Pre-opening | Raizers Funds €230,000 to Complete a 17-Plot Subdivision near Agen

21/10/2026 – ⏱ 2 min · By Realty Investor Editorial Team

This article is for informational purposes only and does not, under any circumstances, constitute investment advice or a recommendation.

Raizers is preparing a bond issue of €230,000 to AVIZ 47, the company of developer ZINE, to complete "Le Clos des Moulins", a subdivision of 17 building plots in Cuq (Lot-et-Garonne), near Agen. The security is a first-ranking mortgage over the unsold plots and a personal guarantee from the director.

The contract runs from 20 November 2026 to 20 May 2028, 18 months, with annual interest and the principal at the end. The file does not disclose the rate: its own schedule, a €26,450 coupon in the first year and €13,225 over the following six months on €230,000, works out at 11.5% a year; that reference is subject to investment risk and is not guaranteed.

Asset Description, Construction Progress and Commercial Traction

The 17 plots total 17,419 m² and are being sold at an average of €45/m², €784,256 including VAT. The comparables in the market study range from €50 to €96/m², averaging €57/m², although they come from neighbouring municipalities because Cuq has barely any references.

The Raizers money goes to the last works: roads and utility connections. The reported progress is 93%, but the certificate from contractor ESBTP that supports it is dated 9 February 2026 and is the only construction document the file discloses. Marketing started in late 2025 and, a year on, there is one plot sold, three under a sale commitment and two under a purchase option: eleven of the 17 still have no commitment at all. The three committed ones will be built by IGC, the same builder working on the first.

Financial Architecture, Coverage Ratios and Real Security

The 31% LTV is calculated on the 16 plots not yet conveyed, including the five with a commitment or option, which are precisely the ones that will release the mortgage when they sell. On the eleven with no commitment, worth €513,256, the ratio rises to 45%. Signing the three commitments would allow a first repayment of €130,000, and with the two options the committed sales would cover 97% of the principal. The balance sheet of the deal shows €574,652 of cost and €209,604 of margin, 27% of turnover.

The company's accounts deserve attention. As of 30 October 2025, AVIZ 47 reports negative equity of €11,493, €231,287 in shareholder current accounts and €153,435 of trade payables, against €4,314 a year earlier, with a loss in both financial years. The "own funds" with which, according to the text, the land and much of the works were paid for are, on the balance sheet, money put in by the shareholder. Its three previous deals were single units, with margins of €20,000, €70,000 and €30,000: this is its first subdivision. The only "point to bear in mind" the platform discloses is geopolitics.

Non-sophisticated investors have a four-calendar-day pre-contractual reflection period in which to withdraw their offer without penalty. This is a crowdfunding product, not a deposit or a guaranteed savings product. It carries the risk of illiquidity and of partial or total loss of principal. It is not supervised by the CNMV or the Bank of Spain, and it has no cover under Directives 2014/49/EU or 97/9/EC. Investors may not recover the capital contributed.

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