The Manager of this project is BEHIKE CAPITAL, a company specialized in the promotion and management of new multi-family housing. Based in Madrid, it concentrates its activity mainly in this city and its metropolitan area, although they occasionally promote in other major Spanish cities.

With more than 25 years of experience in the sector, they have developed and delivered more than 1,500 homes. They currently have 6 projects under development to deliver more than 250 homes between Madrid, Mallorca, Bilbao or Granada.

This project is the second project to be financed on the Platform after the América (Móstoles) project, which is under development.

Urbanitae investors will enter the project through the granting of a mortgage loan committed in 2 tranches. Tranche B has a fixed annual rate of 9.875% and a term of 12 months with a possible extension of 6 months in month 12.

The exit of Urbanitae investors is expected to occur through the granting of the Developer Loan once the milestones required by the bank are reached.

STRUCTURE

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

The total amount of the gross loan amounts to 3,435,000 €, fully financed by Urbanitae investors. The total loan will be structured in two tranches, whose main characteristics are as follows (you can consult more information in the document "Fundamental Data of the Investment"):

•          Total loan amount: up to a maximum of 3,435,000 €, committed in two tranches:

I. A first tranche or Tranche A, for an amount of up to 2,110,000 €, formalized in September 2025.

II. A second tranche or Tranche B, for an amount of up to 1,325,000 €.

•          Fixed annual simple interest rate of 9.875% for Tranche B.

•          Term of 12 months + 6 months extension for Tranche B.

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

 •         Resulting leverage ratios: (i) LTC equivalent to 51.7% until our refinancing; (ii) LTV equivalent to 49.3% on the current appraisal of the underlying asset whose value is conditioned to the grouping of the two plots.

Total early repayment will be allowed at any time, subject to a minimum guaranteed return for the Loan equivalent to 6 months of interest. An extension of 6 additional months is allowed at month 12 of Tranche B.

Regarding the guarantees for the repayment of this loan, the following is established in the debt contract: 

•          First rank mortgage guarantee on the underlying asset of the project

WHY INVEST?

There are several reasons to invest in this project:

•          The collateral asset of the loan is a plot in Barajas, Madrid, with an appraisal value c. 2x times the amount of the loan from Urbanitae investors LTV of 49.3%.

•          Broad experience of the developer developing similar projects in Madrid and its metropolitan area, with a solid track record that supports the project.

•          New construction project in Barajas with a single new construction comparable identified in the area that is practically fully sold, so a solid commercial traction is estimated.

•          The return that the investor will get will be 9.875% per year.

•          The project has a first rank mortgage guarantee on the underlying asset free of conditions once Tranche B is signed.

MARKET

A market study has been carried out to determine if the selling prices proposed by the manager are reasonable.

There is information available about 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 12 months with a possible extension of 6 months in month 12.

•          September 2025, granting of Tranche A by Urbanitae investors and first payment for the purchase of the asset.

•          December 2025, application for building license.

•          March 2026, granting of Tranche B to attend the deferred payment of the sale and complete the acquisition of the asset.

•          H2 2026, obtaining the building license and marketing of the project on plan. Fulfillment of the milestones set by the bank for the granting of the developer loan and refinancing of the loan from Urbanitae investors.

RISKS

All investments carry a risk. We detail the clearest risks we have identified for this project: 

•          Risk of deviations in license terms. This risk is mitigated by the fact that it has already been requested and is expected in the coming months. Also, it is a developer with extensive experience developing similar promotions in Madrid, with its own team in charge of rigorous supervision and control of deadlines and milestones. In addition, a technical Due Diligence was carried out by an independent provider that validates the developer's license acquisition hypotheses. On the other hand, a few additional months of contingency have been included in case there is any delay.

•          Commercial risk in the sale of homes off-plan, consequently causing a delay in the entry of the developer loan and therefore a delay in the repayment of the loan. To mitigate this risk, a commercial analysis of the promotion was carried out by a reputable external provider that validates the price hypotheses and expected sales rates. Also, the developer has an experienced internal sales team specialized in the area, which adds to the virtually non-existent supply of new construction in the area. To date, there has been strong commercial interest in the project.

•          Risk of bank refinancing to complete the promotion. To mitigate this risk, a commercial analysis was carried out by an independent provider that validates the commercial hypotheses and a technical analysis to validate the costs and terms for obtaining a license, also, the developer has extensive experience in the area and relationship with several banking entities. Therefore, it is considered a project financeable by banking entities.

•          Possibility of change of the agreed conditions. This risk includes potential substantial changes that take place from the start of the financing campaign until the formalization of the loan contract, in which case the project would be canceled and the investment returned.

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Warnings and Risks

Urbanitae Real Estate Platform (Urbanitae) does not hold the status of an investment services company, or 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 recommendations to 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 manager 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 project investment, the deadline for collection 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 manager 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:

•          Partners of Urbanitae 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, under 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.