Pre-opening | Civislend Opens a First €1,600,000 Tranche for 10 Semi-Detached Homes in Fuengirola (Málaga)

05/10/2026 – ⏱ 4 min

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

Civislend is preparing the first tranche of a loan secured by a first-ranking mortgage for Margarita Hills, ten semi-detached homes in Haza del Algarrobo, some three kilometres from the centre of Fuengirola (Málaga). It should be remembered that any reference to return is inseparable from the corresponding risk, which is set out below.

This tranche amounts to €1,600,000, within a maximum financing of €4,800,000 across three equal tranches; tranches II and III will go mainly to construction costs against certification. The rate is 10.50% nominal and the term of this first tranche is 21 months, with the developer entitled to extend it by six more and partial or full repayment allowed without penalty from month six. The minimum ticket is €250, with no maximum, and interest accrues from formalisation, at most 30 working days after the raise. No opening date or internal rating is stated.

Asset description, construction progress and sales traction

The plot is urban, residential and 2,153 sqm. The ten homes are laid out over ground floor, first floor and solarium, with four bedrooms, three bathrooms, a garage and a private pool. Total built area is 2,419 sqm: 1,588 sqm of housing and 831 sqm of terraces. An inconsistency in the fact sheet is worth noting: 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.

The technical side is resolved: the permit was obtained in November 2025 and the construction contract is signed. Sales have begun, with three of the ten homes reserved through payments of €10,000 per buyer. 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 the homes.

The market study puts the projected average price at €730,000 per home, against an average of €740,903 for comparable completed new-build transactions. The fit is reasonable: those €7,300,000 of projected revenue equal 99.1% of the completed-building valuation.

Financial structure, coverage ratios and security

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% and an LTV on completed value of 65%; both add up, although the first is high for an initial drawdown.

Where the money goes deserves detail. The fact sheet says the tranche finances "part of the land purchase price and construction costs", but the split is very uneven: of a gross first drawdown of €1,383,530, €1,200,000 pays part of the land and some €183,530 are formalisation costs. Construction is left with €216,470, 13.5% of the tranche, released against certificates supervised by an independent Project Monitor. 86.5% of this first tranche does not go to the works.

Another figure is worth bearing in mind. The declared total cost is €6,302,753 — €4,800,000 from the platform, 76%, and €1,502,753 from the developer, 24% — against projected revenue of €7,300,000. The implied margin is some €997,000, 15.8% over cost: enough if the plan holds, but a thin cushion, because a cost overrun of that order would consume it. At signing the developer contributes €541,300, 28% of the funds needed at that point.

Grupo La Cueveña, a Málaga contractor with its own architecture team, is the developer, and BPG Capital acts as delegated developer. BPG was founded in 2020 and reports five completed developments in Fuengirola, Nerja, Algeciras and Torremolinos, 61 homes. This is its third project with Civislend: our archive records Residencial Nerja, which closed €925,000 in June 2026, and Residencial Cártama, which covered €1,125,000 in three minutes in August. This one commits more than four times the larger of the two, and the platform states that both are progressing in line with their business plan.

Non-sophisticated investors have a four-day pre-contractual reflection period to revoke their offer without penalty. This is a crowdfunding product, not a deposit or a guaranteed savings product. It carries risks of illiquidity and of total or partial loss of principal. It is not supervised by the CNMV or the Bank of Spain, and the capital is not covered by the Investment Guarantee Fund or the Deposit Guarantee Fund. Investors may not recover the capital contributed.

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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.