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The token is not your investment.
It represents it.
This is the most common confusion. Your investment is the bond or equity position, your right. The security token is its digital representation, which gives it liquidity. Here is the difference, clearly.
The bond or equity
This is your real investment. With a bond, you are a creditor; with equity, you are an owner, a shareholder of the SPV that owns the property. That right is registered in public registries and does not depend on any technology.
The security token
This is the digital record of that right, recorded in the ERIR and supervised by the CNMV. It does not change what you receive or your guarantee: it adds liquidity, traceability and the ability to transfer your position.
What is the difference between the bond and the token?
| Your rightBono / Equity | Its representationSecurity token | |
|---|---|---|
| What it is | The legal instrument: your right as a creditor (bond) or as an owner (equity). | The digital record of that right on blockchain, registered in the ERIR. |
| What it is for | It defines what you receive, what guarantee backs you and your payment priority. | It makes your right liquid: you can sell it or use it as collateral before maturity. |
| Where it is recorded | Land Registry or Commercial Registry, depending on the product, plus your contract. | ERIR (URSUS CAPITAL AV, S.A.), supervised by the CNMV. |
| Nature | Your real legal position with Rentakia or with the SPV. | A transferable security that represents that position. It is not a speculative cryptocurrency. |
| Value | The value of the asset and your return tranche. | EUR 100 nominal per token, used to split the position for partial sales, not its market price. |
What the token gives you
Liquidity by selling: Sell your tokens to a third party before maturity.- Liquidity by financing: Use your tokens as collateral and obtain financing before maturity.
- Transferability: Transfer your right to another investor securely and with proper registration.
- Traceability: Every transaction is recorded, public and verifiable.
What the token is not
- ✕It is not the investment: You do not invest in tokens, but in bonds or equity. The token only represents them.
- ✕It does not replace your guarantee: It does not replace your legal guarantee: that is your mortgage or the asset itself.
- ✕You do not lose your rights: Losing access to the token does not extinguish your economic rights.
- ✕It is not volatile: It is not a cryptocurrency or speculative asset: it does not trade or fluctuate like one.
And the Position Token?
Before the SPV buys the property, your investment is reflected in a Position Token (technical and non-transferable). Once the guarantee is registered, it is replaced by the negotiable Security Token. It is the same right at two different moments.
