Pre-opening | Cresor Prepares €250,000 to Complete a Modular Home in Valdemorillo at an 85% LTV

30/09/2026 – ⏱ 4 min

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

Cresor, the platform listed in the CNMV register under number 19, is preparing a €250,000 loan to Modular Living, S.L. to complete a detached modular home at 17 Calle Puerto de Villatoro, in the Cerro Alarcón estate in Valdemorillo (Madrid). Any reference to return is inseparable from the risk, which is set out below.

The nominal rate is 10.50% per annum, with quarterly interest and capital at maturity over six months, extendable by three in exchange for 1.50 points more interest and a 0.50% fee; the total return for that term is put at 5.25%, an estimate subject to risk and not guaranteed. The minimum investment is €750 and, unusually, there is a maximum of €3,000 per investor. No opening date or internal rating is stated.

Asset description, construction progress and sales traction

This is a single-storey detached home of 154.45 sqm with three bedrooms, two bathrooms, a porch and a pool, on a 1,084 sqm plot of consolidated urban land free of charges, some 53 kilometres west of Madrid. The execution project is stamped, the permit granted and works started.

Construction is split between two contractors: Modular World, part of the same group, manufactures the home at its plant in Seseña, and OSM Hispania carries out site preparation, foundations and the pool. Certified progress in September was 69.41% for the home and 73.68% for the site, although the platform notes that actual progress is greater because the module is already built and installed.

Sales are complete: there is a signed purchase contract for €651,626.53, with down payments of €65,162.65, 10% of the price. That is the operation's strength and also its concentration: repayment depends on that single sale completing, and the amounts paid would have to be returned if it did not.

Financial structure, coverage ratios and security

Here is the figure that defines the operation. The current valuation is €293,232, so the €250,000 requested represents an LTV of 85%, and the fact sheet itself warns that, with the extension to €300,000, it would rise to 102%: the loan would exceed the valuation of the mortgaged asset. The platform notes that the valuation was made before the module was installed on the plot and that the real value would be higher, but provides no updated valuation to evidence it. The estimated value of the completed home is €741,959.

The security is a first-ranking mortgage with a secured amount of €250,000 and maximum liability of €325,000, managed by a security agent, plus a guarantee from Modular World. Drawdown conditions are strict: the first requires proof of payment of the first €100,000 of works excluding the land and expressly does not accept invoices from Modular World or other group companies unless payment to their suppliers is evidenced; subsequent ones require certification from the site management, invoices, photographic records and bank evidence of previous drawdowns.

Two more figures are worth bearing in mind. The home's construction budget is €306,694.82 and its manufacturing cost €208,000: the difference, close to €98,700, is the margin of the group company that builds it and forms part of the project cost. And the developer's own funds, €152,877, together with the €250,000 loan, fall some €59,000 short of the €461,877 of expected total cost, without the fact sheet explaining how that gap is covered beyond the buyer's advances or the extension.

Modular Living trades as TINI Living and reports some 50 turnkey projects, but this is the first in which it acts as developer and also the first it funds through Cresor. The company is unaudited, does not appear in the RAI or ASNEF registers and reports being up to date with the tax and social security authorities, with a profit in its last financial year.

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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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.