Pre-opening | Cresor Prepares €700,000 for Nine Homes in Sant Boi, with a Mortgage Covering Half the Loan

05/10/2026 – ⏱ 4 min

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

Cresor, registered with the CNMV under number 19, is preparing a €700,000 loan — extendable to €800,000 — to Edificis i Construccions 2019, S.L. for the Pompeu Fabra 19-23 development, a nine-home building in Sant Boi de Llobregat (Barcelona). It should be remembered that any reference to return is inseparable from the corresponding risk, which is set out below.

The nominal rate is 10.00% a year, with quarterly interest and principal at maturity over nine months; the total return for the term is put at 7.50%, an estimate subject to risk and not guaranteed. Early repayment is free of commission from the sixth month or on the sale of the units. The minimum investment is €300 and there will be a single drawdown. No opening date or internal rating is stated.

Asset description, construction progress and sales traction

The development rises on a triangular 362 sqm plot between party walls: nine homes — one with one bedroom and eight with three — of between 59 and 121 sqm, over a ground floor, two storeys and an attic level. The project is approved, the permit granted and works began in November 2025, with certified progress of 50.00% as at 28 September and completion expected in May 2027. Construction is contracted to Big Think Solutions, of Grupo VIVIM, for €1,320,750, around €1,500 per sqm above ground.

One registry detail: the parking spaces are not on the financed property. To meet the minimum provision, nine spaces in the adjacent building at Pompeu Fabra 18-20 have been assigned — a different property from the one being mortgaged.

On sales there is a single signed sale agreement, for €358,000, 10.72% of the €3,340,000 of projected sales, with a 10% payment on account: some €35,800 of actual cash. And here lies the tension in the operation. The loan matures in nine months and the planned exit is "the notarisation of the homes", but the works do not finish until May 2027: that leaves barely a couple of months between completion and maturity to sell and notarise the remaining eight homes, with no sales schedule in the fact sheet to support it. Grohabitat is handling marketing, although the link published points to a different development.

Financial structure, coverage ratios and security

Here is the figure that defines the operation. The mortgage is first-ranking, but with a guaranteed amount of €350,000 and maximum liability of €455,000: it covers half the loan, not all of it. The rest rests on joint and several guarantees from Groinversia Global, S.A. and Solabella, S.L. The 48% LTV the fact sheet publishes — 55% with the extension — is calculated on the full loan against a current valuation of €1,450,072, whereas effective mortgage cover against that same value is 24.1%. The completed-state value is €3,354,106, leaving the loan at 20.9%.

The business plan figures are comfortable: €3,340,000 of projected sales against €2,189,181 of costs, a margin of €1,150,819, or 52.6% over cost. The developer reports €1,172,295 of its own funds, which the fact sheet presents as "54% at the time of financing"; that percentage is in fact the weight of those funds against total costs (53.55%), not against the funds available at signing, where it would be 62.6%.

The purpose is mixed and not broken down: "recovery of part of the own funds contributed to the project and financing of part of the outstanding construction costs". The file does not say how much of the €700,000 returns capital to the developer and how much goes to the works, and it describes those funds as contributed "to the project" in one section and "on the purchase" in another, when the land accounted for €300,000 of the €1,172,295 declared.

The developer is a company of the Solabella group — majority owner, with more than 30 years and over 20 developments in metropolitan Barcelona — and of Groinversia. Groinversia's record on this platform is extensive: more than €30 million financed across 49 projects, 43 already completed, with an average IRR of 9.49%. Solabella also has an active project on Cresor, Soler i Diffent in Terrassa, also €700,000 and with no arrears. The company is not audited, does not appear in the RAI or ASNEF registers and is up to date with the tax and social security authorities.

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; the platform recommends investing no more than 10% of net worth in this type of project. 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.

Realty Investor

Your real estate crowdfunding in one app.

Discover new opportunities. Invest through leading platforms. Manage your entire real estate portfolio from a single place.

The Realty Investor beta is now available. Explore the market, discover new projects and get familiar with the platform using simulated money, without committing capital.

Download the beta and start discovering a new way to manage your real estate investments.

Realty Investor

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.