Basic Information for the Investor


Housers is neither a credit institution nor an investment services company. It is not a member of any investment guarantee fund or deposit guarantee fund. Therefore, the invested capital is not covered by these funds.

Housers is neither a credit institution nor an investment services company nor does it provide financial advice, so nothing on this website should be interpreted as such. The information on this page is for general information purposes only and does not constitute specific advice.

The equity financing projects published on the website are not subject to authorization or supervision by the Comisión Nacional del Mercado de Valores (CNMV) or by the Bank of Spain or by any other regulator, national or foreign. The information provided by the developer has not been reviewed by any of these bodies and does not constitute a prospectus approved by them.

The developer of the project is responsible to the investors for the information provided to the crowdfunding platform for publication within the project on the website.

The investment through Housers must be made as part of a diversified portfolio. The investment in Housers is intended for people with sufficient knowledge to understand the risks inherent in each project.

Approximate Scoring

In the projects that are published on the platform, Housers offers all Users an approximate Scoring that allows Users to estimate the potential risk of each project before investing. The Scoring has an approximate purpose and therefore, the User should know that he/she should not base his/her investment on the Scoring that is done on the projects. Housers does not offer any guarantee regarding the veracity of the content of the Scoring, the accuracy, timeliness, or liability of the information published in the Scoring, regardless of who performs the Scoring.


The investment in Housers involves the risk of total or partial loss of the invested capital, the risk of not obtaining the expected monetary return and the risk of illiquidity to recover the investment, not being the invested capital guaranteed neither by the borrower company, nor by Housers, nor by any investment or deposit guarantee fund. Notwithstanding the above, some projects may include a mortgage guarantee, which will be registered in the corresponding Land Registry, and may be executed in case of default by the developer.

Recovery of the investment before the end of the loan contract is not guaranteed. Generally, the financing projects published in Housers are medium or long term, and the investments in them cannot be considered liquid.

The developer has limited own resources so that its responsibility in the project is limited to those resources, being able to accumulate more than one project on the platform entails an additional risk of concentration.

In addition, when the project finance is instrumented through the emission of values, the following risks exist:

  • Risks linked to the transferability of values: the restrictions on the free transferability of securities inherent in the legal regime of the companies that have issued them, or restrictions established in their articles of association or by-laws, must be considered.
  • Dilution risk: consideration should also be given to the risk of dilution, i.e., that the investors stake in the capital of the company being financed will decrease because of subsequent capital increases, which the investor decides not to participate in, as his stake will be reduced in proportion to the number of new shares created.
  • Risk of not receiving dividends (income paid by the company to its shareholders when it makes a profit and the legally established requirements are met): there is no certainty that the financed company will make a profit or that, if it does make a profit, the General Meeting of Shareholders will approve its distribution, since the shareholders may adopt, following the system of majorities established in the applicable law, in their articles of association and, where appropriate, in the existing shareholders agreements, the agreement to reinvest these amounts in the business or to set aside legal, statutory or voluntary reserves.
  • Risk of not being able to influence the management of the company. The investors ability to influence the management of the financed company will be determined by its percentage shareholding in the company, which, as mentioned above, could be diluted in the future.

Basic operation of Housers

Housers is a crowdfunding platform whose activity consists of putting in contact, in a professional manner and through the website, a plurality of individuals or legal entities (investors) that offer funding in exchange for a monetary return with individuals or legal entities that request funding in their name (developers) to allocate it to a crowdfunding project.

The investment in the projects published by Housers will be implemented either through the application for loans, fixed or participative or through the creation and assumption of shares of limited liability companies (Equity).

The investment projects published in Housers may be based on different types of projects, either fixed-rate projects, participatory projects, or equity projects.

Housers Real Estate projects will consist of financing to a developer for the acquisition of real estate assets or their possible exploitation in lease and sale in the market after a certain period (hereinafter, "the Opportunity" or "the Opportunities"). Often, the financing granted will also be used to carry out the integral reform of the real estate assets acquired, thus increasing their value and profitability.

Housers Green projects will consist of financing to a developer for the development and operation of a project related to renewable energies (hereinafter, "the Opportunity" or "the Opportunities").

