The manager of this project is Dinarosi Costa Brava, a development company with over 20 years of experience in the sector, specializing in the development of residential assets in the regional scope. The company operates under a growth model consolidated by phases and maintains direct control over operations, technical development, and the construction process of the asset.

Dinarosi Costa Brava focuses its strategic activity on the promotion of residential assets in consolidated locations of the Costa Brava, with a strong presence in Sant Feliu de Guíxols.

The asset subject to financing is located on an urban plot of 1,277 m² with construction already started by the developer, who acquired the land and started the works entirely with own funds. To date, the asset is wholly owned by the company and is free of charges.

The degree of progress of the works is 25%, with the earthworks, the first slab of Block 1 and the enclosures of Block 2 already ready. This allows for direct continuity to the building with the funds from the Urbanitae loan.

The project consists of 28 multifamily homes distributed in two blocks of 14 units each. The homes will have 2 to 4 bedrooms, large terraces, parking spaces, and a community pool. Also, the units have sea views. 

The project has a valid Building License, as well as the Horizontal Division registered in the Property Registry.

The marketing of the homes will be carried out combining the direct management of the developer with specialized local agencies. Currently, marketing has not begun, as the developer aims to maximize the value of the project by selling in more advanced stages of construction. However, the dynamics of the area (shortage of supply for solid demand as confirmed by the DD Commercial report), as well as the developer's previous experience promoting the project on the same street (Ronda Nord 13), of 32 homes and which was completely sold off-plan in 14 months, as well as solid expressions of interest from interested parties, suggest a solid commercial traction of the project. The construction is being carried out by Daleks Construction, a trusted construction company, with over 20 years of experience in residential building and renovations, and a regular partner of the developer in the area along with other contractors such as the local construction company Illas Medes, which ensures strict control over the costs and deadlines of the project.  

The project developer has committed a total capital of €1.86M for the acquisition and part of the construction costs. Urbanitae investors will enter the project through the granting of a mortgage loan of up to €4.50M committed in 4 tranches, intended to finance construction costs and general expenses for the completion of the project.  

Tranche A will have a fixed annual interest rate of 10.0% and a term of 18 months, with the option of an additional extension of up to 6 months. Also, the loan will have a minimum interest period of 9 months guaranteed.

The expected exit of Urbanitae investors will be made through the income from the sale of the homes.

STRUCTURE

This operation will be structured via debt, where Urbanitae Investors will grant a loan to the company DINAROSI COSTA BRAVA, S.L.

The total amount of the gross loan will amount to up to €4,500,000, contributed entirely by Urbanitae investors. The total loan will be structured in four 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 €4,500,000, committed in four tranches:

I. A first tranche or Tranche A, for an amount of up to €1,240,000 

II. A second tranche or Tranche B, for an amount of up to €1,120,000 

III. A third tranche or Tranche C, for an amount of up to €1,070,000

IV. A fourth tranche or Tranche D, for an amount of up to €1,070,000

All tranches will be fully funded by Urbanitae investors.

Main Characteristics of Tranche A of the Loan

• Simple annual fixed interest rate of 10.0%

• Loan term: 18 months + 6 months extension 

• Interest and principal of the loan will be paid at maturity and 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 disposed of by the developer through monthly work certifications, subject to the favorable report issued by the Project Monitor.

Full early repayment will be allowed at any time, subject to a minimum return of interest for Tranche A equivalent to 9 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.

• Promise of mortgage on the 28 parking spaces of the project

• First rank pledge on the social shares of the Borrower.

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

• Cash sweep mechanism of 70% of the net income derived from the sale of the units, intended for the repayment of the loan. The only permitted use of the unswept 30% will be reinvestment in the project, thereby increasing the value of the loan collateral for the benefit of Urbanitae investors.

• Equity Commitment Letter to cover part of the budgeted contingencies and those unforeseen not budgeted in the Business Plan.

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 periodic loan disbursements.

WHY INVEST?

• Attractive project located in one of the most demanded municipalities of the Costa Brava. Solid expected commercial attraction, as there is a scarce offer of new construction in the area (validated in the Commercial DD) 

• Promoter with alignment of interests (c.1.9m€ of capital invested to date and additional contributions with each tranche) and solid experience, including a promotion a few meters from the current project  

• Building License in force and a degree of construction progress of 25% currently.

• Attractive risk/return ratio: Return at a double-digit annual interest rate, guaranteed with a first rank mortgage on the asset (valuation in current state of 4.11m€, which represents an initial LTV ratio of c.30%), among others. Conservative LTV ratio: 47.0% on the HET appraisal value.

MARKET

A market study has been carried out to determine if the sale 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 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 a possible extension of 6 months in month 18.

June 2026, loan grant by Urbanitae investors to partially finance the construction costs and general costs of the Project.

Third quarter 2026, continuation 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 management group in the marketing of similar assets, the scarce supply of new construction in the area, and high demand. In turn, a commercial Due Diligence has been carried out which validates the sale price established in the Business Plan and considers a price increase possible.

• Risk of deviations in deadlines due to unforeseen events during the construction phase. This is mitigated as it is an already initiated project with a 25% progress (earthworks ready and structures in execution) and the licenses granted, which reduces initial uncertainty. Also, the construction is carried out by Daleks Construction, a regular contractor and recurring partner of the developer along with other contractors in the area.

• 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 15% of the total construction budget, intended to absorb possible cost overruns without compromising the financial viability of the project.

• Possibility of change in 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 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 in no case can it be considered as an investment recommendation to potential investors.

The participatory financing 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 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 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's 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.