We advise platforms and developers across the whole real estate crowdfunding cycle: choice of instrument (loan, equity or tokens), ECSP license from the CNMV, flow of funds, KIIS, AML/CFT for the sector and ongoing compliance.
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Six building blocks to operate, or to raise finance, with legal certainty: from fitting the model to the published offer, with the CNMV and anti-money laundering under control.
We analyze how your project raises funds: secured crowdlending, shares in a special purpose vehicle (SPV) or tokenization. That fit determines the license, the regulator, the limits and the costs of everything else.
If your platform facilitates loans or places securities for real estate developments, it needs ECSP authorization from the CNMV. We prepare the full application under Regulation (EU) 2020/1503 and the compliance framework that supports it.
We structure the fundraising for your development: the KIIS, limits (€5M per developer over 12 months), investor information and project contracts.
We define how contributions are held: accounts per project, release by construction milestones, reconciliations, and whether you need a third-party payment institution or your own authorization.
Real estate is a sensitive sector for money laundering: due diligence on developers and investors, source of funds, monitoring and evidence ready for requests for information.
Legal review before publication: title and encumbrances, planning permits, the developer’s solvency, security and the documentary viability of the deal.
New platforms, developers raising finance, managers tokenizing assets or professional investors: each profile has its own structure and obligations.
"Before building the product, you have to decide on the instrument (loan or securities), who holds the funds and how you will obtain ECSP authorization. That design shapes everything else."
"The developer does not need a license, but it does need a well-structured offer: an accurate KIIS, clear security, limits respected and contracts that hold up over the whole construction cycle."
"Tokenizing a property does not take it outside regulation: depending on the rights it carries, the token is a transferable security or a MiCA crypto-asset. Choosing the wrong framework turns the project into a risk."
"Once the offer is published, the real work begins: periodic investor information, default rates, AML/CFT for the real estate sector and incident management until repayment."
Running a platform without a license, publishing poorly structured offers or neglecting money laundering in a sensitive sector can halt fundraising and put the directors at risk.
The most common mistake: launching the platform (or the campaign) with the wrong instrument. A loan, shares in an SPV and a token have different regimes, costs and limits, and switching instruments once the product is built is very expensive.
The CNMV checks consistency and accuracy: the project selection methodology, the KIIS for each offer and the advertising must stand up to scrutiny. An optimistic KIIS is a regulatory and reputational problem.
Real estate is a priority sector for AML: developers and real estate agencies are obliged entities under Law 10/2010, and banks and payment institutions scrutinize the source of funds of each contribution. Without solid AML, there are no accounts.
Facilitating loans or placing securities for developments without ECSP authorization is a reserved activity: it can lead to the platform being shut down and to penalties for its directors.
Exceeding the threshold takes the offer out of the crowdfunding regime and into prospectus and securities market territory, at a much higher cost.
Without an active license and a defensible AML/CFT framework, banks and payment institutions will not open the project accounts: fundraising stalls even when investor demand is there.
Before building the technology or publishing your first development, validate the instrument, the flow of funds and your obligations to investors. Getting the design right is far cheaper than fixing it before the CNMV.
Yes, and it is fully regulated: platforms need ECSP authorization from the CNMV under Regulation (EU) 2020/1503, and offers, limits and investor information are all set by law.
Legal does not mean unrestricted: it is a reserved and supervised activity. Running a platform without a license, or raising funds outside the channels of the regime, has serious consequences.
The platform: it provides the crowdfunding service and needs the ECSP license.
The developer does not need a license to finance its developments, but it is responsible for the project information (KIIS), must stay within the €5M cap over 12 months and must pass the platform’s due diligence.
The four usual structures in the Spanish market:
On top of the general ECSP application (governance, safeguards, conflicts of interest, business continuity), it pays particular attention to what is specific to real estate: the project selection and valuation methodology, the quality and accuracy of the published KIIS, compliance with the limits per developer and per investor, and the plan to keep administering outstanding loans if the platform ceases operations.
A key investment information sheet (KIIS) for each project: developer, asset, risks, security, costs and investment terms. It must be clear, correct and not misleading, and the platform is responsible for checking that it is complete before publishing it.
Two levels: the developer can raise up to €5,000,000 over 12 months under this regime; and the non-sophisticated investor takes a knowledge test, receives a warning and must give express consent when investing more than the higher of €1,000 or 5% of their net worth, and has 4 calendar days to reflect and revoke their order.
