Pre-opening | Urbanitae opens Tranche B to finance the completion of a villa in La Quinta, Benahavís (Málaga) through a €2,125,000 loan

03/07/2026 – ⏱ 3 min

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

The crowdfunding platform Urbanitae is preparing the opening of Tranche B of a loan intended to finance the construction of a villa in the La Quinta urbanization, in Benahavís (Málaga), whose Tranche A was financed by Urbanitae investors in June 2024. The operation is structured as a loan granted by Urbanitae investors to the company Ellen Properties International 2020, S.L., and the project is promoted by Puro Properties. Investors should keep in mind that any expected return is inseparable from the corresponding risk, which is described below.

The total loan amounts to a maximum of €4,390,000, committed in two tranches: a Tranche A of €2,265,000 (formalized in June 2024) and a Tranche B of €2,125,000. This call activates Tranche B, intended to finance the pending construction costs through the completion of the villa. Tranche B has a fixed simple annual interest rate of 11.25%; the return of the operation is subject to investment risk and is not guaranteed. The term is 9 months, with an option for a 6-month extension at maturity, and a minimum interest return equivalent to 7 months. Interest and principal are paid at maturity; the portion allocated to construction costs is drawn down through monthly works certifications, subject to the favorable report of the Project Monitor, and total early repayment is allowed at any time, subject to the 7-month minimum return.

Asset Description, Construction Progress and Exit Strategy

The asset is a villa on the front line of the La Quinta golf course, with views of the course and the sea, with 878 m² built on a 1,090 m² plot. It has five bedrooms, five bathrooms, a garage for three vehicles, a private pool, an elevator, a cinema room, a gym, an outdoor barbecue and an equipped kitchen. The villa was acquired by the developer in 2022 with a building permit; the execution project and the license name change were approved by the city council in August 2023, and the works began in the second half of 2024 with the Tranche A financing. The project is at a 60% construction progress, with the structural works completed.

The completion of the works is estimated for the first quarter of 2027 and the sale of the asset for the second quarter of 2027; marketing is expected from the end of 2026. The equity invested in the project to date amounts to approximately €1,780,000. The investors' exit will occur through the sale of the villa once the works are completed. The developer, Puro Properties, is a Swedish joint venture with a presence in Spain since 2009 and experience in the marketing of projects on the Costa del Sol and in the development of homes in Sweden.

Financial Structure, Coverage Ratios and Collateral

The operation is structured via debt and has a Loan-to-Value (LTV) ratio of 54%. The collateral package includes a first-rank mortgage over the asset, a first-rank pledge over the borrower's shares, a control pledge over its current accounts and a sale mandate in favor of Urbanitae investors. The operation incorporates the Project Monitor figure, who reviews the works certifications, construction progress and possible deviations in time and cost, and approves the monthly disbursements.

Among the risks identified in the documentation are the risk of deviations in the timeline —the development phase was extended as the start of the foundations coincided with a period of torrential rains in Marbella, for which two additional extensions have been approved— and the risk of deviations in construction costs, with contingencies of approximately €300,000 already materialized and financed against Tranche A.

In compliance with the European Crowdfunding Regulation (EU) 2020/1503, it is recalled that non-experienced investors have a four-calendar-day 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 risks of illiquidity and partial or total loss of principal; this vehicle is not supervised by the CNMV or the Bank of Spain, and lacks the coverage of the deposit guarantee fund or the investor compensation scheme.

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