Housers Corporate projects will consist of financing business projects to companies of all types of sectors and sizes, both in Spain and in international markets, which will facilitate these companies access to credit for the development of business projects of all kinds (hereinafter, "the Opportunity" or "the Opportunities").

The projects selected by Housers pass, firstly, a screening procedure within the different departments of Housers that filter those projects that comply with the legislation and whose potential make them susceptible to be financed by investors. Subsequently, an exhaustive review is carried out in which Housers risk analysis team verifies the situation of the developer, if applicable, the situation of the real estate asset from a legal and technical point of view and finally they analyse the overall financial data of the project.

The developer is the one who contacts Housers directly by different means and sends electronically all the required information so that a detailed analysis of the proposal can be carried out to estimate its viability and proceed with its publication.

Housers rigorously analyses the investment projects that it receives from the developers based on homogeneous and non-discriminatory criteria, to verify the viability of the same and to protect the interests of the investors. To this end, before the publication of the projects, it carries out the following actions:

  • legal documentation relating to the developer is reviewed and additionally all the documents relating to the object of the project, such as simple notes of the properties, cadastral certificates, title deeds, corporate analysis of the developer, certificates of approval of the Technical Inspection of the building, energy certificate, proof of payment of the last four years of the Real Estate Tax (IBI), proof of payment of the Property Tax (IBI) for the last four years, certificates issued by the administrators of the property stating the economic situation of the property about the Community of Owners in which it participates, if applicable, insurance contracts, utility bills and electrical bulletins.

    Likewise, if the financing requested by the developer is going to be used for the acquisition and/or operation of commercial premises, Housers also analyses the information corresponding to the viability of the business (opening or operating licenses and activity licenses).

  • Technical-financial analysis: The Scoring Company  carries out a market study of the area where the asset is located, preparing an economic-financial development plan for the project in objective terms and based on conservative positions, to contrast the projections offered by the developer. In this process, technological information analysis tools are used, which analyse data in a segmented and geo-localised manner, based on information sourced from public institutions and private entities. This service serves as advice to understand the dynamics of the market. In the same way, Housers carries out an economic viability analysis in the companies that participate in the project.

  • Real Estate Analysis: Housers, from the Real Estate department, makes a study of the Participatory Financing Offer, analyzing the following documentation that, previously, has been requested to the promoter:
    - Dossier experience of the promoter (it is necessary to demonstrate previous experience)
    – Nota simple (see if it is free of charges or not)
    – Ownership of the land or housing (if it is owned or not, any supporting documentation)
    – Building License (if granted or requested)
    – Architecture Project (Basic / Execution)
    – State of sales of housing
    – Feasibility plan of the project (including all expenses, income from sales and expenses incurred by the developer)
    – Current valuation of the project including assumptions of the finished building (to be able to calculate the LTV)

  • Corporate economic analysis: Housers carries out a study of the commercial situation of the promoter company, consulting that the partners and the administrators of the company are not in any file of defaulters or are not immersed in a bankruptcy process. It is also verified that the company is up to date with payments to the Treasury and Social Security and that it has presented the annual accounts, requesting a certificate from the Commercial Registry. Once this filter has been passed, an economic-financial viability analysis is carried out of the Annual Accounts for the current year and the last year closed, considering a series of liquidity, debt, equity and profitability ratios.


Housers protects the investors' funds by keeping their capital in a segregated and secure account in an external and independent payment entity, regulated and authorized by the Bank of Spain, which is responsible for managing all fund movements.

Types of opportunities and calculation of their profitability

  1. Fixed-Rate modality

    These are loans with a previously defined term, normally between 6 months and 36 months (although there may be some specific projects with a longer-term) in which investors grant a fixed-rate loan to a developer for a real estate project, a corporate project, or a green project, as previously defined. The object of each project will vary depending on the line of business. In the case of housers real estate, the projects are usually aimed at the purchase of land or property to later undertake the construction or reform for subsequent sale.

    In this type of projects, the investor starts to generate income from the first month depending on the interest previously agreed with the developer. In fixed-rate loans, the investors receive interest on a quarterly basis for the life of the loan.

    Through the following formula we estimate the annual profitability published in the opportunity:

    (c x r/100 x t) / 365

    • "c" is the amount of loans outstanding;
    • "r" is the interest rate (in per cent), and
    • "t" is the length of the interest period in days.

