Wecity Raises €1,200,000 in 100 Minutes and Completes the €3,500,000 Loan for the 302 Homes in Telde

18/10/2026 – ⏱ 2 min

Wecity closes the €1,200,000 Phase II to develop the plots for 302 homes in Las Huesas (Telde), with the licence not yet granted

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

The plots on which 302 homes will be built in Las Huesas, in Telde (Gran Canaria), have raised €1,200,000 of financing on Wecity in 100 minutes, around €12,000 per minute. The platform has not published how many investors took part. With this second phase, the €3,500,000 loan is complete.

Phase I, of €2,300,000, was covered in one day on 23 April, also at 11%: around €1,600 per minute compared with €12,000 now, seven and a half times faster, albeit on an amount almost half the size. The planned fundraising period was 30 days.

The project spreads 302 homes across five buildings on seven plots: Apolo with 194, Hermes 45, Zeus and Atenea 22 each and Hera 19. The money finances the earthworks and the start of construction. The building licence has been applied for but not granted, although the construction tax has already been paid, and the formalisation of the loan is conditional on reaching 20% of sales in the Apolo building, a percentage the file does not quantify.

The operation is a loan secured by a first-ranking mortgage: investors lend the money to the development company, Serenea by Unik, which repays capital and interest in a single payment at maturity, with a target interest rate of 11% per year, 4% default interest, a mandatory six-month term and an optional six-month extension. The two documents in the file do not agree on the term: the key investment information sheet refers to seven months, until 27 April 2027, and the dossier to six, maturing on the 29th. Of the €1,200,000, €1,083,289 goes to technical costs and the start of construction and €116,711 to structuring the loan and the platform fee. The security includes mortgage liability of 163% of the principal and an irrevocable power of sale in favour of the security agent that only takes effect in the event of default. The stated LTV, 65.77%, is calculated with the full 3.5 million over a current valuation of €5,321,396 that the dossier itself describes as not final.

Investing in real estate crowdfunding carries the risk of losing part or all of the capital: the money is tied up until maturity, the return is not guaranteed and there is no cover from the Deposit Guarantee Fund. No guarantee eliminates that risk, and the speed of the raise does not anticipate how the operation will end. Non-sophisticated investors have four calendar days of reflection in which to revoke their offer without penalty.

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