Pre-opening | SodaCrowd finances the upfront costs of 28 homes in Foios (Valencia) with €600,000

14/10/2026 – ⏱ 3 min

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

SodaCrowd is preparing a €600,000 bridge loan secured by a first-ranking mortgage to finance the upfront costs of a 28-home development at Carrer Ausiàs March 28 in Foios (Valencia). The borrower is Sanmar Foios SPV, which owns the land free of encumbrances.

The term is nine months plus a three-month extension without penalty, with early repayment possible from month 6 and quarterly interest payments. The simple annual interest rate is 12.5%; this estimate is subject to investment risk and is not guaranteed. The three return figures in the file are consistent with one another: that 12.5% gives a 9.4% total return over nine months and an IRR of 13.1% owing to quarterly compounding. No opening date or rating has been published.

Asset description, construction progress and sales traction

The asset is a consolidated urban plot of 808 m² with 2,374 m² of buildable area, on which a multi-family building is planned with a basement for garages and storage rooms, a ground floor and two upper storeys, with one- to three-bedroom homes, a few metres from the metro station that connects with Valencia. The building licence was applied for on 2 October 2026 and has not been granted; neither construction nor marketing has started.

Repayment does not depend on selling homes, but on bank financing and equity coming into the development once the technical and administrative milestones have been reached: this is a different risk from that of a construction loan. The full project model forecasts €7,315,000 in revenue — €261,250 per home, around €3,081/m² — against €6,511,591 in outgoings, a margin of €803,409, equivalent to 11% of revenue. Sanmar has already developed Campolivar with the platform, an operation that has been repaid, and has Picanya under development.

Financial structure, coverage ratios and security

The drawdown breakdown allocates the €600,000 as follows: €226,361 to recapitalisation (38% of the loan, which goes back to the developer), €160,476 to the licence and technical costs, of which €75,303 is the construction tax, €65,340 to pre-construction management, €75,000 to a twelve-month interest reserve, €36,300 to the SodaCrowd fee and around €26,500 to stamp duty, notary, registry, lawyers and the security agent, plus €10,000 for contingencies. The items add up to exactly the loan amount. In other words, the operation finances its own interest in advance and returns more than a third of the amount raised to the developer.

The security is a first-ranking mortgage over the land, valued by Euroval on 20 September at €1,094,154 in accordance with Order ECO/805/2003, from which the 54.8% LTV is derived. It is worth noting that this valuation is 32% above the €825,862 that the model itself records as the land purchase. Drawdowns are released against a certificate or proof of payment, there is a security agent and the file states that there are no other debts or charges ranking ahead of the loan.

Non-sophisticated investors have a four-calendar-day pre-contractual reflection period to revoke their offer without penalty. This is crowdfunding, not a deposit or a guaranteed savings product: it carries a risk of illiquidity and of total or partial 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 and 97/9/EC. Investors may not recover the capital contributed.

Realty Investor

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.