Scoring System

Scoring is defined as a real estate investment analysis report, the purpose of which is to obtain an evaluation of the Participating Finance Offer under analysis.For the Scoring of opportunities, an analysis is carried out at 3 levels:

  1. MACRO RISK - SOCIO-ECONOMIC ENVIRONMENT AND REAL ESTATE DYNAMICS: At this level, the factors external to the asset with an impact on its area of influence and larger-scale geographical areas are analyzed: country, autonomous community, province, city, neighbourhood, etc. The available data and the impact or possible effects on the project are analyzed. There are 3 sub-levels Socio-economic situation:
    • Socio-economic situation
    • Quality of the Environment
    • Real Estate Dynamics

  2. DEVELOPER RISK: At this level, the financial and commercial analysis of the promoter is carried out, demonstrable experience (projects carried out, dimensions, location, results...). There are 2 sub-levels:
    • Experience Developer
    • Economic-Financial Ratios

  3. REAL ESTATE ASSET RISK: This risk refers to the characteristics of the real estate asset. The business plan provided by the developer is analysed and evaluated and contrasted with the main parameters of the real estate market. There are 4 sub-levels:
    • Legal situation
    • Degree of maturity of the real estate project
    • Urban development situation
    • Analysis of the real estate project and its suitability for demand

The ranking of the projects will be detailed in terms of levels and quality as follows:

Scoring is generally calculated on the basis of unaudited accounts by an independent expert.

Applicable fees

The fees applicable by Housers to investors and developers can be consulted in our Maximum Fees and Chargeable Expenses Brochure.

Conflicts of interest

To avoid conflicts of interest, Housers has approved an Internal Code of Conduct whose content you can consult here: Internal Rules of Conduct.

Complaints and claims

Investors who wish to send their complaints or claims to Housers may do so by following the procedure specified in the Client Defence Regulations, by sending their complaints or claims to the email address, by attaching this form duly completed.

Unavailability of the services provided

Given that the web platform enabled by Housers is based on software systems, hardware, and communication through the Internet, Housers does not guarantee continuous or uninterrupted access and use of the Housers website. Consequently, the system may eventually be unavailable due to acts of nature or force majeure, as well as technical difficulties or Internet failures, or any other circumstance beyond Housers control. In such cases:

  • Housers will try to restore the service as quickly as possible.
  • Housers will not be held responsible for the unavailability of the services provided, as well as for any error or omission of information on the website due to such circumstances.

The web platform is hosted by a specialized provider of Cloud services which allows high availability and security of the service.

Given the diversity of parties involved in the provision of the service offered by its web platform, Housers cannot guarantee the continuous availability of the service. Notwithstanding the above, and to try to avoid as much as possible the unavailability of the service, the web platform has a triple backup system that would guarantee the continuity of the service in case the storage systems and databases managed by the web platform are affected:

  1. Customised backups (developed by Housers) of the database, which are performed every hour on different servers.
  2. Backup copies of the transactions in the wallets, in charge of Lemon Way.
  3. Daily differential backups of the entire virtual server where the Platform is hosted, by the specialised hosting company (ISP).

Minimisation of fraud risk and operational risk

1. Measures to minimise the risk of fraud

Considering the type of business and investments that are made with its services, the possibility of fraud can occur both internally and externally to Housers for which it has implemented the following procedures and measures:

  1. Before accepting the publication of an Opportunity on the platform, Housers carries out an analysis of the object of the Opportunity, as well as the developer, crossing the data on both with the public data available in the official registers and by requesting third parties for the necessary supporting documentation of the Opportunity to determine (1) the reality of the same and (2) that it has the title and legal capacity to intermediate. This identification and analysis of the reality of the Opportunity include:
    • An analysis of the market in which the Opportunity is circumscribed, carried out by Housers' internal teams.
    • The carrying out of a price and profitability comparison commissioned by Housers to specialised companies and professionals allow the hypotheses indicated by the promoter to be verified.
    • Review by Housers of the contracts that should give shape to the Opportunity to ensure the enforceability of the obligations under them.
    • Analysis by Housers of the public registers to identify the holder of the assets object of the Opportunity and allow to determine the charges of the same, if applicable.
    • Study of other opportunities of the same promoter published on the platform.
  2. Housers also periodically reviews its systems to detect the operations that are carried out using the web platform and compares them with information received from the developer and the disbursement and payment requests that have been made with each Opportunity with the aim that there can be no misuse or improper use of the applications of the Platform by its related persons, investors, the developer or third parties that may be interested.

