The manager of this project is COGITARI HOMES, a real estate group with over a decade of experience in the design and development of exclusive residential projects, mainly on the Costa del Sol. Founded by Lars Christensen, who has over 30 years of experience in the real estate sector between Denmark and Spain, specifically on the Costa del Sol. 

The company stands out for integrating architectural innovation, sustainability and efficiency, with a focus on the quality of life of its clients. With over 15 projects developed and a highly qualified team, COGITARI HOMES consolidates itself as a benchmark in the sector for its commitment to excellence and long-term value creation. 

COGITARI HOMES has developed luxury residential projects in exclusive locations within Marbella, Benahavís and Málaga. “The Hills 14” is the fifth project we finance on the platform alongside Villa Alcalá, Gate 3, Pinares de San Antón and Alcalá 4 Golf.

The asset is developed on two adjoining plots acquired by the project manager with own funds. The first plot of 2,374 m² has Building License granted in November 2024 for housing and swimming pool. The second plot of 10,982 m² has a license for the development of a series of sports facilities for private use of the house. 

The project promoter commits a total capital of c. € 4.0m. Urbanitae investors will enter the project through the granting of a mortgage loan committed in 3 tranches, to finance part of the construction costs and general project costs. Tranche C will have a fixed annual rate of 9.5% and a term of 12 months with possible extension of 9 months in month 12.

The exit of Urbanitae investors is expected to occur through the sale of the house.

The marketing of the asset will be carried out by a leading real estate agency on the Costa del Sol, on an exclusive basis. The marketing period will begin once a certain degree of progress in construction has been reached, around 60%, as is usual with this type of asset.

STRUCTURE

This operation will be structured via debt, where Urbanitae Investors will grant a fixed rate loan to the company COGITARI HILLS 14, S.L.

The total amount of the gross loan will amount to up to 8,515,000 €, of which Urbanitae investors will contribute up to a maximum of 5,000,000 € per year. The total loan will be structured in three tranches, whose main characteristics are the following (you can consult more information in the document "Fundamental Data of the Investment"):

• Total loan amount: up to a maximum of 8,515,000 €, committed in three tranches:

I. A first tranche or Tranche A, for an amount of 2,400,000 €, formalized in June 2025.

II. A second tranche or Tranche B, for an amount of 2,400,000 €, for an amount of 2,710,000 €, of which 2,600,000 € was committed by Urbanitae investors and 110,000 € by co-investors external to the platform, formalized in February 2026

III. A third section or Section C, amounting to up to €3,405,000, of which €2,400,000 will be raised through Urbanitae investors and the remaining €1,105,000 will be contributed by co-investors who join the existing debt.

 • Simple annual fixed interest rate of 9.5% for Section C.

• Loan term: 12 months + 9 months extension for Section C.

• Loan principal and interest 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 developer 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 Section C equivalent to 9 months of interest. 

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

• First rank mortgage real guarantee on the properties subject to the financing, with Mortgage Responsibility of 150%. 

• Private contract of first rank pledge on the shares of the Borrower SPV.

• Private Contract of first rank pledge on the bank accounts of the Borrower SPV.

• Irrevocable power of sale in favor of Urbanitae investors for an amount of 75% of the current Appraisal value that will be activated in month 36.

As in all debt projects, this project includes 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 two plots of the project, located in the prestigious El Herrojo urbanization, Benahavís (Málaga).

• Advanced Work Degree: The construction exceeds 67% certified, so the phase of greatest risk and technical uncertainty has already been overcome.

• The annual return of 9.50%, with a minimum return equivalent to 9 months of interest (7.12%) for an estimated term of 12 months 

• Manager's experience in similar real estate products on the Costa del Sol. 

• Knowledge and good relationship with the manager, as this is the fifth project to be financed on the platform. 

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 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 9 months in month 12.

• June 2025, signing of Tranche A by Urbanitae investors to the promoter for the construction costs and general project costs.

• February 2026, signing of the Tranche B by Urbanitae investors to the promoter for the construction costs and general project costs.

• September 2026, signing of the Tranche C by Urbanitae investors to the promoter to finance the completion of the construction costs and general project costs.

• First quarter 2027 – Second quarter 2027, completion of construction works.

• Fourth quarter 2027 sale of the villa and repayment of the loan to Urbanitae.

RISKS

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

• Commercial risk derived from a possible delay in the sale of the asset, which could cause delays in the repayment of the debt. This risk is mitigated by the participation of a leading real estate agent in the sector, as well as the backing of the favorable report issued during the commercial due diligence, which validates the sale price set in the Business Plan.

• Risk of deviations in execution deadlines as a result of possible unforeseen events during the construction phase. This risk is mitigated by the participation of an independent Project Manager, responsible for continuous supervision and rigorous control of the schedule, ensuring compliance with established milestones. Additionally, the project has a work progress of more than 67%, which significantly reduces the uncertainty associated with pending execution. Also, Cogitari Homes has a consolidated track record in the promotion and management of similar residential assets on the Costa del Sol, providing a high degree of reliability in the correct execution of the project.

• Risk of deviations in construction costs derived from unforeseen contingencies. This risk is highly mitigated, as the project has a work progress of more than 67%, having surpassed the construction phases of greater technical uncertainty. Additionally, the Business Plan includes a provision for contingencies intended to absorb any cost overruns without compromising the financial viability of the operation or the repayment of the debt.

• 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 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 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 the 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:

• 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 sense, 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 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.