Pre-opening | Raizers Prepares €750,000 for 15 Villas in Corsica on a 6% Project Margin

07/10/2026 – ⏱ 4 min

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

Raizers is preparing a €750,000 bond issue for Promo Vesco 1, a VP Group company, for the first phase of a 15-villa development in Vescovato, twenty minutes south of Bastia (Haute-Corse). It should be remembered that any reference to return is inseparable from the corresponding risk, which is set out below.

The funds are not for the works: they refinance part of the equity the developer has already invested. The contractual schedule implies a rate of 12% a year, with interest payments of €90,000 and €90,037.05. No opening date, minimum investment or internal rating is stated.

Here comes the file's first inconsistency, and it concerns when the money is repaid. The fact sheet sets maturity at 18 months, but the dates it publishes — effective 7 November 2026, maturing 7 November 2028 — are 24 months. And the text describes progressive repayment in three milestones — 50% at weathertight stage in February 2027, 25% at completion in October and 25% on handover in November 2027 — while the contractual table sets repayment "in fine", with the full €750,000 on 7 November 2028, a year after the last milestone described. These are two incompatible schemes that must be clarified in the contract.

Asset description, construction progress and sales traction

The asset is the strongest part. Planning permission is final and unappealed, the land was acquired in March 2026 and works began immediately: foundations complete across the project and superstructure under way on 12 of the 15 homes, with certified progress of 60% on those twelve and 35% on the remaining three, although the two certificates carry different dates, 22 July and 29 May 2026. Completion is expected in October 2027.

Sales are the strong point: 13 of the 15 homes are pre-sold, 87%, and the lot-by-lot breakdown matches that headline exactly — ten with off-plan sale contracts and three with reservations whose conditions have been lifted. Two homes remain uncommitted, and five of the seven garages. The average price, €3,241 per sqm including VAT, is 10.2% below the €3,610 per sqm the platform attributes to comparable new-build schemes currently marketing: a prudent position.

Financial structure, coverage ratios and security

The operation's financial statement is where to pause. On turnover of €3,193,818 excluding VAT and a production cost of €3,005,165, the declared net margin is €188,653: 6% of turnover. The fact sheet also publishes an 11% margin, but that figure is obtained by adding back the €175,665 of management fees the group itself charges — the difference between the two margins matches that line to the euro. It is the group's margin, not the project's headroom.

That 6% is well below the record the fact sheet itself presents: of the four previous operations listed, margins were 12.4% at Monte, 12.5% and 11.6% at Luciana and 25% at Biguglia. This one sits at half the weakest of them.

And one detail narrows it further: the statement records €135,000 of Raizers interest, which corresponds to 18 months at 12%, while the contractual schedule totals €180,037.05 across two annual payments. That is €45,037 unaccounted for; deducted, the margin would fall to some €143,600, 4.5% of turnover.

The security is a first-ranking mortgage in favour of Raizers on behalf of the bondholders, with a 68% LTV, plus notarised personal guarantees from the shareholders and on-demand guarantees from SAS VP Group. Two qualifications: the mortgage covers the plots still unsold, so its perimeter shrinks as committed sales are completed; and VP Group's guarantees are granted under private deed, not before a notary as the shareholders' are.

On the guarantor's solvency, the accounts invite caution. VP Group closed 2025 with €447,720 of equity, 59.7% of the amount being raised, a balance sheet dominated by €2,789,063 of intra-group debt and €2,526,446 of receivables, and net profit down 35.5%, from €202,346 to €130,532. The borrower is a SASU with €100 of share capital whose published balance sheet is internally inconsistent: it is headed "in €" with magnitudes that only add up read in thousands, except that equity of 100.

On the positive side, the developer has more than 15 operations and over 425 homes in Corsica behind it, and has already worked three times with this platform: two operations repaid in full and a third ongoing, maturing in late 2026 with a recent partial repayment. The fact sheet does, however, list a single point to consider — the geopolitical situation — in an operation whose declared margin is 6%.

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.