2. Measures to minimise operational risk

  1. The management body of Housers is aware of the main operational risks, the differentiated risk categories, and approves and periodically reviews the framework it uses for the management of operational risk. This framework provides an enterprise-wide definition of operational risk and sets out the principles for defining, assessing, monitoring, and controlling or mitigating operational risk.
  2. Housers' governing body provides senior management with unambiguous guidance and direction on the principles underlying the operational risk management framework regularly and has approved the corresponding policies developed by senior management. Such guidelines and guidance cover operational risk, as well as its tolerance for operational risk under its policies for managing these risks and its criteria for prioritising activities developed for this purpose, specifying the extent to which and the way operational risk is transferred outside Housers.
  3. Regularly, Housers carries out an internal audit of its processes to verify that they are efficient and allow the ordinary development of its activities following the policies, guidelines and orientations approved by its management body.
  4. Housers' management has translated the operational risk management framework established by Housers' management body into concrete policies, processes and procedures that can be applied and tested within the different business units and ensures that Housers' employees comply with them appropriately.
  5. As part of the essential processes that Housers has implemented in its operations are the performance of the following tasks:
    • High-level studies on the progress made by Housers to achieve the operational risk control objectives.
    • Verification of compliance with management controls.
    • Application of its policies, processes and procedures for the analysis, treatment, and resolution of cases of non-compliance.
    • Documented approvals and authorisations system to ensure accountability to the most appropriate management level.
    • Verification of compliance with assigned risk limits or ceilings.
    • Establishment of safeguards for access to and use of assets and files.
    • Recruitment of staff with appropriate experience and training.
    • Identification of business lines or products where performance is significantly different from what is reasonably expected.
    • Periodic checking and reconciliation of Housers' operations and accounts.

Cessation of activity of Housers

As a measure against the hypothetical cessation of the provision of services, Housers has taken out a policy with the company AIG Europe S.A., Entity registered in the Mercantile Registry of Madrid, Volume 37770, Folio 48, Page M- 672859, Inscription 1 Key E0226 of the Directorate General of Insurance and Pension Funds, which provides for the provision of services in case of cessation of activity as consideration for the payment of the additional Premium.

The cover contracted covers an amount of up to €500,000 in services in the event of cessation of activity. In the event of Cessation of Activity of the Company, the Insurer shall pay on behalf of the Company the costs necessary for the continued provision of the Services to which the Company committed for the Equity Financing Projects that had obtained financing before the Cessation of Activity of the Company.

The Services referred to in the preceding paragraph shall be limited to the following:

  1. The provision and maintenance of remote communication channels for Investors and developers to contact each other directly.
  2. The transmission to the Investors of the information provided by the Developers on the progress of the Equity Financing Project.
  3. The setting up and maintenance of a payment intermediation system, through a Third Party, authorised as a payment entity to provide such service, through which the funds of the Investors are sent to the Promoter, and through which the Investors will receive the remuneration of the capital invested.

In short, through the policy Housers is given continuity to continue managing payments, to later continue with the option of passing the loans to a third platform authorised by CNMV, so that with the insurance coverage contracted the transition to another platform will be managed. If no other interesting platform is found, the option of putting developers and investors in direct contact with each other would be maintained.

Additionally, the payment services entity Lemon Way, entity that provides payment services to Housers, in the event of termination of activity of the platform, must continue to provide payment services to the Account Holders under the conditions agreed in the framework agreement until the Contract is effectively terminated, so that the platform has the option to send the details of the Account Holder to another payment services provider two months before the effective termination date.

This ensures continuity of payments until the end of the project.

Regarding the projects published on the platform and in the event of termination of activity, the projects will be treated neutrally as one of the projects financed and not closed, so that the applies to them both for coverage by the contracted policy and regarding the Payment Service Provider.

