Pre-opening | SEGO Real Estate Funds €350,000 for Eight Homes next to Parque Conde Orgaz, with No Deed or Permit Yet

22/10/2026 – ⏱ 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.

SEGO Real Estate is preparing a €350,000 loan to Orgaz Residencial, S.L., part of Grupo Trinosa, to buy the land and develop eight homes at Calle Puentecillo 29, in Canillas (Hortaleza, Madrid), next to Parque Conde Orgaz. The security is a pledge over the developer's shares: there is no mortgage over the asset.

The term is 21 months with an optional nine-month extension. The rate is 12% a year and 14% during the extension, which the file translates into a total 21% over the initial term or 31.5% if the extension is used in full; these estimates are subject to investment risk and are not guaranteed. A 3% annual rate is paid quarterly and the remaining interest, together with the principal, in a single payment at maturity. Default interest is 16%.

Asset Description, Planning Progress and Commercial Traction

The plot has 847 m² of urban land and 1,014 m² of buildable area. There are six homes on the first and second floors, of 100 to 114 m² of usable area, and two penthouses of 207 to 214, all with a terrace, at an average of €10,743/m² of usable area. The area has barely any new multi-family development, and the file puts the buildable metre locally above €10,500.

The project is at an early stage: the land is under a private purchase contract signed on 7 April 2026, with 20% of the price paid, pending the public deed and the building permit. There are no works and no marketing, and the file discloses no project timetable. There is a positive property and planning due diligence by Ramón y Cajal Abogados.

Financial Architecture, Coverage Ratios and Real Security

The scheme's numbers reconcile: €9,445,375 of cost, €11,294,155 of estimated sales and €1,848,780 of profit, 16% on sales. The "calculated market value" the file discloses is that same sales figure, not a valuation. And those sales work out at €11,138 per buildable metre, above the average marketing price the file itself states.

The €350,000 is part of a €4,500,000 financing structure, of which €2,000,000 is already covered. What remains unexplained is where the €4.95 million between that financing and the scheme's total cost will come from. The pledge covers a percentage of the share capital equal to the loan's weight in that financing, 7.8%, and is not security over the property: the SEGO deals we have covered this year — Guadarrama, Alfonso XIII, Marbella, Illescas — all carried mortgage security. In the developer's favour: Grupo Trinosa has more than 20 years behind it, close to 2,000 homes built and company assets of over 10 million, and it has already repaid two deals on the platform in full, Móstoles I and II, more than two years ago.

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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