Civislend Raises €3,500,000 in Three Days for 39 New-Build Homes in La Escala (Girona)

05/10/2026 – ⏱ 3 min

1,968 investors complete the first tranche at 11% of a planned €8,075,000 financing, with 13% of the homes reserved

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

Civislend has gathered €3,500,000 in three days to finance a development of 39 new-build homes in La Escala, in the Alt Empordà. 1,968 investors took part, at a pace of €810 per minute and with an average ticket of €1,778.

This is the first tranche of a larger financing. The planned total comes to €8,075,000, so another €4,575,000 remains to be raised in later tranches. The loan carries an 11% nominal rate over 24 months, extendable by a further six, with partial or full repayment allowed without penalty from the sixth month.

The works are under way: the land was deeded in July 2025, the permit obtained in February 2026, the construction contract signed and execution stands at around 15%, with the structure to be built using industrialised construction. On an urban plot of 958 sqm, a ground-floor-plus-three-storey building will rise, with two basement levels for 47 parking spaces and 28 storerooms, a communal pool and landscaped areas, one kilometre from Riells beach. The total built area is 5,918 sqm, of which 4,084 sqm are above-ground housing, with two- and three-bedroom flats averaging some 105 sqm.

It is worth pausing on where the money goes, because the file speaks of "construction costs" and the breakdown is more nuanced. The gross first drawdown, €1,038,625, is consumed entirely outside the works: some €657,469 pays the deferred amount still outstanding on the land and some €381,156 are formalisation costs, 10.9% of the whole tranche. A further €45,375 goes to soft costs against invoice. Construction receives €2,416,000, 69% of the tranche, of which €1,068,000 will be released against invoice for the industrialised structure and the rest against certificates supervised by a Project Monitor.

The weak point is sales. Only five of the 39 homes are reserved — 13% — and with payments of €3,000 per buyer, which are not signed sale agreements. And there is a gap worth underlining: the fact sheet publishes no projected sale prices or expected revenue, so investors have no way of checking the completed-building valuation or the project's margin. For reference, that valuation works out at some €3,843 per square metre of above-ground housing.

The security is a first-ranking mortgage over the asset, with no additional guarantees. The current valuation is €4,436,275 and the completed-building valuation €15,696,344, giving a 23% LTV for the first drawdown and 51% against the completed value taking the full financing into account. The developer contributes €1,942,531 at signing, 65% of the initial funds.

Maricel Escala, S.L. is a vehicle company of Mayela and Balize. Mayela reports residential operations in Salt, La Escala, Manacor and Ibiza worth more than €19 million; Balize works with value-added strategies on assets with repositioning and change-of-use potential. It is a management and repositioning profile rather than a new-build multi-family developer, something to bear in mind when assessing a 39-home building.

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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Your real estate crowdfunding, in one app.

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