The manager of this project is SUBA, a development company belonging to the Sinerba Group, specialized in the comprehensive development of real estate projects. The company manages the entire cycle of assets, from the identification and acquisition of land to financing, technical development, construction, and final marketing.

SUBA mainly operates in residential development and tertiary projects, including logistics, retail, hotels, and flexliving developments, with a prominent presence in Andalusia and other parts of Spain. Its model relies on the construction capacity of Bilba Constructora and the business structure of the Sinerba Group. 

The asset subject to financing consists of two residential plots with a total area of 1,643 m² with a construction at 30% progress that was halted in the 2008 financial crisis. Today, the land is owned by SAREB and is free of charges. 

The construction progress is over 30%, with the structure and exterior enclosures completed. The construction is in good condition and free of tenants, allowing the resumption of work once the sale is completed. 

The project consists of 32 multifamily homes distributed in two independent blocks of 19 and 13 units respectively. The homes will have 2 and 3 bedrooms, storage room, and parking space. 

The project has a valid Building License, pending the presentation of the execution project to the City Council and the payment of the corresponding fees.

The marketing of the homes will begin in the coming months and will be carried out through the management group that has a specialized internal team. 

The developer has signed a deposit contract and must attend the sale during the month of June. 

The construction will be carried out by Bilba Constructora, a company belonging to the management group with extensive experience in the development of multifamily promotions in Malaga and the Costa del Sol, which ensures control over costs and project deadlines. 

The project developer commits a total capital of 2.26 M€ for part of the acquisition costs and construction costs. Urbanitae investors will enter the project through the granting of a mortgage loan of up to 4.32 M€ committed in 3 tranches, to finance part of the acquisition and construction costs and general costs for the completion of the project. 

Tranche A will have a fixed annual rate of 10.75% and a term of 21 months with a possible extension of 6 months in month 21.

The exit of Urbanitae investors is expected to occur through the income from the sale of the homes.

STRUCTURE

This operation will be structured via debt, where Urbanitae Investors will grant a fixed-rate loan to the company SPV SUBA LA SIERRA, S.L.

The total amount of the gross loan will amount to up to 4,320,000 €, contributed entirely by Urbanitae investors. The total loan will be structured in three 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 4,320,000 €, committed in three tranches:

I. A first tranche or Tranche A, for an amount of up to 1,360,000 €, contributed entirely by Urbanitae investors. 

II. A second tranche or Tranche B, for an amount of up to 1,610,000 €, contributed entirely by Urbanitae investors.

III. A third tranche or Tranche C, for an amount of up to 1,350,000 €, contributed entirely by Urbanitae investors.

• Simple annual fixed interest rate of 10.75% for Tranche A.

• Loan term: 21 months + 6 months extension for Tranche A.

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

• The part of the loan intended to finance construction works will be disposed by the promoter through monthly 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 of interest for Tranche A equivalent to 12 months of interest. 

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

• First rank mortgage on the underlying asset of the financing, with mortgage liability of 140% of the principal amount of the debt.

• First rank pledge on the Borrower's social shares.

• First rank pledge without intervention of funds on the Borrower's bank accounts.

• First rank pledge on the project's VAT account.

• Equity Commitment Letter.

• Joint corporate guarantee granted by the Parent Company of the Group or related companies for an amount of c. 1.6 M€.

As in all debt projects, this project incorporates 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 monthly loan disbursements.

WHY INVEST?

There are several reasons to invest in this project:

• First rank mortgage guarantee on the properties subject to the financing.

• Solid experience of the managing group and first level contractor, with a wide track record in Malaga and the Costa del Sol.

• Building license in force and a degree of progress greater than 30%. 

• Strong commercial attraction, as there is a scarce offer in the area. 

• An annual return of 10.75%, with a minimum return equivalent to 12 months of interest.

MARKET

A market study has been carried out to determine if the selling prices proposed by the manager 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 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 21 months with a possible extension of 6 months in month 21.

• June 2026, loan concession by Urbanitae investors to partially finance the acquisition and completion of the Project's works.

• Second quarter 2026, resumption of construction works and start of marketing.

• Fourth quarter 2027, completion of construction works.

• First quarter 2028, delivery of the homes and repayment of the loan to Urbanitae investors. 

RISKS

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

• Commercial risk derived from a possible delay in sales, which could cause delays in debt repayment. This risk is mitigated by the solid experience of the managing group in marketing similar assets, the scarce supply of new construction product in the area and high demand. In turn, a commercial Due Diligence has been carried out which validates the selling price established in the Business Plan and considers a price increase possible.

• Risk of deviations in project deadlines due to possible unforeseen events during the construction phase. This risk is mitigated as it is a work with a degree of progress greater than 30%, which is with the structure and enclosures finished and in good condition. In turn, the main contractor is Bilba Constructora which has solid experience in multifamily promotion. 

• Risk of deviations in construction costs derived from unforeseen contingencies. This risk has been contemplated in the Business Plan by incorporating a contingency reserve equivalent to 10% of the total work budget, intended to absorb possible cost overruns without compromising the financial viability of the project.

• 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 cancelled and the investment returned.

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Warnings and Risks

Urbanitae Real Estate Platform S.L. (Urbanitae) does not hold the status of investment services company, or 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 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 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 investment of the project, the period for raising funds 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 investment made by the investors.

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;

• Directors or employees of Urbanitae;

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

In this regard, Urbanitae guarantees that the investments of any of these persons 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 Urbanitae's Internal Code of Conduct, these investors are obliged to internally communicate these operations.

Once the investment in the project is closed, Urbanitae will provide information in the project investment area 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.