Pre-opening | Raizers finances the partial refinancing of the «Les Merlettes» villa in Saint-Barthélemy with a €960,000 loan

08/07/2026 – ⏱ 4 min

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

The crowdfunding platform Raizers is preparing a real estate investment opportunity in Saint-Barthélemy, in the French West Indies. The operation consists of the partial refinancing of a villa located in the Merlette area, in the Flamands district, within a complex of five new, detached villas developed by the company PRUNEVAL, a subsidiary of MAMITA. The purpose of the operation is to allow the group to rebuild part of its equity in order to reinvest it in the development of new real estate operations. Investors should keep in mind that any reference to return is inseparable from the corresponding risk, which is described below.

Financial Terms of the Operation

The company SAS MAMITA will take out a loan of €960,000 at an annual interest rate of 12% and with a term of 24 months, with repayment of the principal at maturity. Six months of interest will be withheld and paid to investors within two months of the issue date, while the remaining interest will be paid at maturity. The bond issue contract provides for early repayment if the sale of the villa takes place before the maturity date. The platform warns that the contractual maturity date may vary, in particular in cases of early amortization, early enforceability, or the borrower's exercise of the option provided for in article 9.2 of the loan agreement.

Asset Description, Construction Progress and Commercial Traction

The asset is the «Les Merlettes» villa, a single-family home of 130 m² located on cadastral plot AH no. 1214, with an area of 409 m², in the hills of Merlette. It has three bedrooms with en-suite bathrooms, a living-dining room, an indoor kitchen and an outdoor kitchen, a terrace, a private 3 × 6 meter pool, technical rooms and two cisterns. The construction complies with the applicable anti-seismic and anti-cyclonic regulations. The property is located in the Flamands area, in the northwest of the island, about 4 minutes by car from Flamands beach, about 8 minutes from the Saint-Barthélemy-Rémy-de-Haenen airport and less than 10 minutes from Gustavia.

The villa was acquired by MAMITA off-plan in 2022 and financed with equity, supplemented by a €1.92 million bank loan granted by Crédit Agricole de Guadeloupe. According to the site manager's certificate, as of 31 March 2026 the works were 90% complete and in the finishing phase, with delivery expected in October 2026. Marketing has been entrusted to Douglas Elliman Saint-Barthélemy, with fees of 5% of the sale price, VAT included; the property has been in pre-sale for one month, has recorded three viewings and one verbal offer, which was rejected as it was below the asking price.

Capital Structure, Coverage Ratios and Collateral

The sum of the Raizers loan and the bank loan amounts to €2,880,000, against a sale price of €5,250,000, placing the LTV of the operation at 55%. The Barnes agency of Saint-Barthélemy has valued the villa at €5.25 million, equivalent to €40,385/m². According to the analysis of references in the Flamands area compiled by the platform, the average observed price is around €36,450/m², although two of the three references have a lower level of finishes or require renovation works; the third, with similar specifications, is offered at €38,462/m². To facilitate marketing, the sale price will be subject to a contractually regulated progressive adjustment: €5.0M in April 2027, €4.8M in July 2027 and €4.6M in October 2027, should the sale not take place.

Repayment of the loan is secured by a second-rank mortgage over the villa in favor of Raizers, acting on behalf of all lenders; an autonomous first-demand guarantee (GAPD) granted before a notary by the holding company SFIC, MAMITA's parent company; the notarial personal guarantee of Philippe Curutchet; and the blocking of the current accounts of SFIC's partners recorded in MAMITA's liabilities, amounting to €792,000, for the entire term of the loan, so that no repayment may be made to the shareholder before full repayment to investors. The operation is carried out by SAS MAMITA, with a share capital of €80,000, registered with the Basse-Terre Commercial Register under number 751 015 611 since 20/03/2012, and belonging to the Globality group, founded and led by Philippe Curutchet. Among the points to bear in mind, the platform itself notes that the current geopolitical situation could affect both the works and the marketing.

In compliance with the European Crowdfunding Regulation (EU) 2020/1503, it is recalled that non-experienced investors have a four-calendar-day pre-contractual reflection period during which they may revoke their investment offer at no cost and without justification. It is also warned that this is a participatory financing product —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 the invested capital. This project is not supervised by the CNMV or the Bank of Spain, and the invested capital is not covered by the deposit guarantee fund or the investor compensation scheme.

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