Pre-opening | Civislend finances the first tranche of a villa in Sotogrande (Cádiz) with €750,000

14/10/2026 – ⏱ 2 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 €750,000 tranche of a maximum financing of €1,500,000, in two equal tranches, to build a detached single-family home on Calle Benavente in Sotogrande (San Roque, Cádiz), with a first-ranking mortgage. The borrower is Norix Modular Solutions.

The term of the first tranche is 18 months, extendable by six more, and the developer may repay early without penalty from month 4. The TIN is 10.00% and the minimum ticket is €250, with no maximum. Interest accrues only from formalisation, which may take place up to 30 business days after the funds are raised. There is no opening date or rating.

Asset description, construction progress and sales traction

The asset is a 1,139 m² urban plot on which a 468 m² two-storey villa will be built, with four bedrooms, five bathrooms, a swimming pool, garden, garage and porches. The developer bought the land with its own funds in January 2026 and the building licence was granted in October 2026, this very month. The fact sheet does not publish any construction progress: construction has not started.

Repayment depends on selling a single house, at an estimated price of €2,450,000, around €5,235/m², and there are no reservations or sales. The valuer puts the value of the completed building at €2,005,849, €444,151 —18%— below that price. This is the developer's second project with the platform: the first, Norix Sotogrande, was formalised in May 2024 and repaid early a year later. The developer has built four other villas in the area.

Financial structure, coverage ratios and security

Of the €750,000 in this tranche, €200,000 releases developer equity and €80,975 covers formalisation costs: together, they make up the €280,975 of the gross first drawdown, in which fees account for 29%. The remaining €469,025 will be released against certifications from an external Project Monitoring firm. The second tranche, of up to another €750,000, has not yet been raised.

The first-drawdown LTV is 51%, the €280,975 over a current valuation of €547,413. The LTV on the Completed Building Hypothesis is 75%, but it is calculated on the full €1,500,000 financing, that is, on money that has not yet been raised. And the split of funds at signing appears in three incompatible ways in the same fact sheet: the body allocates €470,240 to Civislend and €280,975 to the developer, but calls the former 37% and the latter 63% when their amounts give exactly the opposite, 63% and 37%; the key points attribute those same €470,240 to the developer and put them at 24%. And the €280,975 matches exactly the gross first drawdown of the loan, not a developer contribution. The only security is the first-ranking mortgage, with no pledge over shares.

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 a risk of illiquidity and of total or partial loss of principal, it is not supervised by the CNMV or the Bank of Spain and it is not covered by Directives 2014/49/EU and 97/9/EC. Investors may not recover the capital contributed.

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