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Polarsol Project | Mijas Costa

• Debt project in Mijas Costa, Malaga

• Single Tranche Amount: €5,000,000 // Term: 24 months

• 12.5% Simple annual interest | 25.0% Total return 

• Minimum interests equivalent to 15 months

• Loan guarantees:

1. First rank mortgage on the underlying asset of the project

2. First rank pledge on the project's bank accounts, including the VAT account in which the supported VAT is reimbursed

3. The investment will additionally be covered by a surety insurance that will guarantee the fulfillment of the loan payment obligations. Alternatively, in case such insurance is not formalized, a first rank mortgage will be established on three additional assets of the Manager, with an approximate aggregate appraisal value of € 17.8m.

We present a new project that consists of the granting of a loan to partially finance the acquisition of a plot located in Mijas on which a (i) residential project of 167 units and a (ii) commercial area will be developed. The loan will be used to finance approximately 83% of the acquisition costs of the land.

The Borrower has incurred to date approximately €1.8m in the project as a deposit, which was formalized last January. The deadline to attend the sale and pay the remaining amount is May 29, 2026. As of the signing date of the Loan from Urbanitae investors, the Borrower will have invested own funds in excess of €2.3m.

The land has an area of 25,383 m² and a buildable area of 14,620 m², of which 11,620 m² are for residential use and 3,000 m² are for commercial use. The project consists of the development of a new luxury residential promotion located in the Polarsol urbanization, Mijas, composed of 167 luxury apartments and a commercial space on the seafront.

The expected repayment of the Loan from Urbanitae investors will occur through bank refinancing once the building license has been obtained and the pre-sales threshold required by the bank has been reached.

At the urban level, the project is pending the final approval of the Urbanization Project. It is expected that this final approval will be obtained in the coming months, after defining an agreement with the Ministry of Transport and Sustainable Mobility regarding a couple of accesses to the highway.

Once the Urbanization project is approved, the processing of the (i) Detail Study will proceed, to group the residential use and the commercial use of the land respectively into 2 different plots, and subsequently (ii) Basic Project for its approval and obtaining the Building License.

The plot is located in one of the most exclusive areas of Mijas, Malaga, surrounded by consolidated residential developments, on the seafront with an elevated topography that guarantees panoramic views of the Mediterranean Sea. The area stands out for its proximity to golf courses, beaches, services and quick connections with the A-7 and AP-7, allowing easy access to Marbella, Fuengirola or Malaga airport.

Mijas Costa, in the heart of the Costa del Sol, combines a privileged Mediterranean environment with a strategic location between Marbella and Malaga. Known for its extensive beaches, golf courses and high-level developments, the area has established itself as one of the residential and holiday destinations with the highest demand in the region.