Pre-opening | wecity activates phase III of a €500,000 loan for the refurbishment of 16 tourist apartments on Conde de Vilches (Madrid)

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 phase III of the "Madrid - Conde de Vilches" opportunity. The developer company Edificio Vilches SL is seeking financing for the refurbishment of a building at 5 Calle del Conde de Vilches in Madrid, where 16 tourist apartments will be developed. 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.

This third phase amounts to €500,000, within a loan arranged across three tranches whose two previous phases closed at €680,000 and €550,000. Of the €500,000 now being brought forward, €439,155.00 is allocated to construction costs and the remainder to structuring the loan and other expenses. The transaction sets a fixed nominal annual interest rate of 11.00%, which the platform translates into an estimated total return of 5.5% on the capital contributed; this estimate is subject to investment risk and is not guaranteed. Interest is settled at maturity, the expected term is approximately 6 months and the loan's maturity date is set at 18 March 2027. 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 Operating Strategy

The asset sits on a 422-square-meter plot and totals 680 square meters of built area. The project initially envisaged 21 tourist apartments, a figure reduced to 16 because the scheme does not hold a parking exemption. On the planning side, the project received the Certificate of Conformity from the Urban Planning Collaborating Entity on 11 December 2025, and physical progress on site stands at 39.38% according to the valuation report.

Commercially, no units have been sold — 0 of 16 — since the asset is not intended for sale but to be placed into income. There is an operating agreement with Dobo Homes, a brand linked to the developer, for a mandatory 10-year term at a gross annual rent of €288,000. Repayment of the loan to wecity investors is expected through bank financing once the rental income has stabilised. The documentation itself warns that the delay in granting the building permit forced the start of works to be postponed and that, as a result, a longer repayment period for the project is considered possible.

The project company is Edificio Vilches SL, administered and managed by Dobo Homes, an operator specialising in short- and medium-stay accommodation with a digitalised model that lets guests handle check-in and check-out from their phone, with 24/7 access. Dobo Homes works with apartments, hotels and hostels and also develops flex living projects, with stays from one to eleven months, and reports more than 500 units in its portfolio and a presence in Madrid, Seville, Valencia and Málaga.

Financial Structure, Coverage Ratios and Real Collateral

According to the valuation report issued by Tasa, the asset's current appraised value stands at €1,942,009.16 and its valuation on the Completed Building Assumption (HET) at €2,859,838.18. Against those figures, this third-phase loan determines a loan-to-value on the completed-building assumption of 60.49%, while the first drawdown of €1,350,844.08 gives a first-drawdown LTV of 69.55%. The developer has contributed €672,317.30 in equity to date at the point of acquisition, equivalent to 27.99% of the total funds required to develop the project.

The main collateral is the first-rank mortgage registered over the property at 5 Calle Conde de Vilches. 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; the loan amount is held in an escrow wallet opened by the developer company at the payment institution Lemonway and released in stages as the verifying entity authorises each drawdown. The costs of constituting the mortgage — taxes, notary, agency, registry and security agent — are financed within the opportunity's own amount. wecity's success fee is 4.50% plus VAT and is only charged if the fundraising completes.

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.

Realty Investor

Gathering platform data month after month and comparing it against homogeneous criteria is precisely the work we are automating at Realty Investor, an application that brings together real estate crowdfunding and crowdlending opportunities in a single environment, with verified information and comparable metrics.

You can already try it: our beta is open, and in it you invest with simulated money, without putting up capital, so you can get to know the market and become familiar with the tool before the version with real investment arrives in a few months.

Download the beta and start following European real estate crowdfunding from a single application.

Realty Investor

Your real estate crowdfunding, in one app.

Discover new opportunities. Invest through leading platforms. Manage your whole property portfolio from a single place.

The Realty Investor beta is now available. Explore the market, discover new projects and get to know the platform with simulated money, without putting in any capital.

Download the beta and start discovering a new way to manage your real estate investments.