wecity covers Mijas Phase II in fifty minutes, but falls 100,000 € short of the target

30/10/2026 – ⏱ 2 min · By Realty Investor Editorial Team

Phase I of the same project needed sixteen days; the works are above 57 % and there is still no signed sale

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

Fifty minutes. That is how long wecity took to raise 700,000 € for the second phase of the purchase and refurbishment of 23 terraced homes in Mijas (Málaga), at a pace of 14,000 € per minute. The platform has not published how many investors took part.

That figure has to be read against the target: the phase asked for 800,000 €, so the raise falls 100,000 € short, at 87.5 %. Even so, the speed contrasts with Phase I of the same project, which in August needed sixteen days to cover its 1,600,000 €, at some 69 € per minute: this one has gone two hundred times faster.

The developer is Skorpio Samica, of Grupo Skorpio. They are 23 terraced homes of around 80 m² built on average, with the permit granted and the works above 57 % complete, against 25 % in July.

Commercially, by contrast, there is no progress: no signed sale is recorded. In July the developer had just started marketing with zero of 23 units sold, and now the sheet speaks of "several interested parties", specifying that it is waiting for the works to advance before formalising sales. Repayment of the loan depends precisely on them.

The operation is a loan: investors lend the money to the developer through the platform, which repays it with interest at the end of the term, here seven months plus three of extension, with four of lock-in and a fixed rate of 10 % per year that gives an estimated total return of 5.83 %. The security is a first-ranking mortgage. It is worth knowing that part of the money reimburses the purchase of two homes the developer had already acquired, and that the 4 % plus VAT success fee and the mortgage costs are financed inside the loan.

With 700,000 € instead of 800,000, the amount drawn on the 3,200,000 € facility rises to 2,300,000 €, the loan against the 8,082,501.55 € completed-state appraisal stands at 28.5 % and the weight of the developer's 2,078,671 € of equity rises to 47.5 %. It has not been published which budget line absorbs the missing 100,000 €.

Investing in real-estate crowdfunding carries the risk of losing part or all of the capital: the money is locked up until maturity, returns are not guaranteed and there is no deposit guarantee fund cover. Non-sophisticated investors have four calendar days to withdraw their investment offer without penalty.

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