Pre-opening | Civislend opens the €2,600,000 second tranche for a luxury villa in Puerto de Andratx

18/10/2026 – ⏱ 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 second tranche, of €2,600,000, of a €7,600,000 first-ranking mortgage debt to complete a luxury villa in Cala Moragues, in Puerto de Andratx (Mallorca). The borrower is Globalparcelatoria de Gonzalo Chacón, founded in 1946.

The term is nine months, with repayment without penalty from month 3 and a minimum ticket of €250. As for the rate, the fact sheet only mentions a 10.00% TIN, and does so within the early repayment clause; that estimate is subject to the investment risk and is not guaranteed. The contrast with the first tranche is striking: it was launched at 11.50%, was extended by three months to 29 October at 13.00% and then received a nine-month extension approved by a majority in a vote of its own investors, which sets the maturity of both tranches at 29 July 2027. There is no opening date or rating.

Asset description, construction progress and sales traction

The plot covers 2,280 m² on the seafront, at the end of a cul-de-sac. The project consists of two buildings connected by terraces, with 1,038 m² built, 180 m² of covered terraces and 800 m² of hanging gardens, six bedrooms with en-suite bathrooms, a gym, a cinema room, an indoor swimming pool and two outdoor ones. The licence has been granted and construction is 42% complete. According to the fact sheet, the land was acquired in July 2006.

Repayment depends on selling a single house, at an estimated price of €19,000,000, €18,304/m². Marketing has begun “through several agencies”, but the dossier does not record any offer or reservation. For reference, in August Andratx topped the ranking of Spain's most expensive streets, with around €15 million per home on Camí des Salinar.

Financial structure, coverage ratios and security

The current valuation is €11,250,187 and the Completed Building Hypothesis valuation is €21,545,271, above the estimated sale price. The first-drawdown LTV published in the fact sheet, 48%, adds up the €5,000,000 of the first tranche and €426,655 of the second; those €426,655 are the formalisation costs, so the calculation leaves out the €2,173,345 earmarked for construction costs. With the full loan over the current valuation the ratio is 67.6%, and over the completed value, 35.3%. Those costs also amount to 16.4% of the tranche.

The split of funds leaves €7,600,000 from Civislend, 82%, against €1,705,807 from the developer, 18%, figures that are consistent with each other. The security consists of the first-ranking mortgage and the pledge over the shares, and there is a genuine point in its favour: the €500,000 private financing that appeared in the mortgage increase has already been paid off, so the first rank is held solely by the platform's investors. The developer has carried out projects in New York, Florida, London, Saint-Tropez and Mallorca through its subsidiary, and was behind the Xanadú shopping centre.

Non-sophisticated investors have a four-calendar-day pre-contractual reflection period to revoke their offer without penalty. This is crowdfunding, 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 or 97/9/EC. Investors may not recover the capital contributed.

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