Through a crowdfunding platform, a real estate project is seekingfinancing for the acquisition of a plot of land located in the Port of San Miguel for the construction of housing. The developer is Bizkaiurban Gestión Integral. Through the company Bizkaibiza Urban SL, it is requesting financing from the WeCity platform for the acquisition of a plot located at 12 Balanzat Avenue, where it will develop a development of 16 semi-detached single-family homes with a swimming pool and private garden. As detailed in the portal, the plot has an area of 8,115 m2 distributed in 4,478 m2 of rustic land and 3,637 m2 of urban land on which the project will be developed with 3,069m2 built. In addition to the houses, each owner will be entitled to an area of rustic land of approximately 250 m2.
It also clarifies that the project has a building permit granted for the development of 16 semi-detached single-family homes of 235 m2. 25% of the development has already been marketed (4 of 16 homes) with down payments of 20,000 euros per home. Prices range from 1,000,000 to 1,500,000 euros.
A different form of financing
WeCity is a real estate crowdfunding platform. Its goal is to connect investors with real estate developers to finance real estate-related projects. Through WeCity, investors can participate in real estate investment opportunities without the need for large capital contributions, as equity stakes are typically accessible to a wide range of budgets. In this case, it announces that the project, which seeks to raise 2,725,000, will be financed through a fixed-rate mortgage loan, which will have a first-lien mortgage guarantee. 1,320,000 (32.63%), which has been used to partially pay for the acquisition, architectural project, licenses, legal and technical expenses.