Also, in case of definitive cessation of the activity of Housers for any reason, the contractual relationship between Housers and the Investor will be terminated following the provisions of the General Terms and Conditions of the platform. In such an event, the Investor acknowledges that such termination will not affect the provisions of the Contract that, if applicable, has been signed with the Promoter, and/or its partners, which will remain in force during the term established in the contract and will be governed by the provisions of the same. In this case, the Investors must coordinate with the Promoter the provision by the latter of the appropriate mechanisms for the communication between the Investors and the Promoter in the development of their relationship under the Contract, without the Investors having the right to claim to Housers for any concept.

If Housers decides, for any reason, to cease its activity, it will notify in writing to investors and promoters three (3) months in advance, proposing if possible, a substitute participatory financing platform that would succeed Housers in the rights and obligations assumed against them, and indicating the procedure to proceed to an orderly transition from one platform to another. If Housers by its own decision or force majeure does not activate this mechanism, investors and promoters would have to relate directly, that is, without the intermediation of a platform, without prejudice to their right to claim the damages that, where appropriate, would correspond to them.

Recovery procedure

  1. Extrajudicial claim
    1. Extrajudicial claim for ordinary interest.
      If the borrower Developer fails to make a payment or only partially pays the amount due about the Loan, Housers will contact the Developer to clarify the reasons for the delay and to request the payment due, so that the investors can be informed of the reasons for the default and the estimated payment deadlines. Housers may also take the appropriate actions regarding the non-compliance in the repayment of the loan by the Developer Company, and if necessary, include the Developer Company in the insolvency files.

      If after 60 calendar days the pending payment has not been received by the Investor, Housers will send a communication by burofax or any other means that leaves a record, warning the Developer Company of the situation of non-compliance and of the possibility that the same may be claimed judicially.

      Scenarios envisaged:
      1. The developer regularises the situation immediately. No further action to be taken.
      2. The developer cannot pay immediately or a few days after the monthly payment date to the Investors. In this case, Housers contacts him to understand his situation and find a solution. As far as possible, the collection is managed amicably. If the developer experiences a temporary difficulty, solutions are proposed. A payment schedule is requested and must be approved at the Lenders' Meeting.
      3. The developer cannot be contacted or cooperated with, or the Investors do not accept the proposed repayment schedule. In this case, once the loan has matured, the process described in the following point shall be initiated.

    2. Extrajudicial claim at maturity of the loan.
      If the borrower Developer, once the final maturity date of the loan is met, does not pay one or more instalments of the accrued interest and/or the repayment of the principal (stops making the payment or only partially pays the amount due about the Loan), Housers will contact the Developer to request the payment due, by sending a Burofax or by any means that leaves a record to request a payment schedule.

      Scenarios envisaged:
      1. The developer regularises the situation immediately. No further action to be taken.
      2. The developer cannot pay immediately or a few days after the final maturity date of the loan to the Investors. In this case, Housers contacts him to understand his situation and find a solution. As far as possible, the collection is managed amicably. The developer is urged to present an alternative payment schedule within 60 days after the maturity of the loan.
        This schedule is submitted to the Lenders' Meeting.
      3. The developer cannot be contacted or cooperated with or the Investors do not accept their proposed repayment schedule. In this case, once the loan has matured, the judicial claim process described in the following point will be initiated.

      If the Developer makes payments in this out-of-court phase, they shall be applied in the following order:
      1. Payment of default interest to the Investor.
      2. Payment of ordinary interest due to the Investor.
      3. Payment of principal due to the Investor.
      4. Collection by Housers of its fee for unpaid claims (fee established on the Web).

      Item (ii) above will be paid in order of seniority, with one instalment due before moving on to pay a more current instalment. An instalment will be paid when the Developer has made funds available to cover the entire instalment.

  2. Judicial claim
    If it is not possible to contact the developer or if the developer does not collaborate, a meeting of lenders will be called to decide whether to give the developer 10 days to present a proposal with a payment schedule and commitment or whether to take the developer to the collection.

    If it is approved to give 10 days for the presentation of offers, Housers will contact the developer by Burofax to request the presence of a binding proposal with a payment schedule for the repayment of the loan. Giving 10 days for the presentation of the same.

    After the 10 days and if the developer sends the proposal, it will be taken to a meeting of the lenders to be voted on. If no proposal is received from the Developer, Housers will call the Investors to a meeting of lenders to vote and demand the repayment of the loan with the support of a company specialised in debt collection.

