Pre-opening | Urbanitae opens Tranche B, worth €1,560,000, to build ten homes in the old town of Estepona (Málaga)

14/09/2026 – ⏱ 6 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 to open the second and final tranche of a loan formalised in July 2025 to finance part of the acquisition and construction costs of a ten-home multifamily development in Estepona (Málaga). The transaction is structured as a fixed-rate loan to the project's special purpose vehicle, secured by a first-rank mortgage over the property. Investors should keep in mind that any reference to return is inseparable from the corresponding risk, which is described below.

The total gross loan amounts to €2,600,000 and is arranged in two tranches. Tranche A, of €1,040,000, was formalised in July 2025 and funded part of the land acquisition costs. Tranche B, now being brought forward at €1,560,000, will finance part of the construction costs and the project's general costs. This second tranche sets a simple annual interest rate of 11.25%; this reference return is subject to investment risk and is not guaranteed. Interest and principal are paid at maturity, and interest begins to accrue from the formalisation of the agreement. Full early repayment is permitted at any time, subject to a minimum interest return equivalent to 18 months (a make-whole clause): this is a contractual term setting the minimum payable if the developer repays ahead of schedule, not a guarantee of return or a protection of the capital contributed. The published offering does not specify the opening date and time of the call or the minimum investment per user, points the investor should verify on the platform itself and in the key investment information sheet before committing funds.

Asset Description, Planning Progress and Commercial Traction

The project consists of acquiring five adjoining registered units and developing a scheme of ten multifamily homes across a ground floor plus three storeys. Five of the homes include a terrace pool and all have a parking space and a storage room, with one- to three-bedroom layouts. The design retains the classical façade style of Estepona's old town. The project holds a building permit in force over the registered plot resulting from the consolidation of the units acquired.

The scheme sits in the historic centre of Estepona and is, according to the transaction documentation, the only new-build development in the entire old town. It is a two-minute walk from Plaza del Reloj and five minutes from the seafront promenade, close to the new social centre under development. Estepona, on the Costa del Sol, has more than 20 kilometres of coastline, an old town with restaurants, cobbled streets and street murals, and a marina.

Marketing began in July 2025 and the developer currently has five of the ten homes reserved, 50% of the total. The platform notes that the proceeds from delivering those five units would suffice to repay the loan and interest in full. Commercial analysis of the area indicates that the most sought-after product in Estepona matches the scheme's: two- and three-bedroom new-build units. Target total sales amount to €8.6 million and investors will exit through the sale of the homes. The project has undergone a market study and technical and commercial due diligence by external agents, with favourable reports.

The manager is ARG Promociones, a developer and construction company that has carried out construction and refurbishment projects since 1982 and today has a team of more than 50 professionals, focused on residential developments on the Costa del Sol and specifically in Estepona. It works with the architecture practice Complot Arquitectos. This is the second project ARG has financed on the platform, after the Privilege project, funded in May 2025.

Financial Structure, Coverage Ratios and Real Collateral

The developer has already committed capital of approximately €540,000 and will contribute a further €687,000 or so to complete the project alongside the Urbanitae loan; that additional capital will be committed progressively as construction advances. The portion of the loan allocated to works will be drawn down against monthly certificates, subject to a favourable report from an independent Project Monitor who reviews progress and any deviations in schedule and cost and approves each disbursement.

The security package includes a first-rank mortgage over the financed property, with mortgage liability equivalent to 150% of the loan principal; a first-rank pledge over the shares of the developing special purpose vehicle; a first-rank pledge over the project's bank accounts held by the borrowing company, without interference with funds; and a pledge over the collection rights on the proceeds of two other developer projects, The Oak and Villa Infinity, to secure the additional capital commitment.

On timescales, Tranche A was formalised initially for 18 months with a further 18-month extension conditional on two milestones: obtaining at least five pre-sales and the building permit. Both have been met, so on reaching the initial maturity in January 2026 the loan extends automatically to July 2027. As for Tranche B, the documentation carries two different figures: the structure section sets its term at 22 months, while the section on recovering the investment refers to an estimated term of 18 months. The expected calendar places the municipal permit and the granting of Tranche B in September 2026, the start of construction in October 2026, its completion in the first quarter of 2028, and handover of the homes together with repayment of the loan in the second quarter of 2028.

The documentation identifies four main risks. Commercial risk, from a possible delay in selling the remaining homes, which the platform considers mitigated by the 50% already reserved and by a commercial due diligence report that, it states, assumes prices and sales rates below the developer's business plan and still covers repayment. Schedule deviation risk, covered by the Project Monitor's supervision. Cost deviation risk, for which the pledge over the collection rights of the two other projects serves. And the possibility that a substantial change in conditions between the start of the campaign and the formalisation of the agreement forces the project to be cancelled and the investment returned. Urbanitae also warns that, if the planned investment volume is not completed, the fundraising period may be extended by up to 25% on the same terms.

In compliance with the European crowdfunding framework, it is recalled that non-experienced investors have a four-calendar-day pre-contractual reflection period during which they may revoke their investment offer without justification or penalty. Urbanitae is neither an investment services firm nor a credit institution and is not a member of any investment or deposit guarantee fund. This is a crowdfunding product and not a deposit or a guaranteed savings product. Real estate credit transactions carry risks of illiquidity, of not obtaining the expected return and of total or partial loss of principal; this vehicle is not supervised by the CNMV or the Bank of Spain, the information provided by the manager has not been reviewed by those institutions, and it lacks the coverage of the deposit guarantee scheme provided for in Directive 2014/49/EU and of the investor compensation scheme provided for in Directive 97/9/EC. Investors may not recover the capital contributed.

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