Urbanitae vs CivisLend in 2026: products, security, published returns and tax compared
Urbanitae and CivisLend compared on CNMV status, minimums, security, published returns and tax. Figures read 2 to 3 October 2026, with sources.
Updated: 3 October 2026
Urbanitae and CivisLend both appear on the CNMV register of crowdfunding providers, as entry 4 and entry 8. Urbanitae offers equity, loans and rentals from usually €500, CivisLend developer loans from €250. On its statistics page, Urbanitae labels 11.7% as the average annual return obtained on fully returned projects.
What the CNMV registration covers for each platform
In its register, the CNMV lists URBANITAE REAL ESTATE PLATFORM, S.L. as entry 4, dated 23 December 2022. It lists CIVISLEND PSFP, S.A. as entry 8, dated 20 October 2023 (registers read 2 October 2026). CivisLend's homepage describes an earlier Spanish registration of 6 October 2017 and a later conversion to its current status.
Urbanitae has added a collective investment schemes management company (SGIIC) to its group (Urbanitae blog, 15 January 2026). For the management company, the CNMV lists URBANITAE ASSET MANAGEMENT, SGIIC, S.A. as register 299, dated 13 February 2026. That blog describes real estate co-investment via crowdfunding as Urbanitae's historical core as a PSFP, which continues as its own route. Proptech Ventures, S.L. is also listed by the CNMV as the sole direct shareholder of Urbanitae's crowdfunding provider.
A provider entry verifies the supervision of the provider. CivisLend states that its projects are not subject to authorisation or supervision by the CNMV or the Banco de España (CivisLend).
Therefore the register entry says nothing about a developer, a valuation or a projected return.
CivisLend's CNMV activity programme lists "Facilitación de la concesión de préstamos" and also the placement of eligible securities and a bulletin board (CNMV programme). Those are permissions, and CivisLend itself describes its marketplace as loans to property developers (CivisLend, 7 July 2026).
Products, security, minimums and costs side by side
Below, the table sets the two platforms' own descriptions against each other. Compare debt with debt before comparing platforms, because Urbanitae also runs a loan strategy.
| Item | Urbanitae | CivisLend |
|---|---|---|
| Strategies | Capital gains (shares in a project company through a capital increase), debt (a loan to the developer's project company) and rentals (FAQ). Direct Investments is a separate whole-property route (FAQ) | Loans to property developers; the investor is a lender and holds no shares (CivisLend) |
| Security | Debt strategy can carry a first-rank mortgage; each project's deed decides | Mortgages, corporate sureties and/or share pledges, depending on the deal (FAQ); the two examples displayed on its statistics page carry first-rank mortgages |
| Minimum | Usually €500, varies by project, then multiples of €10 | €250 per project |
| Payment providers | Lemonway or Mangopay | Lemonway, Visa, Mastercard and Redsys (CivisLend) |
| Investor account costs | No cost to open or maintain an account or transfer funds | Account opening, deposits and withdrawals free |
| Costs inside projects | An opening fee of 5% to 7% sits within the funding target | Developer-side consulting, risk-analysis and loan opening, formalisation and monitoring charges (FAQ) |
| Indicated term | 12 to 36 months in the equity FAQ; the Kala II launch post projects 40 to 44 months | Platform-reported 15-month average duration for projects funded through the first half of 2026 (H1 release) |
Urbanitae says its Direct Investments property service is separate from the crowdfunding service and is outside Regulation (EU) 2020/1503 (Urbanitae Direct Investments). The CNMV crowdfunding entry should not be read as authorisation of each property listing.
An absent investor account fee leaves project-level costs in place. For one deal, the project information sheet, the subscription agreement and the SPV budget show the net economics.
Published results of Urbanitae and CivisLend by metric
Urbanitae's statistics page reports more than 300 funded projects, more than €690 million funded and more than €250 million returned. The page labels the €250 million "Total returned capital" and leaves open whether it includes profit. Its displayed project count is 154 equity and 147 loan projects, 301 in total. Within that count, the returned cohort is 47 equity and 50 loan projects, 97 in total. Urbanitae labels 11.7% "Average annual return obtained", with the footnote "Average of the total returns of fully returned projects". Annualisation stays undefined on the page. It shows 11.3% as the achieved IRR for returned equity projects and 12.1% for returned loan projects.
