The project sponsor is a family-owned firm regarded as the leading developer in Marbella’s ultra-prime segment, with more than 40 years of specialist experience on the Costa del Sol.

Its business model is based on selecting prime locations, maintaining exceptionally high design and construction standards, and focusing exclusively on high-net-worth clients. The firm holds a dominant market share in Sierra Blanca and markets its projects through its own sales channels and a network of the area’s leading agencies, using an invitation-only sales model.

The project sponsor has committed a total of c. € 3.7M, already invested in the project. Urbanitae investors will participate in the project by granting a loan committed in 3 tranches, intended to (i) refinance the existing capex loan, (ii) fund the outstanding construction and fit-out costs, and (iii) partially recapitalise the sponsor. Tranche C will carry a fixed annual interest rate of 10.0% and have a term of 13 months, with the option of two 6-month extensions (in months 13 and 19).

Urbanitae investors will exit through the sale of the villa, which has a target price of € 25 million. The asset will be marketed through the sponsor’s direct sales channels and a selection of Marbella’s five leading agencies, under an exclusive, invitation-only sales model.

STRUCTURE

This transaction will be structured as debt, with Urbanitae investors granting a fixed-rate loan to the project SPV.

The total gross loan amount is up to € 9,990,000, committed in three tranches, whose main features are as follows (for more information, please see the “Key Investment Information” document):

• Total loan amount: up to a maximum of € 9,990,000, committed in three tranches:

- A first tranche, or Tranche A, of up to € 7,340,000, of which (i) € 2,340,000 was raised from Urbanitae investors and (ii) € 5,000,000 from external co-investors. Tranche A was formalised in June 2026 and was used to fund part of the outstanding construction and fit-out costs, discharge a mortgage lien, and recapitalise equity to reimburse the manager for part of the capital it had invested in the project.

- A second tranche, or Tranche B, of up to € 1,310,000, raised from Urbanitae investors, was formalised in July 2026 and was used to fund part of the construction costs for the next 3 months of work. 

- A third tranche, or Tranche C, of up to € 1,340,000, raised from Urbanitae investors. It is intended to fund the outstanding construction costs and general project costs through to completion. 

• Simple annual interest rate of 10.0% for Tranche C. The second loan extension will increase the rate by +100 bps (+1.0%), to 11.0% per annum.

• Tranche C loan term: 13 months, with the option of two 6-month extensions (in months 13 and 19).

• Interest and principal will be paid at maturity (interest will begin accruing from the date the loan agreement is formalised).

• The portion of the loan intended to fund construction works will be drawn down by the sponsor against monthly work certificates, subject to a favourable report from the Project Monitor.

Full early repayment will be permitted at any time.

With regard to the loan security, the financing agreement provides for the following:

• First-ranking mortgage security over the property being financed, with mortgage liability equal to 130% of the loan principal.

• First-ranking pledge over the shares in the project’s sponsor SPV.

• First-ranking pledge over the bank accounts (without control over the funds) held by the project in the borrower SPV, including the project VAT account.

• Equity Commitment Letter guaranteeing the sponsor’s commitment to contribute additional capital to cover any cost overruns not included in the business plan.

• Irrevocable sale mandate in favour of Urbanitae investors, which may be activated in the event of any payment default, material breach, or failure to repay the principal in full plus interest on the agreed or extended maturity date. The minimum sale price will be 80% of the latest available valuation.

As with all debt projects, this project includes a Project Monitor, who will review work certificates, construction progress and any schedule or cost overruns, and approve loan drawdowns.

WHY INVEST?

There are several reasons to invest in this project:

• First-ranking mortgage security over the underlying asset, located in Sierra Blanca, the most exclusive gated community on Marbella’s Golden Mile.

• Project at an advanced stage of construction: construction is approximately 80% complete, significantly reducing execution risk and the risk of cost overruns.

• Conservative LTV: below 44% based on the latest available valuation (€ 22.24M, June 2026) and approximately 40% based on the target sale price (€ 25M).

• Highly reputable sponsor: The sponsor has more than 40 years of experience as a leading player in Marbella’s ultra-prime market 

• Structurally limited supply of luxury villas in the Sierra Blanca community, alongside sustained international demand from high-net-worth buyers.

