Pre-opening | Civislend Opens a First €3,500,000 Tranche for 39 New-Build Homes in La Escala (Girona)

30/09/2026 – ⏱ 3 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 to Maricel Escala, S.L. for a new-build development of 39 homes, 47 parking spaces and 28 storage rooms in La Escala, in the Alt Empordà (Girona). Any reference to return is inseparable from the risk, which is set out below.

This tranche amounts to €3,500,000, within total planned financing of €8,075,000. The rate is 11.00% nominal and the term 24 months, extendable by six, with partial or full early repayment without penalty from month six. The minimum ticket is €250, with no maximum, and interest accrues from formalisation, which will take place within 30 working days of the raise. No opening date or internal rating is stated.

Asset description, construction progress and sales traction

The urban residential plot covers 958 sqm and will hold a building of ground floor plus three storeys, with two basement levels for parking and storage, a communal pool and landscaped areas, one kilometre from Riells beach and the town centre. Total built area is 5,918 sqm, of which 4,084 sqm are homes above ground; the homes will have two and three bedrooms and average around 105 sqm, a figure consistent with that area.

The land has been registered in the developer's name since July 2025, the permit was obtained in February 2026 and the construction contract is signed. Works have started, with progress of around 15%, and the structure will use industrialised construction by Fidelitas Neoconstrucción.

Sales stand at 13%: five of the 39 homes reserved with €3,000 payments per buyer, which do not amount to signed sale contracts. Here lies the file's most significant gap: it publishes no expected sale prices or revenues, so there is no way to test the completed-building valuation or the project's margin. For reference, that valuation equals around €3,843 per square metre of housing above ground.

Financial structure, coverage ratios and security

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 value €15,696,344, giving a first-drawdown LTV of 23% and an LTV on completed value of 51%; both match the published figures.

Where the money goes deserves detail, because the file's heading says the tranche funds "construction costs" and the breakdown shows otherwise. Of a gross first drawdown of €1,038,625, some €657,469 pays the deferred amount still owing on the land and some €381,156 is formalisation costs: more than a third of that drawdown and around 11% of the tranche. Another €45,375 goes to soft costs against invoices. The remaining €2,416,000 does go to construction, of which €1,068,000 will be released against invoices for the industrialised structure and the rest against certificates supervised by a project monitor. The developer contributes €1,942,531 at signing, 65% of the funds.

Maricel Escala is a special purpose vehicle of Mayela and Balize, two real estate investment and management companies. Mayela reports residential operations in Salt, La Escala, Manacor and Ibiza for more than €19 million, over 11 to 18 months; Balize works on value-add strategies over assets with repositioning, refurbishment and change-of-use potential. This is a profile of asset management and repositioning rather than new-build multi-family development, something to bear in mind when assessing the execution of a 39-home building.

Non-sophisticated investors have a four-calendar-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 has no cover under Directives 2014/49/EU and 97/9/EC. Investors may not recover the capital contributed.

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