Reental vs Civislend: Secured Loan or Tokenised Property Investment? (2026)

Short answer

Reental and Civislend sell different products. Civislend lends money to real estate developers and is registered with Spain's securities regulator, the CNMV, as a crowdfunding service provider (No. 8). Its guarantees change from project to project and the average term is around 15 to 16 months. Reental offers tokenised stakes in property projects from €100. It does not appear in that register, and an exit depends on another accredited user buying. Neither guarantees your capital, and Civislend itself publishes a 6.15% default rate for 2024 (share of projects in progress that were more than 90 days late).

Platform data reviewed on 3 November 2026. Reental figures as of 4 November 2026, provided by the company. Reental is one of the two parties compared and declares its conflict of interest: that is why every figure carries its source and date, and why we say what we could not check. Quotations from Spanish-language sources are our translation.

What is Civislend?

Civislend is a Spanish real estate crowdlending platform. Investors lend money to a developer, through a company created only for each project, in exchange for an interest rate agreed in advance. It is debt: there is no ownership stake in the property. It is listed as No. 8 in the CNMV register of crowdfunding service providers, with a registration date of 20 October 2023, under Regulation (EU) 2020/1503. According to its website, it was previously registered as a participatory financing platform (PFP) from 6 October 2017.

The minimum investment is €250 per project (civislend.com, 3 November 2026). According to its FAQ, the loan goes to a new company that the developer sets up for that project, and investors' funds are held in wallets with the payment institution Lemon Way, not in Civislend accounts. Its cumulative volume is around €423 million across more than 210 projects, and third-quarter 2026 volume was €45 million, according to a company press release published on 29 October 2026. These figures are self-declared.

Civislend charges the developer, not the investor. Its fee schedule sets a formalisation fee of 4% to 8.25% plus VAT on the amount financed and states that it charges investors no fee for using the platform.

Reental vs Civislend, point by point

Civislend pays the agreed interest on a secured loan. Reental pays out income from tokenised property projects, under a different legal framework and with an exit that is not guaranteed. The table shows what each one publishes, with dates. The figures are not measured the same way, so we do not subtract one from the other.

Reental's portfolio as of 4 November 2026

According to the data Reental provides, there are 77 current projects worth about €87 million (approx. $101M). Of these, 50 are operating, 20 are being renovated, 6 are under construction and 1 is in funding: Miami 7, with $1.19M raised of $2M (59.7%). The 51 closed projects add up to about €19.9 million. Reental declares that it has no public incidents. This is company data, not audited by third parties.

Secured loan or tokenised stake: which risk you take on

With Civislend, the main risk is that the developer does not repay the loan on time and that the guarantee does not cover what is owed. With Reental, it depends on the structure of each project (a US property, or a participating loan in Spain) and on a buyer appearing for your tokens. These are different risks, and no public guarantee covers either.

With a loan, the return has a ceiling: it is the agreed interest, and the term and payment schedule are set from the start. The guarantee (first-rank mortgage, parent-company guarantee or pledge over the shares of the project company) reduces the loss if the developer fails, but neither its existence nor its value is assured. Civislend acknowledges this in its FAQ ("Is my investment insured? No, but all projects have guarantees") and on its home page, where it warns that they are not all equal. The real value of a guarantee in an enforcement is not published.

At Reental, according to its FAQ, the US tokens represent interests in an LLC that owns the property, while in Spain they represent credit rights under a participating loan. In the first case the outcome depends on what the property earns or is worth; in the second, on the terms of that loan, which appear on each project page. If you need a fixed schedule and explicit guarantees, read the project page and compare what it describes with what Civislend details.

The legal framework is also different. Civislend operates within the European crowdfunding regime, which gives a non-experienced investor, for example, a knowledge test and four days of reflection (articles 21 and 22 of Regulation (EU) 2020/1503). Reental is not a crowdfunding platform authorised by the CNMV and does not appear in its register of crowdfunding service providers (checked on 3 November 2026). According to the company's legal documentation, its product does not require that authorisation. This means that investors do not have the specific safeguards of Regulation (EU) 2020/1503 (for example, the knowledge test, the loss simulation and the reflection period), and that their holding is not backed by any crowdfunding supervisor. Keep this difference in mind before comparing figures.

