PROJECT DESCRIPTION

The manager of this project is Mölnir Real Estate Group, a real estate investment and development firm backed by Norwegian capital and with an exclusive focus on the Valencian Community. The team is led by a team with over 30 years of experience in venture capital, international investments and construction.

The manager covers the technical, legal and commercial coordination until the delivery of the homes. To ensure a distinctive and high-quality product, it has top-level local collaborators, including ADORAS in the Technical Direction, (a studio linked to all Quadratia projects). This is a high added value development, specifically designed to absorb the acute shortage of new low-density construction on the Costa Blanca.

To align the financing with the urban planning processing times, the bridge loan contemplates an initial base term of 12 months with a single extension option of an additional 6 months (12+6), which provides sufficient margin for the execution of the exit strategy.

The amount of the gross loan (€2,255,000) will be used entirely to finance the partial payment of the asset (whose purchase price amounts to €3,250,000), the payment of the VAT corresponding to the transaction and the debt structuring costs. The manager will contribute, via equity additional, the remaining capital necessary to complete the purchase, as well as the future technical, commercial and construction costs of the development.

The operation ratios reflect a very solid structure: a Loan to Cost (LTC) of approximately 43.6% on the initial acquisition and structuring phase. This debt has a robust package of guarantees, including a first rank mortgage (with a mortgage liability of 1.35x) on the asset, in addition to the pledge of the shares of the vehicle company (SPV) and its bank account.

STRUCTURE AND FINANCIAL CONDITIONS

This operation is structured via debt, where Urbanitae investors will grant a fixed-rate loan to the company MOLNIR PROJECT VI, S.L.

• Gross Amount: €2,555,000, committed in a single tranche.

• Interest Rate: 10.0% simple annual.

• Term: 12 months with an extension option of an additional 6 months in month 12 (12+6).

• Minimum Return (Make-whole): 6 months.

• Amortization: "Bullet", at the maturity of the principal and interest (However, a partial amortization is expected thanks to the VAT refund).

Total early repayment will be allowed at any time, subject to a minimum return of interest equivalent to 6 months of interest and fees.

Regarding the Main Loan Guarantees, the following is established in the financing contract:

• First rank mortgage on the underlying plots, with Mortgage Liability of 135%.

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

• First rank pledge on the bank accounts of the Borrower SPV.

• First rank pledge on the VAT account .

WHY INVEST?

There are several reasons to invest in this project:

●       Quality of the asset: Urban plot consolidated on the beachfront in Cala de l'Amerador, in El Campello (Alicante). Minimal urban risk as it is finalist land (sector UZ-7) with solar condition (shovel-ready), ready to directly process the major work license.

●       Defensive structure and safety margin: The loan has a conservative Loan to Cost (LTC) of 43.6% on the initial acquisition and structuring phase. In addition, the solid business plan of the underlying development estimates a net margin on sales of 14.6%, which provides a significant cushion to absorb possible deviations.

●       Experienced sponsor: Mölnir Real Estate Group is a manager specialized in the Valencian Community that combines great technical and investor experience. It has a network of top-level collaborators to guarantee the viability of the project, especially highlighting the Alicante architecture studio ADORAS.

●       Attractive risk-return binomial: Annual return of 10.0%, with a minimum guaranteed return (make-whole) of 6 months and a solid package of guarantees among which stands out the:

o   First rank mortgage guarantee on the underlying asset, combined with a Mortgage Liability of 1.35x.

o   Pledge on the shares of the vehicle company (SPV) and pledge on the project's bank account.

●       Exit visibility: The cancellation of the loan (structured at 12 months + 6 of extension) has two clear liquidity paths as the project progresses: the collection of the VAT refund from the sale by the Tax Agency and the injection of the final equity that the promoter will continue to raise privately. Additionally, obtaining licenses during this period will greatly facilitate the entry of traditional bank financing (recap) to cover the final stretch of development.

MARKET

A market study has been carried out that confirms that the block marketing dynamics 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 viability of the investment thesis.

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 an option to extend for 6 months (total term of 18 months).

●       July 2026 (July 10, 2026): Granting of the loan by Urbanitae investors and public elevation in the notary of the land purchase.

●       October 2026: Official launch of the marketing campaign and pre-sales of luxury homes.

●       July 2027 (July 31, 2027): Base loan maturity, collection of pledged VAT returns and/or promoter's own funds, and expected repayment of Urbanitae investors.

●       January 2028 (January 31, 2028): Final maturity of the operation in case of executing the 6-month additional extension.

RISKS

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

●       Risk of dependence on the exit strategy: The repayment of the debt depends in part on the raising of additional equity by the promoter. This risk is substantially mitigated since raising private capital for a mature project with a granted license is significantly easier. Finally, it should be noted that the bank has consistently performed recaps on this promoter in the rest of its projects.

●       Commercial risk and pre-sales: The loan provisions will be made before the start of the marketing of the homes, which is scheduled for October. This commercial risk is strongly mitigated because the target price of 6,771 €/m² has been independently validated by the assigned broker (Alegria Real Estate) and triangulated against four comparables in the area (such as Njoy Shore or Nexus Beach). Financially, the exposure is shielded by a conservative Loan to Cost (LTC) of 43.6% on initial costs and a solid first-rank mortgage guarantee with a liability of 1.35x.

●       Administrative risk and deadlines: There is a risk derived from the administration times for obtaining the major work license, estimated by the El Campello City Council between 9 and 10 months. This risk is mitigated as it is a completely finalist urban plot (UZ-7), eliminating previous planning contingencies. In addition, the design is carried out by ADORAS, an architecture studio with more than 10 years of experience in the area. Structurally, to avoid cash flow tensions in the event of municipal delays, the loan (with a base term of 12 months) includes an option to extend for an additional 6 months.

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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;

 • 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 individuals 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 Conduct Regulation 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.