The manager of this project is COGITARI HOMES, a real estate group with over 10 years 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 in Denmark and 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 developed projects 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. “Alcalá 4 Golf” is the fifth project financed by Urbanitae investors after Villa Alcalá, Gate 3, Pinares de San Antón and Hills 14.

The asset is developed on a plot of 1,458 m² acquired by the project manager with own funds. The plot has a Building License granted in November 2024 for the construction of a single-family home with a pool. 

Construction works began in April 2025, and the current progress of the construction is close to 42%. 

The project developer commits a total capital of c. € 2.8m. Urbanitae investors now enter the project through the second tranche of the mortgage loan, Tranche B, for a total amount of 1,955,000€ that adheres to the existing debt. 

Tranche B is intended to finance construction costs and general costs amounting to 1,798,535€ for the development of the work over the next six months, as well as structuring costs amounting to 156,465€. Tranche B will have a fixed annual rate of 10.0%, and a term of 12 months with a possible extension of 6 months. 

The exit of Urbanitae investors will 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 the construction has been reached, around 50% - 60%, as is usual in this type of assets.

STRUCTURE

This operation will be structured via debt, where Urbanitae Investors will grant a fixed-rate loan to the company COGITARI ALCALÁ 4, S.L.

The total amount of the gross loan will rise to an amount of 5,100,000 €, of which Urbanitae investors will contribute up to a maximum of 5,000,000 €. 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 5,100,000 €, committed in three tranches:

I. A first tranche or Tranche A, for an amount of up to 2,185,000 €, raised by Urbanitae investors. Tranche A was formalized in September 2025 and was intended to finance part of the construction costs and general costs of the project.

II. A second tranche or Tranche B, for an amount of up to 1,955,000 €, raised by Urbanitae investors. Tranche B will be used to finance part of the construction costs for the development of the works over the next 6 months. 

III.A third tranche or Tranche C, for an amount of up to 960,000 €, of which 860,000 € will be raised through Urbanitae investors and the remaining 100,000 € will be contributed by “co-investors” who join the existing debt by taking part in Tranche C.

• Simple annual fixed interest rate of 10.0% for Tranche B.

• Loan term: 12 months + 6 months extension for Tranche B.

• Interest and principal of the loan will be paid at maturity (interest 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.

• Early total repayment will be allowed at any time, subject to a minimum return of interest for Tranche B equivalent to 12 months of interest. 

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

• First rank mortgage real guarantee on the property object of the financing, with Mortgage Responsibility of 150%. 

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

• Private contract of first rank pledge on the project's bank accounts.

• Sale mandate in favor of Urbanitae investors that will be activated in month 24 if the extension does not occur, in month 36 in case of extension or upon the materialization of any loan default.

• Equity Commitment Letter from the developer to ensure additional contributions of own funds in the project. 

As in all debt projects, the figure of the Project Monitor is incorporated in this project, 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 underlying asset, located in the prestigious urbanization of Nueva Andalucía, Marbella (Málaga).

• The annual return of 10.0%, with a minimum return equivalent to 12 months of interest.

• Manager's experience in similar real estate products in Marbella and along the Costa del Sol. 

• Current progress of the work estimated close to 42% after starting the work in April 2025 and completing part of the earth movement, foundation and development of the basement.

• 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 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 12 months with a possible extension of 6 months in month 12.

• September 2025, granting of Tranche A of the loan by Urbanitae investors to the developer, to partially finance the construction.

• September 2026, granting of Tranche B of the loan by Urbanitae investors and continuation of the works.

• Third/Fourth quarter 2027, completion of construction works, 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 support of the favorable report issued during the commercial due diligence, which validates the sale price established in the Business Plan.

• Risk of deviations in the project deadlines due to possible unforeseen events during the construction phase. To mitigate this risk, the developer has the support of a Project Manager in charge of rigorous supervision and control of the execution schedule, ensuring compliance with established milestones. Likewise, it is an experienced manager in similar real estate products on the Costa del Sol.

• Risk of deviations in construction costs derived from unforeseen contingencies. Any deviation from the costs considered in the Business Plan will be provided through the developer's own funds.

• 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 can in no case 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 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 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 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.