Pre-opening | wecity opens phase II of its loan, worth €740,000, to complete a 9-home development in Pallejá (Barcelona)

10/09/2026 – ⏱ 5 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 to activate the second phase of a transaction in the Barcelona metropolitan area. The developer MAGAR HOME PROMOCIONES SL is seeking financing to cover the construction costs needed to complete a development of 9 homes, 6 parking spaces and 9 storage rooms at Carrer Mare de Déu de Loreto, 47, in Pallejá (Barcelona). The transaction is structured as a loan secured by a first-rank mortgage over the asset. Investors should keep in mind that any reference to return is inseparable from the corresponding risk, which is described below.

The total loan amounts to €1,480,000 and is arranged in two phases, at a fixed rate of 11% per annum and an overall ordinary term of 18 months plus 6 months of possible extension. The call now being prepared corresponds to phase II, worth €740,000, allocated entirely to construction costs, with an ordinary term of 15 months plus 6 months of possible extension and a 6-month lock-up period. The platform puts the estimated total return at 13.75% on the capital contributed; this estimate is subject to investment risk and is not guaranteed. Interest is settled at maturity. The minimum investment is €500 per user and the asset carries an AA rating on the platform's own scale. The published offering does not specify the opening date and time of the call, a point the investor should verify on the platform itself and in the key investment information sheet before committing funds.

Asset Description, Technical Progress and Commercial Traction

The development sits on a 294-square-meter plot and totals 1,292 square meters of built area, with a programme of 9 homes, 6 parking spaces and 9 storage rooms. On the planning side, the building permit was granted in October 2025 and physical progress on site stands at 60.30%, according to the ECO valuation dated 2 September 2026. The transaction finances precisely the completion of those works already under way, not their start.

Commercially, the developer holds 3 reservations across the 9 homes, equivalent to 33% of the total, a figure that incorporates two additional sales compared with those recorded during the first phase of the loan. Repayment of the loan to wecity investors is expected upon formalisation of the sale contracts for the units.

The developer is MAGAR HOME PROMOCIONES SL, a company incorporated in 2021 and based in Sant Feliu de Llobregat, in the Barcelona metropolitan area, engaged in the development and construction of multifamily residential assets. In 2023 the company increased its share capital to €805,100.00.

Financial Structure, Coverage Ratios and Real Collateral

According to the valuation report issued by Gloval Valuation, the asset's current appraised value stands at €2,091,808.94 and its valuation on the Completed Building Assumption (HET) at €3,589,254.11. Against those figures, phases I and II of the loan together determine a loan-to-value on the completed-building assumption of 41.23%, while the first drawdown of this second phase, of €992,531.70, gives a first-drawdown LTV of 47.45%. The developer has contributed €1,231,920.00 in equity to date, applied to the acquisition of the asset, the payment of technical costs and all construction costs executed so far.

The main collateral is the first-rank mortgage registered over the property at Carrer Mare de Déu de Loreto, 47. The constitution, preservation, management, administration and, where applicable, enforcement of the security interests on behalf of investors fall to a Security Agent external to wecity, designated in the loan agreement. The use of funds is supervised by a monitoring firm external to the platform, so the developer must document each drawdown requested.

The documentation also lists the specific risks of the transaction: credit risk from the developer failing to meet payments, sector risk from macroeconomic changes or falling demand, default risk including the possibility of insolvency proceedings — in which case mortgage-secured claims would rank as specially privileged claims under Royal Legislative Decree 1/2020 — the risk of lower or delayed returns, illiquidity risk given the absence of an active trading market for the loan, and other risks outside the developer's control, such as political or regulatory ones. The credit rating comes from an external scoring system weighting developer (25%), project (50%) and collateral (25%) on a scale of 0 to 10; the platform itself warns that its nomenclature is not comparable to that of agencies such as Standard and Poor's, Moody's or Fitch, and that the rating is not a measure of the quality or suitability of the investment and does not replace each investor's own due diligence.

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. This is a crowdfunding product and not a deposit or a guaranteed savings product; the platform itself recommends not allocating more than 10% of net worth to crowdfunding projects. Real estate investments carry risks of illiquidity 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 developer 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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