdown LTV at 41%, resulting from dividing the sum of the first net drawdown (€1,200,000) and the formalization costs (€221,419) by the current appraisal value. The asset also has an appraisal value under the Completed Building Hypothesis (HET) of €4,175,785, on which the platform places the HET LTV at 42%. The project is promoted by Grupo Danepi, a business group based in Calella (Barcelona) with more than 30 years of track record, specialized in the investment, management and operation of real estate, hotel and social-healthcare assets.

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, the possibility of dilution, or the partial or total loss of principal. This crowdfunding project is not authorized or supervised by the CNMV or the Bank of Spain, and the information provided by the developer has not been reviewed by these institutions. Likewise, the invested capital is not covered by the Investment Guarantee Fund or the Deposit Guarantee Fund.

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