Urbanitae publishes separate forward-looking figures: updated expected IRRs of 13.2% for equity and 11.1% for loans, taken from its latest monitoring reports. The page also shows zero defaulted loans, with the denominator and timing unspecified.
CivisLend's July 2026 release, a company publication, reports more than €96 million funded across 38 projects in the first half of 2026. Against the first half of 2025, that is 55% more funding and 46% more projects. Its cumulative total through June is €361 million across 183 projects. For those first-half projects, the release gives 15.39% as the average return offered, with a 16-month average term. It also states an average annual return of 13.8% with a 15-month average duration, in those words, and leaves that figure undefined. On its statistics page, CivisLend defines its average-return counter as a weighted average of the total returns obtained on completed projects. On 3 October 2026 that live counter displayed 13% across 97 completed projects. That is a different measure and a later snapshot than the 13.8% annual label in the July release. These are three separate measures: Urbanitae's 11.7%, CivisLend's July 13.8% and CivisLend's live 13%.
| What is counted | Urbanitae | CivisLend |
|---|---|---|
| Cumulative funding | More than €690 million, more than 300 projects (platform-displayed, 2 October 2026) | €361 million, 183 projects (company-reported, to June 2026) |
| Returned capital | More than €250 million, labelled "Total returned capital", profit inclusion undefined | Not stated in the release |
| Annual-labelled return | 11.7% average annual return obtained, footnoted as the average of total returns of fully returned projects; 11.3% equity and 12.1% loans, IRR | 13.8% average annual return with a 15-month average duration, company-reported in the July release and not defined there |
| Weighted average total return, live counter | No weighted counter read on the page | 13% on 97 completed projects (statistics page, 3 October 2026) |
| Expected or offered return | Updated expected IRR of 13.2% equity and 11.1% loans | 15.39% average return offered on projects financed in the first half of 2026 (company-reported) |
| Loan problems | 0% defaulted loans displayed, denominator and timing unspecified | Says it publishes projects more than 90 days overdue (statistics) |
The rows hold different measures: an IRR on returned projects, an average annual return and a weighted average total return. Others are an offered return on first-half projects and an expected IRR. Without cash-flow-level data and weights, none of these should be recomputed into a single series or ranked.
Security and loss: mortgage guarantee and equity stake
A first-rank mortgage is a priority claim over a particular asset. Its value depends on the deed, enforcement costs, senior statutory claims and the price the asset realises. Even so, it sets no floor under the invested capital.
Both platforms warn of loss. According to Urbanitae's FAQ, the risks can lead to total loss, partial loss or temporary illiquidity. If a developer misses repayment, Urbanitae says it first evaluates the situation and may negotiate an extension. Should the extension fail to secure repayment, the guarantee agent may pursue foreclosure under the loan documents. On its homepage, CivisLend warns of partial or total capital loss, of missing the expected return and of illiquidity. On its statistics page, Urbanitae states: "Past returns are not a reliable indicator of future returns."
CivisLend's statistics page displayed two named loans on 2 October 2026. San Isidro Crevillent is a first-rank mortgage loan for 14 townhouses, €1.45 million over 18 months at 10% nominal annual. Global Homes Vilanoveta is a first-rank mortgage loan of €2.55 million over 24 months at 10% nominal annual, still in progress. Both are funded examples and neither is an open offer.
Kala II, from Urbanitae, is a capital-gain project for 52 houses in El Higuerón. In its launch post, the company says investor money is routed through a vehicle company that participates in the developer company. Top Gestión is named as promoter. Once the capital contributed by all partners has been returned, the post gives investors a preferential right to a 12% annual IRR. That figure is presented as projected. In its unfavourable scenario, the post combines a 25% construction-cost rise with a 10% fall in sale prices. Accumulated delay, from a change of sales agency and from geotechnical fill that required adapting the foundations, is also recorded in the post.
A completed equity example shows the other direction. Passeig de la Pau closed after 45 calendar months with an 11.49% IRR and a 38.04% cumulative cash-on-cash return over three distributions, Urbanitae reports. It attributes the late exit to licensing and final-unit sales (Urbanitae blog, 16 April 2026).
Liquidity: both platforms describe holding until the project ends
Temporary illiquidity of the investment during the project term is described in Urbanitae's FAQ.
