Campaign Close | Raizers completes the €600,000 raise for a 29-home development in Biurrun-Olcoz (Navarra)

24/06/2026 – ⏱ 3 min

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

The crowdfunding platform Raizers has issued the closing report for the fundraising round of the residential development promoted by Inversiones Polandrius in Biurrun-Olcoz (Navarra), about 20 minutes south of Pamplona. The operation, structured through a loan secured by a second-rank mortgage, was intended to reimburse part of the capital contributed to the project, a development of 29 terraced homes. The subscription process has concluded after completing the fundraising target, consolidating a final amount raised of €600,000. Investors should keep in mind that any reference to return is inseparable from the corresponding risk, which is described below.

The round started from a target of €600,000 and completed 100% of its allocation over a period of 24 days. The analysis of the flow of contributions during that interval records an average contribution ratio of approximately €17 per minute.

Investor Base and Capital Distribution

The campaign concluded after registering the participation of 267 investors, who covered the entire amount assigned to the opportunity. The distribution of the funds raised among that number of contributors yields an average investment ticket of approximately €2,247 per participant.

The operation offers a nominal annual interest rate of 11.50% (TIN) and a 12-month term. The loan amount is €600,000. In compliance with the European regulatory framework, non-experienced investors have a four-calendar-day pre-contractual reflection period during which they may revoke their commitment at no cost and without justification.

Asset Description, Technical Progress and Developer

The asset is a development of 29 terraced homes distributed across five cadastral plots in Biurrun-Olcoz, a town of around 250 inhabitants located about 20 minutes south of Pamplona. The operator acquired the land with its own funds and obtained bank financing to start the works. Pre-marketing reaches 100% of the homes and the works are approximately 40% complete, with delivery expected between the fourth quarter of 2026 and the first quarter of 2027 depending on the plot. The company in charge of the works is Construcciones Martínez Sánchez.

The project is promoted by Inversiones Polandrius, a developer active in the Pamplona region, led by Andrea Carrera Armendariz, who handles marketing with the support of a technical and financial team. Once the plots are delivered, the operator will proceed with the final sale, first repaying the bank debt and subsequently the Raizers financing; since each plot is financed separately, the repayment to Raizers may occur gradually.

Capital Structure, Coverage Ratios and Collateral

The collateral of the operation is a second mortgage over the 29 lots that are the subject of the project, with a Loan-to-Value (LTV) ratio of 60%. The opportunity's documentation also records an urbanization cost of €4,334,662 and an estimated total sale price of €6,291,144, with a Loan-to-Cost (LTC) ratio of 87%.

Finally, in compliance with the regulations governing crowdfunding platforms, investors are reminded that this is a participatory financing product and not a deposit or a guaranteed savings product, and that real estate investments carry specific risks, such as illiquidity, the risk of not obtaining the expected return, or the partial or total loss of principal. This crowdfunding project is not supervised by the CNMV or the Bank of Spain, and the information provided has not been reviewed by these institutions. Likewise, the invested capital is not covered by the deposit guarantee fund or the investor compensation scheme.

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