Civislend default rate and what happens when a developer does not pay

According to what Civislend publishes, a delay triggers efforts to get the loan back on track, default interest, collection and, where appropriate, enforcement of the guarantee. No insurance returns the capital, and on its website we did not see a detailed procedure or a maximum resolution time.

According to its FAQ, when an instalment or the principal is late, Civislend will take "the appropriate steps to put the situation back on track", inform investors and start legal action. If an instalment is late, investors are paid "through a reserve fund held at the payment institution"; the FAQ does not state its size. If non-payment continues, a collection agency steps in. Default interest and costs are borne by the developer.

The fee schedule adds a collection fee of 10% plus VAT on the outstanding amount, also borne by the developer, who also pays collection costs (court fees, lawyers, procurators). The guarantees can be mortgages, a corporate guarantee or a pledge over shares: the FAQ says every project has one of them, and the home page says they are not equal.

The data is on the statistics page, where Civislend publishes a default table as an image. We were able to read it in full and reproduce its figures as they appear. The file was uploaded in October 2025 and carries no cut-off date of its own.

The rate it publishes comes from dividing the projects that are late by the projects in progress each year (4 out of 65 gives 6.15%). By amount, €5.82 million in default over €120.96 million in progress is about 4.8% (our calculation). The table does not say how much of those loans was recovered, how much was lost or how many projects have been resolved. We also did not find legible 2025 or 2026 default data on its website; the audited 2025 annual accounts are published as PDFs and we have not analysed them.

Reental declares that it has no public incidents (company data as of 4 November 2026). That is not a default rate and is not equivalent to Civislend's table, which counts projects in progress that are more than 90 days late. We found no comparable table on the Reental pages we reviewed.

Civislend returns: what each figure measures

Civislend publishes several return figures, between 10% and 15% a year, depending on the period and the projects counted. None of them promises what a new investor will earn.

An average calculated over completed projects leaves out those still in progress or in default, so it does not show what investors as a whole have earned. Civislend does not say whether its figures are net of defaults.

Reental declares an average historical IRR of 16.5% (4 November 2026). It is a company figure and a different kind of measure from Civislend's: a historical aggregate, not the agreed interest of a loan or a single year's average. The data supplied does not specify how it is calculated, so we do not characterise it further. For that reason we do not set it beside Civislend's 11.08% or 13.8%, and we do not calculate a difference between them. Past returns are not a reliable guide to future ones, and both websites say so.

Terms and liquidity: when you get your money back

With Civislend you get your capital back when the developer repays the loan, normally within 11 to 24 months, and its website shows no secondary market. At Reental you can try to sell your tokens to another accredited user, but nothing guarantees a buyer, a price or a timeframe.

Civislend's average term was 15 months since launch and 16 in the latest period (company releases of July and October 2026); the examples on its website run from 9 to 24 months. While a project is being funded you can increase your amount, and non-experienced investors have four days to cancel. Once the target is reached, the capital "cannot be recovered until the project ends" (Civislend FAQ). A project needs between 90% and 100% of its target to go ahead; if it falls short, contributions are returned. The developer can also repay the loan early, with a penalty, so the actual term may be shorter.

Civislend shows no secondary market and warns of "liquidity risk"; CrowdIndex says none exists. The European Regulation lets platforms run a bulletin board for buy or sell interest in loans (art. 25), without matching orders. At Reental, the home page talks about selling your stake "24/7" in its P2P, and the FAQ spells this out as a direct sale to an accredited third party on the platform. Its risk warning mentions the lack of liquidity. Money you may need within the next two years does not fit well with either.

Is Civislend reliable? Civislend reviews, and what can and cannot be checked

You can check that it is registered with the CNMV, that it publishes audited accounts and a default table, and that the CNMV fined it in 2023. Whether it is "reliable" cannot be certified, because it depends on each project and its results.

In its favour

It is listed as No. 8 in the CNMV's official register of crowdfunding providers (checked on 3 November 2026) and publishes audited annual accounts from 2017 to 2025, plus a table of projects more than 90 days late. Investors' funds are held with Lemon Way, a payment institution, and not in Civislend accounts (FAQ). According to its fee schedule, it does not charge investors for using the platform.

