This week we are launching a new debt project in Mallorca, which we will open for funding next Friday, March 22th at 12 p.m.
The Las Lagunas de Mijas project is located in Arrabal Parque Lagunas, on the Costa del Sol, and is one of the main destinations in the entire province of Málaga. It boasts large beaches, natural spaces, golf courses, business and industrial complexes, shops, and restaurants. It is an attractive location for both national and high-net-worth foreign visitors.
For this project, we will have Nuovit, a real estate developer and manager specializing in new-build houses and apartments for sale, both under direct promotion and cooperative schemes.
Mortgage guarantee on the property comprising the project
This operation will be structured via debt, where Urbanitae investors will enter the project by granting a loan in a single tranche with a fixed annual interest rate of 10.5%, aimed at financing part of the land acquisition price and the planning and marketing costs incurred until the obtaining of the license and refinancing of the Urbanitae loan. The loan term is 12 months, with an option to extend for 6 months in month 12.
Urbanitae investors’ exit will be: either through bank refinancing through the developer loan, or through equity from a partner (new or existing) or from Urbanitae investors themselves in a capital gain project to be published on the platform in 2025.
In this video, the developer and our CEO, Diego Bestard, explain the details of the Las Lagunas de Mijas project.
10,5% return
The project offers a 10.5% return over 12 months, with the possibility of a 6-month extension.
In the second quarter of 2024, the granting of the loan by Urbanitae investors to the developer and land acquisition is expected.
Between the second quarter of 2024 and the second quarter of 2025, planning and marketing of the project are estimated to obtain the construction license and simultaneously reach the minimum level of pre-sales for the bank’s entry via developer loan.
Finally, in the third quarter of 2025, the entry of the bank or investor partner (including the possibility of Urbanitae investors entering a value appreciation project on the platform) and refinancing of Urbanitae’s loan are expected.
As always, you can reach out to us with any questions about the project at contacto@urbanitae.com or by calling 911 23 25 22.
