Pre-opening | Urbanitae Opens the €1,560,000 Tranche A for Two Villas in Palo Alto Sur, Ojén (Málaga)

25/09/2026 – ⏱ 3 min

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

Urbanitae is preparing the first tranche of a mortgage loan to GUY 2023, S.L. to build two villas in Palo Alto Sur, in Ojén (Málaga), with Roel Homes as manager. Any reference to return is inseparable from the risk, which is set out below.

Tranche A amounts to €1,560,000 at a fixed 10.5% per annum, over 24 months with a six-month extension option. The committed loan runs to €4,670,000 across three tranches — €1,560,000, €1,460,000 and €1,650,000 — although the fact sheet publishes the rate only for the first. Interest and principal are paid at maturity and construction drawdowns are released monthly against certificates validated by an external project monitor. Early repayment is subject to paying a minimum of 18 months' interest, 15.75%: this is a contractual floor on remuneration, not a guaranteed return, and it depends on the borrower being able to pay it. No opening date, minimum investment or internal rating is stated.

Asset description, construction progress and sales traction

These are two detached houses on plots of 1,077 and 1,129 sqm, each with 668 sqm built over three levels, four bedrooms, five bathrooms, covered parking, a roof terrace, a pool and a garden. The development is a gated estate with a single entrance and permanent security, some 7.5 km from the centre of Marbella.

Both plots hold a valid building permit and earthworks have already started. The timetable allows 18 months of construction to the first quarter of 2028 and completion of the sales in the third, within the 24-month term.

Neither villa is sold. The absorption cited in the file relates to other units by the same developer on the same site: the seven villas of the first phase sold off-plan before works began and, of the eight in the second, two are sold. The expected asking price is €4,000,000 per villa, around €5,988 per sqm built, which the manager places about 20% below a comparable finished villa and which a commercial due diligence commissioned for the purpose considers reasonable.

Financial structure, coverage ratios and security

The security package is unusually broad: a first-ranking mortgage over both villas with mortgage liability of 135% of principal, pledges over the project accounts and over the borrower's shares, an equity commitment letter from the developer, a 100% cash sweep of the proceeds of both villas and of net flows from other homes of the manager in the development, a negative pledge, subordination of shareholder debt, deferral of management fees until repayment, and an irrevocable sale mandate exercisable at month 24 or 30 at a minimum of 80% of the updated valuation.

That last clause refers to a valuation the fact sheet does not publish, so there is no LTV or verifiable asset value. Two LTC figures are given, 45% on granting Tranche A and 69% with the whole loan drawn, without detailing their bases. Against expected sales of €8,000,000, the €4,670,000 committed equals 58% of gross development value. The developer reports around €2.1m of its own funds already paid in before any drawdown, a figure another section rounds to two million.

Roel Homes, founded in 1974 and based in Marbella, is a 50-50 joint venture between Grupo Villarroel and Ibérica Capital Partners and reports 298 units delivered for more than €215m. Urbanitae warns that its shareholders, managers and employees may invest on the same terms, that the fundraising period may be extended by up to 25% if the target is not met, and that the operation may be funded once 90% of it is reached.

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 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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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.

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