Caveats and points against

The CNMV Resolution of 21 December 2023 (published in Spain's official gazette, the BOE, on 29 December 2023) published two penalties for very serious infringements against Civislend, PFP, S.A., of €28,000 each (€56,000 in total). One penalises failure to meet the requirements on linked projects and the principles of neutrality and transparency; the other, failure to meet the obligations on conflicts of interest. According to the BOE, the resolution is final only at the administrative level and can be reviewed by the Audiencia Nacional. We found no public information on an appeal or its outcome. The CNMV sanctions register lists the same resolution.

On defaults, its table shows 6.15% of projects in progress more than 90 days late at the end of 2024. Its projects "are not subject to authorisation or supervision by the CNMV": the registration is the platform's, not an endorsement of each project. There is also no cover from the Investment Guarantee Fund or the Deposit Guarantee Fund, and no secondary market.

On user reviews: we did not find a source of verifiable Civislend reviews. Forum comments about extensions and delays are anecdotal and we do not use them as data.

Civislend vs Urbanitae

Civislend offers debt only, and Urbanitae offers debt and equity, with similar return figures that are measured on different criteria. Urbanitae does not show a default table like Civislend's on its home page. For Urbanitae head to head with Reental, see Reental vs Urbanitae.

Each platform defines volume in its own way, so those two rows are not comparable. By annual size, the Universo Crowdfunding 2024 report ranked Urbanitae, Civislend and Wecity as the three largest in the real estate sector. Wecity has its own comparison in Reental vs Wecity, and there is a wider overview in the best real estate crowdfunding platforms.

Which investor each platform suits

Neither wins on every point, and this is not a personal recommendation. Civislend suits you if you want a loan with an agreed interest rate and term, from €250, and you accept developer risk, possible defaults and no way out before maturity. Reental suits you if you are interested in a tokenised stake in property projects from €100, with monthly payments in USDT, and you accept that its legal framework is not that of a crowdfunding service provider, that liquidity depends on another user buying, and that its average historical IRR cannot be compared with the agreed interest of a loan.

The two can sit in the same portfolio, each with an amount you are prepared to lose in full. Real estate investment may return neither your capital nor the expected yield.

Frequently asked questions

What is the difference between Reental and Civislend?

Civislend offers loans to real estate developers, with guarantees that vary by project, an agreed interest rate and an average term of 15 to 16 months, from €250. Reental offers tokenised stakes in property projects from €100, with monthly payments in USDT and direct sale to another accredited user. Civislend is a crowdfunding service provider registered with the CNMV (No. 8). Reental does not appear in that register.

Is Civislend reliable?

It is registered in the CNMV register of crowdfunding service providers as No. 8, publishes audited accounts and a default table, and charges investors no fees. It was also fined by the CNMV with two penalties of €28,000 each (resolution of 21 December 2023, published in the BOE on 29 December), and its table shows 6.15% of projects in default at the end of 2024. Its projects are not supervised by the CNMV and the capital is not guaranteed.

What is Civislend's default rate?

Civislend's own table shows a rate of projects in default of 0.00% in 2022, 6.06% in 2023 and 6.15% in 2024 (4 projects more than 90 days late out of 65 in progress). Historically, 5 of 92 formalised projects were more than 90 days late (5.43%). We found no legible 2025 or 2026 default data on its website. The rate counts projects, not amounts, and does not say how much was recovered.

What do Civislend reviews say?

We did not find a source of verifiable Civislend reviews. Forum comments about extensions and delays are anecdotal, and we do not use them as data. The verifiable information is its CNMV registration, its audited accounts, its default table and the 2023 CNMV penalties.

What return does Civislend offer?

Its website publishes an 11.08% average annual return in 2025, calculated on 98 completed projects. Company releases from 2026 mention a 13.8% to 14% cumulative average and 10.83% in the third quarter. These are self-declared figures from completed projects, not a promise of future returns. The average historical IRR of 16.5% that Reental declares is a different kind of measure and is not directly comparable.

Does Civislend charge investor fees?

No, according to its website and fee schedule: it charges nothing for using the platform or for opening or maintaining the Lemon Way account, nor for incoming or outgoing transfers. It charges the developer a formalisation fee of 4% to 8.25% plus VAT and a collection fee of 10% plus VAT if an unpaid amount has to be claimed.

What is the minimum investment at Reental and at Civislend?

At Reental, €100 (1 token = €100), according to the company. At Civislend, €250 per project, according to its website.

What happens if a Civislend developer does not pay?

