ClubFunding, Europe's leading alternative real estate financing platform, has successfully completed the full repayment of €8.6 million to its investors during this quarter across three residential developments in Spain. The transactions generated annual returns ranging from 11% to 12%, matching both the financial targets and the original maturities set out in the respective investment memoranda.
The repayments relate to the San Antón Project (Málaga), with €4.3 million repaid at an annual return of 11%; the Marbella Oasis Project (Andalusia), with €3 million repaid at 11% per annum; and the Llobregat Project (Catalonia), with €1.3 million repaid, delivering an annual return of 12%.
Delivering on Financial Targets Through Disciplined Execution
Against a challenging market backdrop characterised by construction cost inflation of between 20% and 25% and stabilising residential sale prices, the successful completion of these repayments reinforces the robustness of ClubFunding's investment model. While many traditional developers continue to face project delays and compressed returns due to increasingly restrictive bank lending conditions, ClubFunding has demonstrated its ability to execute consistently.
"The projected returns matched the realised returns exactly. Seeing investments perform precisely as planned in today's financial environment is no coincidence—it is the direct result of applying institutional-grade discipline and rigorous underwriting from day one," said Grégory Torrents, Investment Director of ClubFunding Spain.
"Our risk assessment process systematically rejects approximately 97% of the investment opportunities we review. We only approve and structure the remaining 3%—those that demonstrate robust financial fundamentals and strong collateral protection."
A New Safe Haven for Sophisticated Investors
The successful completion of these projects also reflects a broader structural shift in the investment strategies of family offices and sophisticated investors across Spain. Over the past 24 months, many have significantly reallocated capital away from equity investments and towards senior secured debt strategies.
With internal rates of return (IRRs) on residential equity investments having compressed to approximately 13%–16% amid the current macroeconomic environment, the spread versus senior secured debt—typically generating 9%–11%—has narrowed considerably, reducing the additional compensation available for taking subordinated equity risk.
All three repaid transactions benefited from comprehensive security packages, including first-ranking registered mortgages and pledges over the relevant special purpose vehicles (SPVs), providing investors with robust downside protection and predictable cash flows.
These successful exits also demonstrate ClubFunding's ability to address financing gaps left by traditional banks. By providing flexible and rapid financing solutions, particularly for mid-sized developments (typically requiring between €2 million and €8 million) and bridge financing, ClubFunding is able to structure and deploy capital within three to four weeks, significantly faster than conventional lenders.
About ClubFunding
ClubFunding is Europe's leading alternative real estate financing platform, having facilitated more than €2 billion of financing across the Group since its inception.
The company is regulated by the French Financial Markets Authority (AMF) and authorised under the European Crowdfunding Service Providers Regulation (ECSPR). ClubFunding operates in France, Spain, Belgium, Italy, Portugal and Luxembourg.
Established in Spain in 2023, with offices in Madrid and Barcelona, ClubFunding has become a leading provider of structured financing solutions for the Spanish real estate sector, combining rapid capital deployment with rigorous credit analysis and specialist support throughout the lifecycle of each transaction.
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