Pre-opening | SEGO Real Estate Opens a Second €850,000 Operation on the Alfonso XIII Home (Madrid)

21/09/2026 – ⏱ 3 min

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

SEGO Real Estate is preparing a loan secured by a first-ranking mortgage over a home on Avenida de Alfonso XIII, in Madrid, intended to clear the charges currently registered against it. The developer is Solescan Integral, S.L. This is the second operation on this asset: in early September the platform closed another of €750,000 with the same purpose. It should be remembered that any reference to return is inseparable from the corresponding risk, which is set out below.

The target is €850,000, over 17 months extendable by six more, at a fixed rate of 12.5% per annum with default interest of 20%. Principal and interest are repaid in a single payment at maturity. The platform puts the total return at 17.70% over 17 months and 23.95% if the extension is exercised; this estimate is subject to investment risk and is not guaranteed. No opening date, minimum investment or internal rating is stated.

Asset description, security and borrower

The security is a first-floor home at number 196 Avenida de Alfonso XIII, valued at €2,909,450 in June 2026. The fact sheet describes the area as established and residential, with transport and services, but provides no floor area or market comparables to test the valuation.

Solescan Integral, S.L. reports more than a decade of activity in energy efficiency and photovoltaic installations; the fact sheet records no real estate development experience. It will act as asset manager and be responsible for clearing the charges. The documentation does not explain how the loan will be repaid at maturity — sale, refinancing or otherwise — nor the relationship between the developer and the property. The risks section reproduces generic text about construction costs and sale prices that does not apply to this operation.

Financial structure, coverage ratios and security

The fact sheet contains material inconsistencies. It puts the funding target at €750,000 in one section and €850,000 in another, and in both cases states an LTV of 55%. Against the €2,909,450 valuation, €850,000 equals 29% and €750,000 equals 26%. The 55% only works if both operations are added together, €1,600,000, which indicates that both debts would coexist on the same property. The documentation does not clarify whether they share the first-ranking mortgage, in what order each would be repaid, or whether the new loan fully or partly cancels the previous one.

The mortgage is granted in favour of a security agent on behalf of investors. Until the platform clarifies the structure, the reasonable coverage reference is the combined 55% exposure, not that of this operation in isolation.

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, of borrower default 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.