The ECSP application requires a business continuity plan to ensure that ongoing loans and projects continue to be administered even if the platform ceases operations. In addition, investors’ funds are held by a payment institution, not on the platform’s balance sheet. That is why the design of the flow of funds matters so much.
Not necessarily. If the token carries economic rights over the project, it will usually be a transferable security (securities market rules) or, in other designs, a MiCA crypto-asset. The framework depends on the rights the token confers, not on the technology. We cover this in real estate asset tokenization.
Up to €5,000,000 per developer over 12 months under the crowdfunding regime. To raise more than that threshold, you have to turn to the prospectus and securities market regime, with much higher requirements and costs.
The most common: a mortgage over the asset or the land, a pledge over the shares of the SPV, personal guarantees from the developer or its shareholders, and release of funds by construction milestones. The LTV level and the ranking among creditors are the real keys to the risk of each offer.
Yes, by passing the platform’s full KYC onboarding, which applies its AML/CFT framework and sanctions screening. In addition, the ECSP’s EU passport lets the platform raise funds from investors in other EEA countries through a notification between authorities.
Crowdfunding finances specific projects through an ECSP platform; a SOCIMI (Spanish REIT) is a listed company that invests in rental assets; and real estate funds are managed collective investment vehicles. The legal regime, liquidity, diversification and the competent supervisor all differ.
In the CNMV register of ECSPs and in the ESMA public register, which list all authorized providers in the EU. Operating without being registered is illegal: checking this should be the first step for any investor or developer before working with a platform.
As a general rule, interest on loans and dividends or capital gains on shares are taxed as savings income under personal income tax (IRPF), with the withholding that applies to each instrument. Each structure (loan, SPV, token) has relevant nuances: review the specific case before investing or designing the offer.
It depends on the instrument chosen and the flow of funds. We break the budget down by phase so you only pay for what your model needs.
The total cost combines the platform license, the flow of funds and the recurring structuring of each published offer.
Before committing to fees, we settle the instrument and the real scope of the project. That way you avoid paying for work you do not need and get a realistic estimate of effort and timing.
| Route | Loan (crowdlending) | Equity via SPV | Tokenization | Bank financing |
|---|---|---|---|---|
| Instrument | Loan to the developer, with or without a mortgage | Shares or equity stakes in the special purpose vehicle | Token with economic rights (security) or crypto-asset | Mortgage-backed developer loan |
| Framework and supervisor | Regulation 2020/1503 · ECSP platform (CNMV) | Regulation 2020/1503 · ECSP platform (CNMV) | Securities market or MiCA, depending on design | Banking regulation (Bank of Spain) |
| Fundraising limit | €5M per developer / 12 months | €5M per developer / 12 months | Depends on the instrument; prospectus if it is a security and exceeds the thresholds | Depends on risk and security |
| Typical investor | Retail and professional | Retail and professional | Qualified profile / early adopter | Not applicable |
| Liquidity | At loan maturity | Private sale of shares | Potential secondary market | Not applicable |
| Best for | Mid-sized developments with recurring cash flow | Projects with value upside | Unique assets and product strategies | Land and construction with access to traditional banks |
An indicative, simplified comparison. The exact fit depends on the rights attached to the instrument and the specific design of the deal; validate it case by case before structuring the fundraising.
A real estate platform is not just technology and marketing: it is a regulated system that must show consistency between the instrument, project selection, funds, investor information and evidence. The key is to design it from day one to withstand real supervision.
Not just the dossier: the project selection and valuation methodology, the accuracy of the KIIS, compliance with the limits and the real ability to administer outstanding loans. Consistency counts for more than paperwork.
Accounts per project with the payment institution, release of funds by construction milestones, reconciliations and repayments. When it is designed late, it blocks authorization or breaks operations with the first development.
A KIIS for each offer, default rates, reporting to the CNMV and AML/CFT in a sensitive sector. It must be sustained over time with evidence, not just get through the initial application.
If you want to structure your platform from scratch or review a fundraising campaign, start with the requirements for the ECSP license and the AML framework for the real estate sector.
A sound real estate crowdfunding deal is not a glossy brochure: it is a set of consistent decisions (instrument, due diligence, security, KIIS and flow of funds) backed by traceability. Here is a dashboard to understand how it works in practice.
1) ModelThe first decision determines the license, limits and costs. It is not a marketing choice: it is a choice of legal regime.
2) ProjectWhat is not reviewed before publication ends up as a complaint later. Documented selection is the platform’s best defense.
3) OfferEach project goes to market with its key investment information sheet and advertising that must be clear and not misleading.
4) FundsContributions are held at the payment institution, released to the developer against verified milestones and returned to the investor with full traceability: reconciliations, incidents, reporting and published default rates.
