Civislend Raises €1,600,000 in Eight Hours for Ten Homes in Fuengirola, of Which Only 13.5% Goes to Construction

09/10/2026 – ⏱ 3 min

1,020 investors complete the first tranche of a €4,800,000 financing; the first drawdown goes to the land and formalisation costs

This article is for informational purposes only and does not constitute investment advice or a recommendation of any kind.

Civislend has covered in eight hours the first €1,600,000 tranche for the Margarita Hills development, ten semi-detached homes in Haza del Algarrobo, some three kilometres from the centre of Fuengirola. 1,020 investors took part with an average ticket of €1,569, at a pace of €3,333 per minute.

It is the largest tranche BPG Capital has raised with this platform, and it is worth comparing with its two previous operations, both in our archive. Residencial Nerja closed €925,000 in June and Residencial Cártama covered €1,125,000 in three minutes in August. This tranche exceeds the larger of the two by 42%, but the pace per minute is very different: Cártama ran at €375,000 per minute, one hundred and thirteen times faster. Moving a bigger amount takes more market time.

What was raised is also a third of the total. Committed financing reaches €4,800,000 across three equal tranches, so €3,200,000 remains to be raised in tranches II and III, which will go mainly to construction costs against certification.

And here is the point most worth retaining from this closing: of the €1,600,000 raised, only €216,470 — 13.5% — goes to the works. The gross first drawdown, €1,383,530, is consumed outside construction: €1,200,000 pays part of the land price and some €183,530 are formalisation costs. The file presents the tranche as intended for "part of the land purchase price and construction costs", but that is the split. The €216,470 that does go to the works will be released against certificates supervised by an independent Project Monitor.

The technical side is resolved: the permit was obtained in November 2025 and the construction contract is signed. These are ten semi-detached homes on an urban plot of 2,153 sqm, laid out over ground floor, first floor and solarium, with four bedrooms, three bathrooms, a garage and a private pool. One inconsistency in the fact sheet bears repeating: it refers to "an average area of 200 sqm per home", a figure that matches neither the 158.8 sqm of housing per unit nor the 241.9 sqm that result from adding the terraces.

On sales, three of the ten homes are reserved with payments of €10,000 per buyer, and the fact sheet itself states — an uncommon piece of transparency — that those reservations had not been formalised into sale agreements as at the committee date. Repayment depends on selling all ten.

The security is a first-ranking mortgage and a pledge over the shares of the project company. The current valuation is €2,266,294 and the completed-building valuation €7,363,271, giving a first-drawdown LTV of 61% — high for an initial drawdown — and an LTV on completed value of 65%. The loan carries a 10.50% nominal rate, with a 21-month term for this tranche extendable by six and partial or full repayment without penalty from the sixth month.

One figure narrows the cushion. Declared total cost is €6,302,753, with €4,800,000 from the platform and €1,502,753 from the developer, against projected revenue of €7,300,000: an implied margin of some €997,000, 15.8% over cost. That is enough if the plan holds, but a cost overrun of that order would consume it.

Investing in real estate crowdfunding carries the risk of losing part or all of your capital: the money is locked up until maturity, returns are not guaranteed and there is no deposit guarantee fund cover. No security eliminates that risk, and the speed of the raise does not anticipate how the operation will end. Non-sophisticated investors have four calendar days of reflection to revoke their offer without penalty.

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Realty Investor

Your real estate crowdfunding, in one app.

Discover new opportunities. Invest through leading platforms. Manage your whole property portfolio from a single place.

The Realty Investor beta is now available. Explore the market, discover new projects and get to know the platform with simulated money, without putting in any capital.

Download the beta and start discovering a new way to manage your real estate investments.