Kala II's launch post projects return of capital starting with the phase 1 delivery in the first part of 2029. The projected term is 40 to 44 months. These are projections and carry no withdrawal right. A delay can lower IRR even when the asset's sale value holds, Urbanitae says. Its examples also show that sale prices or project costs can change (Urbanitae, 21 June 2024). The FAQ lists a sale below estimated prices and a longer term among the risks to return.
CivisLend's FAQ says that once the fundraising target is reached, investors cannot recover principal until the project ends. A developer may repay early under the deal's conditions and a borrower penalty, and that right sits with the borrower. The CNMV's bulletin-board permission is an authorisation, and the pages read show no executed trades.
Tax for resident and non-resident investors
Spain's tax agency places interest from loans to third parties in the savings base of movable-capital income (AEAT). Its 2025 scale combines state and regional components into 19% to €6,000, 21% to €50,000, 23% to €200,000, 27% to €300,000 and 30% above. Urbanitae's FAQ shows a three-band table that stops at 23%.
| Investor | Loan interest | Equity and dividends |
|---|---|---|
| Spanish tax resident | Savings base; CivisLend's FAQ says the promoter withholds 19% when interest is returned to the investor (FAQ) | Urbanitae's FAQ states a 19% withholding on dividends for residents, taken on account against the final bill |
| Resident of another EU or EEA state | AEAT says qualifying interest can be exempt from non-resident income tax, subject to conditions including effective tax-information exchange (AEAT) | Domestic non-resident rate of 19% on interest and dividends, before treaty relief (AEAT) |
| Other non-resident | 19% domestic rate on taxable Spanish-source interest, before treaty relief | Same 19% rate; tax treaties can cap Spain's tax |
Some rental distributions return share premium and carry no current dividend, Urbanitae's FAQ also says. So the legal documents of that project decide the tax result.
An exempt interest payment can still require reporting in the investor's home country. Withholding and reporting across 13 countries are covered in the taxation guide.
What to check on each deal before choosing
For a chosen project, record the borrower or project company, the ranking and registration of the security, and the valuation date and basis. Then record the loan-to-value calculation, the payment timetable and extension rights, the cost waterfall and the default process. One checklist applies to an Urbanitae loan and a CivisLend loan. It applies differently to an Urbanitae equity stake, where the waterfall and sales assumptions replace the loan terms.
Ticket size sets how many positions a budget buys. A €5,000 budget spreads over at most 20 positions at CivisLend's €250 minimum or 10 positions at Urbanitae's usual €500 minimum. Both counts need enough open deals to exist. Concentration by developer, region, funding year and exit source also needs checking, and the risk guide and the platform selection guide cover those layers.
Urbanitae vs CivisLend FAQ
Are Urbanitae and CivisLend regulated?
Yes, as providers: the CNMV lists Urbanitae as entry 4 and CivisLend as entry 8. CivisLend states that its projects are not subject to authorisation or supervision by the CNMV or the Banco de España.
Which platform has the lower minimum?
CivisLend, with €250 per project against Urbanitae's usual €500, which Urbanitae says can vary by project.
Do the platforms guarantee my capital?
No. Both warn of total or partial capital loss. After a missed repayment, Urbanitae's FAQ adds, it first evaluates the situation and may negotiate an extension. If the extension fails to secure repayment, the guarantee agent may pursue foreclosure. A first-rank mortgage gives priority over one asset and leaves the recovered amount to the deed, valuation and enforcement costs.
Is every CivisLend loan backed by a first-rank mortgage?
No. CivisLend's FAQ lists mortgages, corporate sureties and share pledges. Both funded loans shown on its statistics page on 2 October 2026 are first-rank mortgage loans.
Does Urbanitae only offer equity?
No. Its statistics page displays 154 equity and 147 loan projects. The FAQ describes rental strategies as well. Direct Investments is a separate whole-property route that Urbanitae says sits outside Regulation (EU) 2020/1503. Urbanitae's debt strategy can carry a first-rank mortgage.
Can the 11.7%, 13.8% and 13% figures be compared?
No. Urbanitae's 11.7% is footnoted as the average of the total returns of fully returned projects. CivisLend's July release states 13.8% as an average annual return without defining it. Its statistics page displayed 13% on 3 October 2026 as a weighted average total return on 97 completed projects. Each figure comes from its own cohort, measure and date, so a ranking needs cash-flow data for the same project set.