Campaign Closing Report | Raizers Completes the €700,000 Raise to Refinance a Development of 75 Low-Emission Homes in Aytré, La Rochelle (France) at 11.5%

03/09/2026 – ⏱ 3 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.

The crowdfunding platform Raizers has issued the closing report for the crowdfunding round of a loan in favour of the borrowing company Eden Promotion, intended to refinance part of the equity invested in the "Résidence Mélitée" development, which consists of the construction of 75 multi-family homes in the Bongraine Eco-district, in Aytré, near La Rochelle (France). The public subscription process has concluded, consolidating a final amount raised in this round of €700,000. Investors should bear in mind that any reference to return is inseparable from the corresponding risk, which is described below.

Fundraising was completed within 41 days of opening. Analysis of the flow of capital during the round records an approximate average contribution rate of €12 per minute since its launch, with the participation of 298 investors and an approximate average ticket of €2,349 per investor.

Financial terms of the transaction

The transaction is structured as a loan with an interest rate of 11.5% per year and a term of 24 months; this return reference is subject to investment risk and is not guaranteed. The contract provides for progressive repayment of the capital, with a monthly amortisation of €15,000 from the sixth month, supplemented by several repayments linked to the progress of the operation and its sales, as well as the possibility of early repayment through equity contributions authorised by the main bank at different stages of the works. In accordance with the European regulatory framework, non-sophisticated investors have a four-calendar-day pre-contractual reflection period in which to revoke their commitment without justification or penalty.

Asset description, sales and operators

The project comprises the construction of 75 multi-family homes spread across two blocks: block B1, with 32 homes for sale on the open market distributed across three buildings, and block B2, with 43 homes subject to a bulk sale to the social housing body Atlantic Aménagement (Action Logement group). The project has a final building permit with no pending appeals, with works scheduled to start in September 2026 and delivery in the fourth quarter of 2028. On the commercial side, 54 of the 75 homes have been pre-sold (66% of turnover): the 43 social homes are fully reserved — with a notarial reservation contract signed on 2 July 2026 and completion scheduled for 30 October 2026 at the latest — and 11 of the 32 open-market homes already have a reservation contract. The scheme is part of the "La Rochelle Territoire Zéro Carbone" initiative, with timber-frame buildings, bio-based insulation and connection to a 100% renewable heating network, anticipating RE2028 and with BDNA Silver certification.

The operation is led by Eden Promotion — a developer based in La Rochelle that has delivered more than 1,700 homes — in co-development with Quartus, a subsidiary of the BPCE group and one of France's leading developers, according to the information provided. The project's special purpose vehicle is SCCV Mélitée, 50% owned by Eden Promotion.

Capital structure, coverage ratios and security

Against the development's total projected sale price (€19,146,660), Raizers' exposure (€3,200,000, including this round) results in a loan-to-value (LTV) ratio of 17% and a loan-to-cost (LTC) ratio of 23% on the acquisition cost of €13,858,477. Repayment is secured by notarised independent first-demand guarantees (GAPD) granted by SCCV Mélitée, SAS Groupe EDEN and SAS R2D2, group companies with solid capitalisation.

Finally, in compliance with the regulations governing crowdfunding platforms, the investor base is reminded that this is a crowdfunding product and not a deposit or a guaranteed savings product, and that real estate lending operations carry specific risks, such as lack of liquidity, the risk of not obtaining the expected return, the possibility of dilution or the total or partial loss of principal in the event of the debtor's insolvency. This crowdfunding project is neither authorised nor supervised by the Spanish National Securities Market Commission (CNMV) or the Bank of Spain, and the information provided has not been reviewed by these institutions. Furthermore, the capital invested is not covered by the deposit guarantee fund (Directive 2014/49/EU) or by the investor compensation scheme (Directive 97/9/EC).

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