Pre-opening | Wecity opens the €1,200,000 second phase for the plots of 302 homes in Telde

14/10/2026 – ⏱ 3 min

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

Wecity is preparing the second phase, of €1,200,000, of a €3,500,000 first-ranking mortgage loan for the earthworks and the start of construction on the plots for 302 homes in Las Huesas (Telde, Gran Canaria). The borrower is Serenea by Unik, managed by Unik Desarrollos Inmobiliarios.

The target is €1,200,000 in 30 days at most, and the platform reserves the right to go ahead if 90% is covered. The annual interest rate is 11.00%, plus 4% default interest, and principal and interest are paid at maturity; that remuneration is subject to the investment risk and is not guaranteed. The two documents 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. Both provide for a mandatory minimum term of six months and a six-month extension.

Asset description, construction progress and sales traction

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 building licence has been applied for but not granted, although the ICIO has already been paid.

Formalisation is conditional on reaching 20% of sales in the Apolo building, a figure the file does not detail. The developer delivered Atlas Seaview, twenty homes, in 2021 and AC3, thirteen, in 2023, both high-end: here it jumps to 302 units that the file describes as very affordable. The first phase, of €2,300,000, was covered in one day on 23 April, also at 11%.

Financial structure, coverage ratios and security

Of the €1,200,000, €1,083,289 goes to technical costs and the start of construction, €40,481 to structuring the loan and €76,230 to the platform fee: 9.7% between the two. The total cost of the phase is €5,298,558, covered by €1,798,558 of developer equity (33.94%), the €2,300,000 of phase I (43.40%) and the current €1,200,000 (22.65%); the three add up to the total, although the information sheet rounds that contribution to €1,800,000.

The security is the first-ranking mortgage, with mortgage liability of 163% of the principal, plus an irrevocable power of sale in favour of the security agent, which only takes effect in the event of default. The dossier states an LTV of 65.77% and labels it “LTV phase II”, but the calculation uses the €3,500,000 of both phases over a current valuation of €5,321,396 that the dossier itself describes as not final; this phase alone would be 22.6%. The valuation report, dated May 2026, values the Apolo building at €3,277,794 today and at €31,651,955 once completed. Nor does the information sheet give the developer's financial figures for the last three financial years: it declares them “N/A”. And its Portuguese version, with the same identifier, titles the project “Telde III”, while the Spanish one titles it “Telde II”.

Non-sophisticated investors have a four-calendar-day pre-contractual reflection period to revoke their offer without penalty. This is crowdfunding, not a deposit or a guaranteed savings product: it carries a risk of illiquidity and of total or partial loss of principal, it is not supervised by the CNMV or the Bank of Spain and it is not covered by Directives 2014/49/EU and 97/9/EC. Investors may not recover the capital contributed.

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