    Through this mechanism, Housers gives the possibility to the investors to choose between the option to accept the proposal made by the developer or to demand the repayment of the loan with the support of a company specialised in debt collection.

    If the investors decide to accept the proposal made by the developer, the developer will be obliged to comply with the payment schedule set out in the proposal. If the borrower developer does not pay any of the amounts agreed in the payment schedule or fails in any way to comply with the proposal, Housers will contact the developer to clarify the reasons for the delay and to request the payment due, so that the investors can be informed of the reasons for non-compliance and the estimated payment deadlines, proceeding to send, for this purpose, a notification by burofax, egarante or any other means that leaves a record.

    If after 30 calendar days the pending payment has not been received by the Investor, Housers will send a notification by burofax, egarante or any means that leaves a record, warning the Developer Company of the situation of non-compliance.

    If the situation has not been regularised within 30 days, the meeting of lenders will also be convened to decide whether to grant an additional period of another 10 days to either pay what is owed according to the approved schedule, submit a new offer with a payment schedule and conditions or demand the return of the loan with the support of a company specialised in recovery.

    If no proposal has been received within 10 days, the meeting of lenders will also be convened to decide whether they want to demand repayment of the loan with the support of a specialised debt collection company.

    If the investors decide to choose to demand repayment of the loan with the support of a specialised recovery company, the recovery company will assess the situation and decide whether the chances of recovery justify a legal claim, safeguarding the interests of the lenders (investors). The objective is to recover the outstanding debt bilaterally or through the courts.

    Throughout the collection process, Housers will manage the relationship with the collection company and will periodically and confidentially inform all the investors of the project about the evolution of the process.

    The amounts finally collected from the developer will be applied in the following order:

    1. Payment of the claim expenses (to the Recovery Company and Housers).
    2. Payment of the debt (capital and interest) to the lenders.


If a User decides to terminate the contractual relationship with Housers, and the User has signed one or more Contracts with one or more Developers through the Web about different Opportunities and these are still in force, Housers will block the Users account until the completion of all those projects that are in force.

The following are causes for termination of the contractual relationship between Housers and the User:

  1. The non-payment by the User of fees, expenses, or commissions due to Housers.
  2. Non-compliance by the User of the information obligations through the Web.
  3. Any other breach by the User of these Terms and Conditions or the commitments made by the User or the Developer through the Web in the registration process, registration or any other.

Resolved the contractual relationship between Housers and the User will produce the following effects:

  1. The User must pay any amounts owed to Housers, if any, for any concept for the services provided.
  2. Housers will unsubscribe the Investor from the Website.
  3. The termination of the contractual relationship with Housers will not affect the clauses relating to:
    • Fees (concerning the fees that may be pending for the provision of services provided by Housers).
    • Contracts entered with developers about the Opportunities and which have not been finalised.
    • Liability regime.
    • Confidentiality.
    • Intellectual property.
    • Data protection.
    • Indemnification.
    • Dispute resolution.
  4. The Investor will indemnify Housers as well as its administrators, directors, agents, affiliates, associates and employees for any losses or costs, including reasonable attorneys fees, incurred because of or in connection with any breach by the Investor of the Terms and Conditions of the platform or any law or right of a third party.

The Investor may request Housers, at any time, to voluntarily unsubscribe from the web platform. In this case, he/she must notify Housers through the Web and Housers will proceed to unsubscribe within a maximum period of ninety (90) days from the moment in which all the projects in which he/she has invested are completed. If you have invested in any project, and this has not been completed, Housers will block your account until the completion of all those projects that are in force.

The consequences of termination provided in the previous section will be applicable in the case of voluntary cancellation by the User.

If the Investor has entered one or more Contracts with a Developer through the Website about different Opportunities, these may not be terminated except as provided for in these Contracts.

Regulators and auditors

Housers is an european crowdfunding service provider authorized and regulated by the Comisión Nacional del Mercado de Valores (CNMV, Spain) by licence granted on 02/06/2017.

Housers is audited by UHY-FAY AND CO AUDITORES CONSULTORES, S.L. registered in the Official Register of Account Auditors with number S1291, NIF B82445826 and address C/Serrano 1, 4º, 28001 Madrid (Spain).