The operation consists of granting a loan intended for the refinancing of an existing loan, the completion of works and a small recapitalization of funds for the developer intended to buy back minority shareholders in the operation on two luxury villas with a degree of progress of around 60% and 70%, respectively: 

(i) Villa Infinity, located in the prestigious private urbanization of Vista Alegre, in the municipality of Sant Josep de Sa Talaia, Ibiza

(ii) Villa Caleta, located in Sa Caleta, in the municipality of San Josep de Sa Talaia, Ibiza 

The promoter of this project is a platform specialized in the development and management of premium real estate assets for private and institutional investors. It has a broad international track record, with presence in more than 9 countries and solid experience in high-end residential projects in Spain and Italy.

The group has managed more than 70 million euros of capital, administered more than 75,000 m² of built area and completed more than 15 operations in total in 'club deal' format.

As of today, the developer has invested own funds (Equity) in the project amounting to € 3,160,672, intended for part of the acquisition of assets, part of the executed works development and general project costs.

Urbanitae investors will enter the project through the granting of a committed mortgage loan in a single tranche. 

The gross loan amount from Urbanitae and external co-investors to the platform will be up to € 9,460,000, with a fixed annual rate of 10.0%, a term of 18 months, and the possibility of two extensions of 6 months, in month 18 and in month 24, respectively subject to the fulfillment of certain milestones. Likewise, a minimum return of interest equivalent to 9 months is established. 

The exit of Urbanitae investors is expected to occur through the income generated by the sale of one or both villas.

The marketing will be carried out through a multichannel strategy supported by international agencies specialized in the prime residential market of Ibiza.

STRUCTURE

This operation will be structured via debt, where Urbanitae Investors will grant a fixed rate loan to the company DOS MIURAS HOLDING, S.L.

The total gross loan amount from Urbanitae and external co-investors to the platform will be up to € 9,460,000, to be fully financed by Urbanitae investors. The total loan will be structured in a single tranche, whose main characteristics are the following (you can consult more information in the document "Fundamental Data of the Investment"):

• Simple annual fixed interest rate of 10.0%.

• Total expected return of 15.0%. 

• Loan term: 18 months with two possible extensions of 6 months in month 18 and in month 24. In the last extension the interest will increase by 0.5%, that is, it will go from 10% to 10.5%.

• Interest and principal of the loan will be paid at maturity (interest will begin to accrue from the moment of the formalization of the loan contract).

• The part of the loan intended to finance construction works will be made available to the developer through work certifications, subject to the favorable report issued by the Project Monitor.

Total early repayment will be allowed at any time, subject to a minimum return equivalent to the principal and 9 months of interest. 

Regarding the loan guarantees, the following is established in the financing contract: 

• Real guarantee of first rank mortgage on the properties subject to the financing, with Mortgage Responsibility of 125%. 

• Private contract of first rank pledge on the shares of the Borrower SPV.

• Private contract of first rank pledge on the bank accounts of the Borrower SPV.

• 100% cash sweep of the income generated by the sales of any of the houses, which will be used to repay the loan.

• Sale mandate in favor of the Lenders enabling the sale of the underlying assets at a price equivalent to 85% of the last appraisal value. The mandate is activated as soon as one of the 3 following events occurs: (i) month 18 if the first extension does not occur, (ii) month 24 if the first extension is executed or (iii) in the event of any contract breach. 

In the framework of the Technical Due Diligence carried out by an independent advisor, it has been identified that the urbanization of Vista Alegre is currently immersed in an administrative process of urban regularization, which has generated a temporary pause in the processing of new licenses, including the First Occupation License (LPO).

To address this situation, the developer, together with the Compensation Board of Vista Alegre owners, is already actively working with urban advisors and the City Council with the aim of normalizing the process in the coming months. According to the available information and the experts consulted, this is a usual administrative procedure in this type of urban areas and its evolution mainly depends on the deadlines of the public administration.

The loan has been structured with a conservative term (18 months, with the possibility of two extensions) precisely to provide an additional safety margin in the project schedule.

As in all debt projects, the figure of the Project Monitor, who will review the work certifications, progress in construction, possible deviations in time/cost and who will in turn approve the loan disbursements, is incorporated into this project.

WHY INVEST?

There are several reasons to invest in this project:

• Very attractive locations of the underlying assets. Both located in the municipality of Sant Josep de Sa Talaia (Ibiza), one of the most exclusive residential markets in Europe, with strong international demand and structurally limited supply.

• High degree of work progress (~60% and ~70%), with structures completed, which significantly reduces the risk of deviations in time and cost (execution risk).

• Developer specialized in luxury residential with extensive international experience, with a proven track record in the number of projects delivered in >9 countries including Spain and Italy.

• Solid guarantee package, with first rank mortgage on both assets, pledge of shares, pledge of accounts, total cash sweep from sales and sales mandate.

• Attractive risk-adjusted return, with a solid guarantee package and a minimum guaranteed return equivalent to 9 months of interest.

