Rentakia · Equity y Bonos Hipotecarios
Prime building
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The five phases of a project

Every project follows the same path, from asset audit to the return of your investment. You always know which phase yours is in.

The journey

From review to completion.

A project goes through five stages. In the marketplace you always see where each one stands, what you can do and when it starts generating returns.

  1. Phase 1
    Under review

    We audit the asset. Many projects never get past this stage.

  2. Phase 2
    Presale

    Approved and in preparation. You can reserve your position.

  3. Phase 3
    Issuance

    The round is open. Invest from EUR 1,000.

  4. Phase 4
    In progress

    The property is transformed and your investment generates returns.

  5. Phase 5
    Completed

    Capital and returns are paid back by tranches.

Phase 1 · Under review

First, the audit.

Before opening any round, each asset goes through Due Diligence and approval by our Investment Committee. Many projects do not pass this phase: only filtered projects reach the marketplace.

Due Diligence · 4 areas, 16 points

Project
Due Diligence
  • Revenue
    Deposits, presales, prices and projections.
  • Costs
    Land, utilities, works, reports and taxes.
  • Market
    Competition, area, comparables and evolution.
  • Return
    Margin, timelines, adjustments, execution and IRR.
Expert
Due Diligence
  • Developer
    Experience, structure, solvency and investment.
  • Builder
    Experience, structure, works and budget.
  • Quantity surveyor
    Experience, budget and site management.
  • Architect
    Experience, budget and plans.
Urban
Due Diligence
  • Planning
    Building license, fees, deposit and first occupancy.
  • Technical
    Projects, reports, plans and certificates.
  • Energy
    Energy certificate, regulations and subsidies.
  • Valuation
    Initial valuation, completion and certifications.
Legal
Due Diligence
  • Registry
    Registry extracts, horizontal division and new-build declaration.
  • Cadastre
    Consistency, boundaries and annotations.
  • Tax
    Taxes and fees paid and pending.
  • Financial
    Mortgages, interest and cancellations.
Phase 2 · Presale

Approved and in preparation.

The project has passed review and been approved by the Investment Committee. Before the round opens, the issuance documentation is supervised by a CNMV-registered investment firm and the tokens are registered with an ERIR, also registered with the CNMV.

What you can do: Reserve your position

In presale, the property purchase and works are paused until the round is fully covered. Returns are not generated yet: the project does not start until it is funded.

Sometimes an asset returns to the marketplace at a better price after being reviewed before. In those cases, Committee approval is very fast.

Phase 3 · Issuance

The round is open.

The financing round opens officially. You invest from EUR 1,000 and your investment is reflected as a Position Token: a participating loan, a technical record that is not yet traded.

What you can do: Invest in the round
Soft Cap · Hard Cap

When the minimum viable amount (Soft Cap) is reached, the project can start; up to the maximum target (Hard Cap), it continues accepting investment. While the round is open, there is no secondary market or return: the project has not started yet.

If the minimum is not reached within the period, even with the extension, the project is cancelled and your money returns to your wallet in less than 24 hours. No loss.

Phase 4 · In progress

The project starts.

Once the round is completed, the Conversion Milestone arrives: the SPV buys the property and registers the guarantee in public registries. Your Position Token automatically becomes a Security Token, negotiable and recorded in the ERIR.

Works begin

We transform or revalue the property to confirm the projected return.

You start receiving returns

Depending on the project, you receive periodic rental income or the capital gain at the end.

You have liquidity

You can sell your token on the secondary market or use it as collateral, without waiting for maturity.

What you can do: Buy and sell on the secondary market
Phase 5 · Completed

It closes and pays back.

Once development is complete, the project is liquidated by tranches: first 100% of your capital, then the minimum return of your class and finally the surplus, shared 50% with Rentakia. A project can close in five scenarios.

  • Highly profitable

    Capital is returned plus a return above the whitepaper target. There has been surplus.

  • Profitable

    Capital is returned plus the return expected in the whitepaper. The projection is met.

  • Low profitability

    Capital is returned plus a return below the expected level.

  • No return

    You recover the capital, but the return is below expectations.

  • With losses

    The least likely scenario: the guarantee is a real property with an appraised value backing your capital.

Once the project closes, we analyze everything that happened from the start to improve the next one. Every operation helps refine the next decision.

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