You can lose returns or part of your capital if the market falls. But you never lose everything: with no debt, no bank can foreclose, and no project gets left unfinished due to lack of financing.

If a black swan event occurs, the worst case is holding a rental apartment until the market recovers. That decision would be made jointly by all partners, if it comes to that.

Minimum ticket: €150,000 per project. You invest directly in the company that acquires the asset (SPV), making you a co-owner of it. The SPV has a management agreement with Revalora and a shareholders' agreement governing the relationship between all parties. You decide which projects to join, one by one.

Revalora plays two roles: it co-invests as a partner and manages as a developer. This aligns interests — we only do well if you do well. Distribution works as follows: First, all investors (including Revalora on its own capital) receive a preferred return of 12% per annum.

If the project falls short of that, Revalora receives nothing as manager.

Once the 12% is reached, Revalora receives 8% as deal manager (catch-up). The remaining excess is split 60% investor / 40% Revalora.

Example: If the project generates 19% IRR → you receive the 12% preferred return + 60% of the excess = 16.2% total.

This is not a liquid vehicle. Early exit is possible but not guaranteed: you can sell your SPV participation to another co-investor, subject to majority shareholder approval and a negotiated price, possibly at a discount. Also, timelines can extend. Real estate development has its own rhythms and deadlines are not always met.

If you need liquidity within 12 months, this model is not for you. Only invest capital you won't need in the short term.

Budgets include a 10% contingency reserve. If additional capital is still needed and the amount does not exceed that 10%, Revalora covers it directly to avoid losing momentum, with proportional dilution of the remaining partners. If the amount is larger, a General Meeting is called, full justification is provided, and each partner decides whether to contribute their share or accept dilution.

Nothing material happens without transparency and collective decision-making.

No. Zero entry or exit fees. We only get paid if the project exceeds 12% IRR, through the waterfall structure described above. Direct project costs — notary, registration, valuation, insurance — are passed through at actual cost, detailed in the budget before you invest.

As an SPV shareholder you have voting rights at General Meetings on key decisions — debt, liquidation, strategic changes — and veto rights under reinforced majorities for material decisions. You have full access to the data room including valuations, technical and legal due diligence, and all contracts. You receive quarterly reports on construction progress, costs and sales, and accounts are audited annually.