Quick decisionPlatform with an ECSP license: real estate crowdlending with or without mortgage security.
Also ECSP: placement of the project vehicle’s securities without a firm commitment.
Depending on the rights: transferable security (securities market) or MiCA crypto-asset. Case-by-case analysis.
A reasoned analysis of whether the deal is structured as a loan, SPV securities or a token, and of the framework that applies (ECSP, securities market or MiCA).
Fit report, instrument term sheet and the platform’s framework agreements.
Documented selection of the developer and the asset before publication: title, encumbrances, permits, viability and solvency.
Admission file per project, land registry extract, appraisal and signed selection checklist.
Security that has been created and is enforceable (registered mortgage, perfected pledge, personal guarantees), with LTV and ranking consistent with the KIIS.
Deeds and registrations, security documents, valuation report and ranking table.
A clear, correct and not misleading KIIS for each project; aligned advertising; developer (€5M/12 months) and investor limits respected.
Published and versioned KIIS, record of warnings and consents, and limit controls.
Due diligence on developers and investors, verified source of funds and monitoring proportionate to a sensitive sector.
KYC files, source of funds analysis, alert log and training evidence.
Spot them before publishing the offer to avoid requests for information and complaints.
If you are setting up a real estate crowdfunding platform or structuring a fundraising, these terms come up in the application, in the KIIS and in your dealings with the CNMV and the payment institution.
Investors lend to the developer through an ECSP platform, usually with security and a schedule tied to construction. It is the dominant model in the Spanish market.
A company created for a specific project, whose shares or equity stakes are subscribed by investors (crowdequity). It ring-fences risks and organizes how capital comes in and goes out.
Financing to the developer for land or construction, with agreed interest and maturity. It may include mortgage security, personal guarantees or tranches tied to construction milestones.
The ratio between the amount financed and the value of the asset. Together with the creditor ranking, it is the real indicator of each deal’s safety cushion.
A standardized document for each offer: developer, asset, risks, security, costs and terms. The platform is responsible for its completeness before publishing it.
A right in rem over the asset that secures the loan. Both its creation and registration and its rank matter: a first or second mortgage changes the risk completely.
The funds raised are held at the payment institution and paid to the developer against verified construction milestones, reducing the risk of misuse.
Crowdlending platforms must publish their default rates every year. It is an indicator of the quality of project selection and a figure investors compare.
Digital representation of rights over the asset or the project. If the token gives economic rights, it is usually a transferable security; other designs fall under MiCA. The technology does not choose the regime: the rights do.
Download our checklist to position your project before you start: the license types available (ECSP, payment institution, EMI), requirements and safeguards, the phases of the application and common mistakes that delay authorization.
Tell us about your project and we will explain how to structure your platform or your real estate crowdfunding campaign in a practical way and in the shortest possible time.
In Spain, real estate crowdfunding is carried out through platforms authorized as crowdfunding service providers (ECSPs) under Regulation (EU) 2020/1503 and Law 18/2022, which designates the CNMV as the competent authority. The usual instrument is the developer loan (crowdlending) or the placement of securities of a project special purpose vehicle; in both cases, the platform’s activity is reserved and supervised.
Whoever operates the platform needs the ECSP license: an application to the CNMV with a program of operations, fit and proper assessment, business continuity plan and the prudential safeguards under Article 11 (the higher of €25,000 or one quarter of fixed overheads). The CNMV has 25 working days to check completeness and 3 months to assess the application once it is complete, followed by entry in the CNMV and ESMA registers and an EU passport.
The real estate developer does not need a license to raise finance, but each fundraising requires a key investment information sheet (KIIS) that is clear, correct and not misleading, must stay within the cap of €5,000,000 per developer over 12 months and is subject to the platform’s due diligence. Non-sophisticated investors also benefit from a knowledge test, warnings when investing more than the higher of €1,000 or 5% of their net worth, and a reflection period of 4 calendar days.
Real estate is a priority sector for anti-money laundering: developers and real estate agencies are obliged entities under Law 10/2010, and platforms and their payment institutions verify the source of funds of contributions. The new EU AMLR will strengthen this framework by bringing crowdfunding providers in as obliged entities from 2027.
Real estate asset tokenization is not a regulatory category of its own: if the token carries economic rights, it is usually classified as a transferable security under securities market rules, and other designs fall under the MiCA Regulation. The applicable framework is determined by the rights the token confers, not by the technology used.
Key legislation, linked to the official text:
Legislation and links reviewed in .