According to its FAQ, Civislend handles the situation, informs investors, starts legal action and brings in a collection agency if non-payment continues. Default interest applies, borne by the developer, and the guarantees (mortgage, corporate guarantee or pledge over shares, depending on the project) can be enforced. There is no public guarantee of the capital. In 2024 its table counted 4 projects more than 90 days late out of 65 in progress.

Can I sell my investment before maturity at Civislend or Reental?

At Civislend we found no secondary market on its website, and it warns of liquidity risk. At Reental you can sell to another accredited user on the platform, but there is no guarantee of a buyer, a price or a timeframe, and its risk warning mentions the lack of liquidity.

Is Civislend better than Urbanitae?

It depends on what you are looking for, and there is no general answer. Civislend offers loans only, from €250, with an 11.08% average in 2025. Urbanitae offers equity and loans, from €500, with an average IRR of 11.7% on repaid projects. The figures are measured on different criteria, and both warn of possible loss of capital.

Is Reental authorised by the CNMV like Civislend?

Not in the same way. Civislend is listed in the CNMV register of crowdfunding service providers as No. 8. Reental is not a crowdfunding platform authorised by the CNMV and does not appear in its register of crowdfunding service providers (checked on 3 November 2026). According to the company's legal documentation, its product does not require that authorisation. This means that investors do not have the specific safeguards of Regulation (EU) 2020/1503 (for example, the knowledge test, the loss simulation and the reflection period), and that their holding is not backed by any crowdfunding supervisor.

Risk warning

Investing in real estate loans or stakes can mean the total or partial loss of your capital, a lack of liquidity and not achieving the expected return. Past returns do not guarantee future ones. Neither Civislend nor Reental offers a capital guarantee, and this page is not financial, tax or legal advice: consult a professional before investing. Reental is one of the parties compared in this text. Reental's figures are data provided by the company (4 November 2026); third-party figures are self-declared by each platform or come from the press, and are subject to change.

Sources

• Civislend, home page (3 Nov 2026): Minimum €250, 11.08% in 2025, guarantees, risk warnings, no investor fees.
• Civislend, statistics (3 Nov 2026): PFP registration 6 Oct 2017 and PSFP; example projects; published default.
• Civislend, default table (image) (3 Nov 2026 (file uploaded Oct 2025; data 2022-2024)): Late projects, default rate, amounts.
• Civislend, FAQ (3 Nov 2026): What happens in case of delay, guarantees, Lemon Way, withholding tax, reflection period.
• Civislend, applicable fees (3 Nov 2026 (2024 document)): Developer fees and collection management; no investor fee.
• CNMV, register of crowdfunding service providers (3 Nov 2026): Civislend No. 8, 20/10/2023; Reental not listed.
• BOE, CNMV Resolution of 21 Dec 2023 (penalties on Civislend, PFP, S.A.) (29 Dec 2023): Two very serious penalties of €28,000 each; final only at the administrative level.
• CNMV, sanctions register (3 Nov 2026): Resolution of 21 Dec 2023 on Civislend (BOE 29 Dec 2023).
• Idealista, Civislend release (16 Jul 2026): €361M across 183 projects; 13.8% cumulative; 15.39% H1; 1,154 investors per project.
• xm2news, Civislend release (29 Oct 2026): Almost €423M, more than 210 projects, 14% cumulative, 16 months, 10.83% Q3.
• CrowdIndex, Civislend (Sep-Oct 2026): 10.4% a year estimate (own calculation); no secondary market.
• Urbanitae (3 Nov 2026): Product, €500 minimum, 11.7% IRR, volume, registration No. 4.
• Universo Crowdfunding, 2024 report (published Feb 2026): 2024 ranking by volume: Urbanitae, Civislend, Wecity.
• Regulation (EU) 2020/1503 (EUR-Lex) (consolidated text): Arts. 21, 22 and 25.
• Reental, FAQ (3 Nov 2026): Structure, KYC, liquidity, payments.
• Reental, projects (3 Nov 2026): Estimated returns by project.
• Reental, home page (3 Nov 2026): Monthly USDT payments, 19% withholding tax.
• Reental, data provided by the company, 4 Nov 2026: €100 minimum, average historical IRR 16.5%, €106.9M across 128 projects, 77 current, 51 closed, no public incidents declared.