MARKET

A market study has been carried out to determine whether the sale prices proposed by the manager are reasonable. In addition, independent external agents have conducted a Technical Due Diligence and a Commercial Due Diligence, both of which resulted in favourable reports.

Information on the market is available in the “Comparable Sales” document, which includes a list of homes for sale in the area.

WHEN WILL I GET MY INVESTMENT BACK?

The estimated term for Tranche C of this project is 13 months with two possible 6-month extensions (in months 13 and 19).

• June 2026: Urbanitae investors grant Tranche A of the loan to the sponsor and refinance the existing capex loan.

• July 2026: Urbanitae investors grant Tranche B of the loan to the sponsor to continue progressing with the villa’s construction. 

• November 2026: Urbanitae investors grant Tranche C of the loan to the sponsor to complete construction of the villa. 

• First quarter of 2027: Construction completed and Open House.

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

RISKS

All investments involve risk. The main risks identified for this project are detailed below:

• Commercial risk arising from a possible delay in selling the asset, which could delay debt repayment. This risk is mitigated by the involvement of Marbella’s five leading agencies under an exclusive sales model, the favourable report issued as part of the commercial due diligence, the project’s conservative LTV, and the total loan term of 13+6+6 months, which allows sufficient time to market the property.

• Risk of delays to the project schedule due to possible unforeseen events during the final construction phase. This risk is mitigated by the support of an independent Project Monitor responsible for supervising and monitoring the construction schedule. In addition, construction being more than 80% complete substantially reduces the remaining uncertainty.

• Risk of construction cost overruns arising from unforeseen contingencies. To mitigate this risk, the sponsor has signed an Equity Commitment Letter, committing to cover from its own funds any cost overruns not included in the business plan.

• Administrative risk (first occupancy licence) arising from possible delays in obtaining the First Occupancy Licence (LPO). This risk is considered low, as the LPO is processed through a Responsible Declaration and the contractor has strictly followed the approved project, as confirmed by the independent Technical Due Diligence.

• Possibility of changes to the agreed terms. This risk includes potential material changes occurring between the start of the funding campaign and the formalisation of the loan agreement. In such a case, the project would be cancelled and the investment returned.

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Warnings and Risks

Urbanitae Real Estate Platform S.L. (Urbanitae) is not an investment services firm or a credit institution and is not a member of any investor compensation scheme or deposit guarantee scheme. The information published by Urbanitae Real Estate Platform on its Website is for informational purposes only and may under no circumstances be considered an investment recommendation to potential investors.

The crowdfunding projects published by Urbanitae on its Website are not authorised or supervised by the Spanish National Securities Market Commission (CNMV) or the Bank of Spain. Therefore, all information provided by the manager in relation to the projects has not been reviewed by either of these bodies.

Urbanitae expressly informs investors that, if the project’s total investment target is not met, the fundraising period may be extended by up to 25%, with the same investment terms and conditions. The project may also be funded by Urbanitae once at least 90 per cent of the funding target has been reached, after deducting any participation in the project held by the platform itself. 

Investing in projects published on this Website may involve certain risks, such as the risk of losing all or part of the invested capital, not obtaining the expected financial return, or a lack of liquidity. Investors are therefore advised to invest only an amount they are prepared to lose, and are encouraged to diversify their investments to minimise and mitigate potential risks. If the manager is unable to repay or remunerate the funds received, Urbanitae will not return investors’ investments.

This project will be open to any investor registered with Urbanitae. Any of the following registered persons may invest in it:

• Partners of Urbanitae who hold at least 20% of its share capital or voting rights;

• Directors or employees of Urbanitae;

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

In this regard, Urbanitae guarantees that any investments made by these persons will be made through the platform, on the same terms and conditions as those applicable to any other investor, without preferential treatment or privileged access to information compared with other investors registered with Urbanitae. In accordance with Urbanitae’s Internal Code of Conduct, these investors are required to report these transactions internally.

Once the investment in the project has closed, Urbanitae will provide information in the project’s investment area on the amount invested by these investors, the type of investor who made the investment, and the percentage it represents of the total amount funded, always in compliance with the data protection policy.