Duplex development in Porto, Portugal
Duplex apartments in Porto designed for rental and for buyers in a high-demand market with strong potential for price appreciation.
Instrument Equity
Real estate capital advisory · Spain and Portugal
Where Iberian development meets the right capital.
Cobuildy advises developers on how to finance their projects and introduces them to investors whose mandate fits.
No upfront fees. We are paid only when capital is raised.
Monday to Friday, 9:00–18:00 (Spain time)
How we work
A clear route from project to capital.
- 01
Structure
We review the project and propose a capital structure that fits its stage, risk and timeline.
- 02
Prepare
We organise the plan, the numbers and the documents so investors can assess the project quickly.
- 03
Introduce
We introduce the project to investors and lenders whose mandate fits, and coordinate the process to closing.
We are an introducer, not a fund. We do not pool capital, give investment advice or guarantee outcomes.
Have a project at any stage?
Three questions, one minute. We reply within 4 hours.
Projects
Developments we have structured.
Real projects in Spain and Portugal. Each one was structured around its stage, its risk and its investors.
Luxury villas in Tenerife, Spain
Luxury villa project in Tenerife aimed at high-end resale, designed by a renowned architecture studio and attractive to international buyers.
Instrument Senior debt
Multifamily building in Marbella, Spain
Multifamily residential development in Marbella structured for unit sales, with strong appreciation potential in a prime coastal location.
Instrument Equity
For developers
Send us the project. Hear back in 4 hours.
A short first view from our team: what is missing in your package and which type of capital may fit. No upfront fees; we are paid only when capital is raised.
Monday to Friday, 9:00–18:00 (Spain time)
- 01
You send the basics
Location, stage, amount needed. Three questions, one minute. Or send a teaser by WhatsApp.
- 02
We reply within 4 hours
A person from our team answers with a first view and, if it fits, proposes a call.
- 03
We prepare and introduce
We structure the package and introduce it to investors whose mandate fits. You deal with them directly.
Financing solutions
Explore the instruments.
Choose a project stage to see which instruments typically apply. Every structure is negotiated case by case. Nothing here is an offer, a quote or advice.
Project stage 10 instruments
Senior debt
First-ranking secured debt, usually the largest and lowest-cost layer of the capital stack.
Land & acquisitionPre-development & permitsConstructionSales & stabilisationRefinancing & exit
Typical use cases
- Funding construction against an approved plan
- Acquiring land where a development plan is in place
Structural considerations
- Security over the land and the building
- Conditions precedent and drawdowns linked to progress
- Lenders usually expect permits, a budget and sponsor equity
Risks and limitations
- Strict conditions and covenants
- Smaller proceeds if permits or pre-sales are weak
- Covenant breaches can restrict further drawdowns
Descriptions are general and do not state rates, leverage ratios or outcomes.
Discuss this with CobuildyJunior / mezzanine debt
Subordinated debt between senior debt and equity, used to increase total leverage.
Land & acquisitionPre-development & permitsConstructionSales & stabilisationRefinancing & exit
Typical use cases
- Reducing the equity the sponsor must contribute
- Completing a stack when senior debt is capped
Structural considerations
- An intercreditor agreement with the senior lender
- Security is often a pledge over the shares of the project company
- Pricing reflects its junior position
Risks and limitations
- Costs more than senior debt
- Cross-default and enforcement rights
- The senior lender may restrict or prohibit it
Descriptions are general and do not state rates, leverage ratios or outcomes.
Discuss this with CobuildyPreferred equity
Equity with priority over common equity for distributions, with a defined return profile.
Land & acquisitionPre-development & permitsConstructionSales & stabilisationRefinancing & exit
Typical use cases
- Filling the gap without giving up control
- Recapitalising a project mid-way
Structural considerations
- Priority and return terms set in the shareholder agreement
- Governance and consent rights
- Exit and redemption mechanics
Risks and limitations
- Usually costlier than debt
- Control rights can constrain the sponsor
- Ranks behind all debt
Descriptions are general and do not state rates, leverage ratios or outcomes.
Discuss this with CobuildyCommon equity
Ordinary ownership capital that shares in the upside and bears the first loss.
Land & acquisitionPre-development & permitsConstructionSales & stabilisationRefinancing & exit
Typical use cases
- Sponsor or co-investor capital in the project company
- Funding early-stage costs
Structural considerations
- Alignment between sponsor and investor
- How profit is shared
- Exit rights
Risks and limitations
- Absorbs the first loss
- Returns are not guaranteed and depend on outcomes
- Illiquid until exit
Descriptions are general and do not state rates, leverage ratios or outcomes.
Discuss this with CobuildyJoint ventures
A partnership in which an investor and the developer share ownership, decisions and returns.
Land & acquisitionPre-development & permitsConstructionSales & stabilisationRefinancing & exit
Typical use cases
- Combining land or expertise with capital
- Projects larger than the developer’s balance sheet allows
Structural considerations
- Governance, deadlock and reserved matters
- Fee and promote structures
- Exit and transfer provisions
Risks and limitations
- Shared control demands alignment
- Complex legal documentation
- Disputes can be harder to resolve
Descriptions are general and do not state rates, leverage ratios or outcomes.
Discuss this with CobuildyBridge financing
Short-term financing to act quickly until permanent funding or a milestone is in place.
Land & acquisitionPre-development & permitsConstructionSales & stabilisationRefinancing & exit
Typical use cases
- Securing land before long-term funding is arranged
- Covering the gap before permits or sales
Structural considerations
- A clear and credible exit route
- Short term and prepayment terms
- The security package
Risks and limitations
- Typically costlier than long-term debt
- Refinancing risk if the exit slips
- The short timeline limits flexibility
Descriptions are general and do not state rates, leverage ratios or outcomes.
