Pre-opening | wecity finances €800,000 for the refurbishment of a 10-home building on Calle Pi i Margall in Lleida at 11.25%

24/07/2026 – ⏱ 3 min

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

The crowdfunding platform wecity is preparing a real estate investment opportunity in Lleida. The operation consists of granting a fixed-rate mortgage loan with a first-rank guarantee to the developer company Terranest Capital S.L., intended to finance the refurbishment works of a building of 10 homes and 2 commercial units located at Calle Pi i Margall, 40. Investors should keep in mind that any reference to return is inseparable from the corresponding risk, which is described below.

Financial Terms of the Operation

The loan amounts to €800,000, with a fixed annual interest rate of 11.25% and a total estimated return of 16.87%; this estimate is subject to investment risk and is not guaranteed. The purpose of the loan is construction work, the term is 18 months, extendable by an additional 6 months, with a 6-month lock-up period and interest paid at maturity. The entire financing will be allocated to the payment of construction costs, with the first drawdown being €167,224. The minimum investment is €500 per user and the asset has a credit rating of A. Repayment of the loan to investors is expected upon the sale and delivery of the homes.

Asset Description, Planning Progress and Commercial Traction

The asset is a building located at Calle Pi i Margall, 40, in Lleida, with a plot area of 194 m² and a built area of 1,088 m². The project contemplates the refurbishment of the property for 10 homes and 2 commercial units. On the planning side, the refurbishment works have been processed through Prior Communications in accordance with the regulations of the Lleida City Council, and will begin once the financing is formalized. On the commercial side, 4 of the 10 homes have already been reserved, representing 40% of the development. The building is located in the center of Lleida, close to the Eix Comercial and to points of interest such as La Seu Vella, the Museu de Lleida and the Catedral Nova.

Capital Structure, Coverage Ratios and Collateral

The developer has contributed to date €688,423 in equity, allocated to the acquisition of the asset, technical costs, interior demolition and permits, against the wecity loan of €800,000. According to the appraisal report prepared by Sociedad de Tasación, the current appraisal (ECO) of the asset amounts to €1,174,042, placing the Loan to Value (LTV) at 68.14% and the LTV on the first drawdown at 14.24%; the market valuation of the completed works amounts to €2,253,056, with a future LTV of 35.50%. The collateral of the operation is a first-rank mortgage over the asset located at Calle Pi i Margall, 40. The constitution, management and, where applicable, enforcement of the collateral on behalf of investors is the responsibility of a Security Agent external to wecity, and the use of funds by the developer is monitored by an external firm, with the use of funds to be justified at each drawdown. The project is promoted by Terranest Capital S.L., a real estate consultancy and investment firm based in Málaga, specialized in the integral management of assets and intermediation in the Spanish market.

It should be noted that the LTV on the current appraisal stands at 68.14%, a relatively high level that only drops to 35.50% if the valuation of the completed works is reached, and that repayment depends on the sale and delivery of the homes.

In compliance with the European Crowdfunding Regulation (EU) 2020/1503, it is recalled that non-experienced investors have a four-calendar-day pre-contractual 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 specific risks, such as illiquidity, the risk of not obtaining the expected return, or the partial or total loss of principal. This crowdfunding project is not supervised by the CNMV or the Bank of Spain, and the information provided has not been reviewed by these institutions. Likewise, the invested capital is not covered by the deposit guarantee fund or the investor compensation scheme.

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