Housers review

Housers – P2P lending platform from Spain.

The good

exposure in Spanish, Portugese and Italian real estate market.

The Bad

  • the returns are below 10%
  • Customer support’s english level is poor. My questions about the platform were not answered either by Marketing department either by customer support. UPDATE: When i wrote a personal message to the CEO about the problem, I got the message from the marketing department that they will call me – guess what – no one called me đŸ™‚
  • The registration for EU company as an investor is challenging.
  • It is not clear who are the owners of the funded projects, because some projects are given to the platform from third parties and some of them are their own.
  • Company is very secretive in their CrowdCube equity raising (see the discussions part where they answer many questions “we can not answer that because of the confidentiality clause”
  • Expected return – looks scammy. (see my Valencia example)

Do the projects have first rank mortgage?

Housers reply (the grammar not fixed. Copy/paste): As general rule

Saving opportunitites. Yes, unless otherwise stated

Investment opportunitities. No, usually second after the bank. Bank is less that 20%

Fixed rate opportunities: Case by case

In nay case, the loan has more privileges than being a shareholder

Example project in Valencia.

2017 last week of August i went to Valencia to look for real estate investment. Having done research on Idealista I think I knew the market at some level so I could value example project provided by Housers.

The advertised project Joaquin Sorolla with expected return of 7.61%

Property Area (m2) 114, 2 bedroom, 1 bathroom

Elevator – No (second floor that starts with ground floor)

I took all the listings in same neighborhood and checked if the sales prices is adequate.
The average price per square meter 1880€. The average price for 2 bedrooms 2115€. Average price for 2 bedrooms 100-120 square meters 2065€
Now real life examples:
121 square meters, 2 bedrooms + elevator (our suggested investment does not have it!!!!) price 240k . Listed January!!!
112 square meters. Second floor no elevator (same as example property). 25 square meter terrazze!!! Price 149k and with better location (El Botanic)
My prediction that is particular project will generate negative return -15% to 0% return


2018 February 20

I came back to the idea investing in this platform. Saw few interesting deals and wrote a simple question “where can i find collateral and LTV values in investment offers?”

so the answer is this:

the objects with collateral have the house symbol. And the LTV value you have to dig in the documents and make a research as it is hidden đŸ™‚


I come back to the idea investing with them from time to time. (usually when i see ads)

But the collateral structure is different and you have to follow through. Especially in Development loans, which of course have the highest return.

here is the answer for my question about collateral. (interesting that they do not mention the development loans)


You can read and download the contract from the website:
Investments in Housers‘ property opportunities are not risk-free as any other investment and have the possibility of a total loss in the worst case scenario. The good thing bout Housers is that the asset itself is the collateral and can be sold to recover the investors principal investment. Also Housers will be keeping control of the company of each project is handing the property and the accounts.
For buy-to-let and buy-to-sell opportunities, a subsidiary company is created from the main company, in case of bankrupt, the capital of the subsidiary company is separated from the main company so they can’t use the project funds for other purposes. As there is an underlying asset behind the investment, in case the project goes wrong, the company can still sell the property to return the capital.


For fixed-rate opportunities, there is always a signed contract with the multinational company GOC, there will be a control from the beginning of each euro that comes out of the provided loan. The purpose of this is to keep a control over the money and assure that is goes to where it was intended from the funding of the project up until the return of the original amount.