MARKET

An exhaustive market study has been carried out to determine whether the sale prices proposed by the developer are reasonable. In turn, a commercial Due Diligence has been carried out by an external agent who has issued a favorable report corroborating the proposed prices. 

There is information available on the market within the "Sales Witnesses" documentation, where you will find a list of homes for sale in the area.

WHEN WILL I RECOVER THE INVESTED MONEY?

The estimated term of this project is 18 months with two possible extensions of 6 months, the first in month 18 and the second in month 24.

• February 2026: formalization of the Urbanitae loan and cancellation of the existing loan.

• First half of 2026: completion of construction and finishing works and start of the active marketing phase.

• Second half of 2026: obtaining the First Occupation License (LPO) of Villa Caleta and start of the first delivery and notarization operations. In the case of Villa Infinity (Vista Alegre), the obtaining of the LPO is subject to the administrative calendar of urban regularization of the area. This risk has been identified in the Technical Due Diligence and is mitigated by the conservative term of the loan, the continuous technical monitoring of the Project Monitor and the actions currently underway by the developer and the Compensation Board.

• Third quarter of 2027: expected repayment of principal and interest to investors through the income generated by the sale of the assets.

RISKS

All investments carry a risk. Below are the main risks identified for this project:

• Commercial risk due to delay in the sale of the assets, which could impact the repayment schedule of the loan. This risk is mitigated by marketing through agents specialized in this type of assets in the Ibiza market and in particular Sant Josep. In the Commercial Due Diligence we have been able to verify the strong attractiveness of the Sant Josep market, and the report supports the prices and estimated sales times of the business plan.

• Risk of delays in the project schedule derived from administrative and execution conditions, especially in relation to obtaining the First Occupation License, derived from the urban regularization process currently underway in the Vista Alegre Urbanization area. This risk has been identified during the Technical Due Diligence and is substantially mitigated thanks to: (i) the advanced state of work of the asset, (ii) the measures already adopted by the developer in coordination with the Vista Alegre Compensation Board and the Sant Josep de sa Talaia City Council to unblock the administrative process, (iii) the confirmation of the willingness of all parties to solve the situation as soon as possible, (iv) the continuous monitoring that will be carried out by the Project Monitor and (v) the structure of the loan, which contemplates an initial term of 18 months with two possible contractual extensions.

• Risk of deviations in construction costs and final finishes derived from technical contingencies inherent to the work. This risk is mitigated by the control of work certifications by the Project Monitor and the current degree of progress of the work of both assets that limits the margin of contingencies and deviations from the project. Likewise, it has been negotiated that the provisions of the financing derived from the works will be made when the work is at a degree of progress of 90% and 100%, respectively, the promoter must cover any deviations that may occur with their own capital. 

• Risk of material modifications in the conditions of the operation prior to closing, which could imply the cancellation of the project. In this scenario, the funds contributed by the investors would be returned.

---------------------------------------

Warnings and Risks

Urbanitae Real Estate Platform S.L. (Urbanitae) does not hold the status of an investment services company, nor a credit institution and is not attached to any investment guarantee fund or deposit guarantee fund. The information published by Urbanitae Real Estate Platform on its Website is for informational purposes only and can in no case be considered as an investment recommendation to potential investors.

The crowdfunding projects published by Urbanitae on its Website are not subject to authorization or supervision by the National Securities Market Commission or the Bank of Spain, therefore, all the information provided by the promoter in relation to the projects has not been reviewed by them.

Urbanitae expressly informs that, in case of non-compliance with the total volume of investment of the project, the deadline for fundraising may be exceeded by up to 25%, maintaining the same investment conditions. Likewise, the project may be financed by Urbanitae when at least 90 percent of the financing objective has been reached, once the participation in the project that the platform itself may have is discounted. 

Investing in the projects published on this Website may entail certain risks, such as, the risk of total or partial loss of the invested capital, of not obtaining the expected monetary return or of lack of liquidity. Therefore, we warn investors to only invest an amount they are willing to lose and we suggest they diversify their investments to minimize and mitigate potential risks. In the event that the promoter is unable to return or remunerate the funds received, Urbanitae will not return the investors their investment made.

This project will be open to any investor registered in Urbanitae, and any of the following registered persons may invest in it:

• Urbanitae partners who own at least 20% of the share capital or voting rights;

• Managers or employees of Urbanitae;

• Individuals or legal entities linked to these partners, managers or employees by control.

In this regard, Urbanitae guarantees that the investments of any of these people will be made through the platform, on the same terms and conditions as any other investor, without receiving any preferential treatment, or privileged access to information compared to the rest of the investors registered in Urbanitae. In accordance with the Internal Code of Conduct of Urbanitae, these investors are obliged to internally communicate these operations.

Once the investment in the project is closed, Urbanitae will provide in the project's investment area information about the amount invested by these investors, the type of investor who has made the investment and the percentage it represents with respect to the total financed, always complying with the data protection policy.