Discuss this with CobuildyAcquisition financing
Funding to buy land or an existing asset for development or repositioning.
Land & acquisitionPre-development & permitsConstructionSales & stabilisationRefinancing & exit
Typical use cases
- Purchasing land for development
- Buying an asset to redevelop
Structural considerations
- Due diligence on title, planning and condition
- Conditions linked to the intended plan
- How it connects to later construction finance
Risks and limitations
- Planning outcomes are uncertain
- Valuation risk
- Exposure if later funding is not secured
Descriptions are general and do not state rates, leverage ratios or outcomes.
Discuss this with CobuildyConstruction financing
Finance released in stages to fund the building works.
Land & acquisitionPre-development & permitsConstructionSales & stabilisationRefinancing & exit
Typical use cases
- Building works against an agreed budget
- Completing phased developments
Structural considerations
- Staged drawdowns certified by a monitoring surveyor
- Fixed-price contracts and contingency
- Completion guarantees and insurance
Risks and limitations
- Cost and delay overruns
- Drawdowns depend on milestones
- Contractor risk
Descriptions are general and do not state rates, leverage ratios or outcomes.
Discuss this with CobuildyRefinancing
Replacing existing financing to extend maturity, release capital or change the structure.
Land & acquisitionPre-development & permitsConstructionSales & stabilisationRefinancing & exit
Typical use cases
- Replacing short-term funding once works are complete
- Releasing capital from a stabilised asset
Structural considerations
- Valuation and income profile
- Prepayment costs
- Compatibility with existing security
Risks and limitations
- Market conditions at the time of refinancing
- Valuation shortfalls
- Fees and breakage costs
Descriptions are general and do not state rates, leverage ratios or outcomes.
Discuss this with CobuildyWhole loans
A single loan combining senior and subordinated layers into one facility from one lender.
Land & acquisitionPre-development & permitsConstructionSales & stabilisationRefinancing & exit
Typical use cases
- Simplifying the capital stack
- Executing with a single counterparty
Structural considerations
- Blended pricing across the layers
- The lender may later sell or tranche the loan
- One set of documents and covenants
Risks and limitations
- Less transparency on the pricing of each layer
- Dependence on a single lender
- Limited flexibility to replace one part
Descriptions are general and do not state rates, leverage ratios or outcomes.
Discuss this with CobuildyNo instruments for this stage.
Where we operate
Spain and Portugal.
Select a country to explore its markets. A location is shown as confirmed only once our team has verified it.
Confirmed market
Madeira and the Azores are not drawn.
Is your city on the map?
Tell us about the project on WhatsApp or book a quick call.
Market intelligence
Signals, summarised by people.
Each item will carry its publisher, its date and a link to the original, with a short summary written by our team. We never republish full articles.
- Category
- Country and region
- Date
- Source and link
- 01Source detected
- 02Draft created
- 03Human review
- 04Published
Prototype: no items are published yet. New items always start as drafts and need approval.
Not sure the project is fundable yet?
Send the basics and get a first view from our team within 4 hours.
Insights
Answers to the questions developers and investors ask.
Senior debt, mezzanine or equity: how to think about the capital stack
Planned topicWhat an investor-ready project package contains
Planned topicFinancing a development in Portugal compared with Spain
Planned topicArticles are reviewed by experts before publication.
Team
The people you will work with.
A small team in Barcelona, with local relationships in each country.
-
Dani Valiaev
Partner
-
Dona Karamanaga
Head of Investor Relations
-
Gonzalo Giovannelli
Head of Developer Relations
- PPhoto to come
Pedro
Developer Relations, Spain
- JPhoto to come
João
Developer Relations, Portugal
FAQ
Questions we are asked most.
Do you pool investor capital?
No. Cobuildy does not pool capital or act as a fund. Investors connect directly with developers and make independent investment decisions.
Does Cobuildy provide investment advice?
Cobuildy does not provide financial or legal advice. We curate and present investment opportunities, but each investor performs their own due diligence and makes their own investment decisions.
How does Cobuildy use AI in its screening process?
Cobuildy uses AI as a support tool to analyze and compare project data against investor criteria, helping us identify relevant opportunities more efficiently. All projects are reviewed by our team before being shared with investors. AI enhances our screening process but does not replace human analysis, due diligence, or investor decision-making.
How do you ensure reliable returns?
Through careful selection, active management, and ongoing monitoring, we aim to deliver consistent, risk-adjusted returns that align with your financial goals.
What makes Cobuildy different from brokers or marketplaces?
We don’t just introduce your project to investors. We work inside your project as part of your team: structuring the deal, preparing investor-ready materials, managing the fundraising process. This significantly increases the chances of securing capital.
Why do I need to provide my investment criteria when applying as an investor?
To ensure you receive only opportunities that truly match your investment strategy. Your criteria allow us to filter and curate projects specifically for your preferences, so you are not overwhelmed with irrelevant deals.
Do I need to pay upfront to work with you?
No. We work on a success-based model. There are no upfront fees; we only get paid when capital is raised or results are achieved. This ensures full alignment: we succeed only when your project moves forward.
How do you maintain premium standards?
We uphold rigorous quality benchmarks, select top-tier assets, and collaborate with expert partners to ensure every property meets our high standards of excellence.
Have a project to discuss?
Tell us the basics. We will reply with a view on what is missing and which capital may fit.