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We don’t publish promises. We publish results.
This section features selected transactions that we have structured, presented in anonymized form to protect our clients’ confidentiality. Each case documents the situation, the constraints, the solution architecture, and the outcome achieved.
The transactions cover mortgages for international buyers, development finance, Lombard loans and liquidity structures, and equity release — both for individuals and through corporate vehicles.
50+ financial institutions
Altavista Finance publica casos de estudio anonimizados que documentan operaciones reales de financiación inmobiliaria estructuradas en España.
50+ LENDING INSTITUTIONS 80% LTV MORTGAGE FOR INTERNATIONAL BUYER – MARBELLA
SITUATION
An international buyer acquiring a residential property in Marbella for €2.2M. The objective was to maximize leverage while preserving available capital for other investments.
WHY IT WAS DIFFICULT
In the Spanish market, mortgages for international borrowers are typically limited to 60–70% LTV. Exceeding this range requires a combination of factors: a strong financial profile, the right type of property, and, above all, a lender with a specific appetite for this level of exposure in the market.
In the Spanish market, mortgages for international borrowers are typically limited to 60–70% LTV. Exceeding this range requires a combination of factors: a strong financial profile, the right type of property, and, above all, a lender with a specific appetite for this level of exposure in the market.
TRANSACTION STRUCTURE
| DIMENSION | RESULT |
|---|---|
| Borrower | Individual, non-resident |
| Amount | €1.7M |
| LTV | 80% |
| Rate | 2.75% fixed |
| Term | 25 years |
| Additional collateral | None |
WHAT UNLOCKED THE TRANSACTION
The additional leverage was not achieved by forcing standard lending criteria. It was achieved by identifying a lender with a proven appetite for high-quality international profiles on the Costa del Sol. The difference between the market-standard 70% and the 80% achieved represents an additional €220,000 in leverage.INTERNATIONAL MORTGAGE WITH INCOME GENERATED THROUGH A COMPANY
SITUATION
A non-resident couple acquiring a second home in Spain for €1.2M. Both had minimal declared personal income — a low nominal salary from their own company. The UK-based company had demonstrated strong and consistent profits over the previous three years.
TRANSACTION STRUCTURE
| DIMENSION | RESULT |
|---|---|
| Borrowers | Individuals, non-residents |
| Source of income | UK limited company (strong profits over 3 years) |
| LTV | 70% |
| Rate | 2.1% fixed |
| Term | 20 years |
WHAT UNLOCKED THE TRANSACTION
Repayment capacity was demonstrated through the company’s financial statements — distributable profits and business sustainability — rather than relying solely on the borrowers’ declared personal salaries. The result — 2.1% fixed over 20 years at 70% LTV — is a financing structure more commonly associated with borrowers with high personal salaries.EQUITY RELEASE COMBINED WITH LOMBARD LOAN: 100% CAPITAL RECOVERY – IBIZA
SITUATION
A German SPV had developed a villa in Ibiza at a total cost of €8.6M, with a completed value of €10M. The project had been financed entirely through equity. Once construction was completed, the owners wanted to release the full amount of capital invested without selling the property or liquidating their investment portfolio.
WHY IT WAS DIFFICULT
Recovering 100% of invested equity through debt is a structure that is rarely considered as a single transaction. A conventional mortgage would typically cover 50–60% of the property value. Combining a mortgage and a Lombard facility as a coordinated structure is an approach that most intermediaries do not propose.
TRANSACTION STRUCTURE
| DIMENSION | RESULT |
|---|---|
| Borrower | German SPV |
| Mortgage facility | 58% LTV, Euribor + 2.1%, 5-year bullet, interest-only |
| Lombard facility | 42% of the remaining gap, 2.6% fixed, 3-year bullet, 85% advance rate |
| Execution | Coordinated through a single private banking institution |
| Outcome | Full recovery of the equity originally invested |
WHAT UNLOCKED THE TRANSACTION
The transaction was designed as a two-facility structure from the outset. Routing both facilities through the private banking platform of a single institution simplified execution. The differentiated maturities — 5 years for the mortgage and 3 years for the Lombard facility — were a deliberate decision to provide refinancing flexibility.DEVELOPMENT FINANCE: RESIDENTIAL BUILDING IN MADRID (BUY-TO-SELL)
SITUATION
A recently incorporated Spanish SPV acquired a residential building in Madrid for €15.4M. Full refurbishment and associated costs amounted to €5M. Estimated project duration: 18 months. Exit strategy: sale of the asset upon completion.
TRANSACTION STRUCTURE
| DIMENSION | RESULT |
|---|---|
| Borrower | Spanish SPV (recently incorporated) |
| Facility | Development loan |
| LTV | 65% of asset value |
| Rate | Euribor + 2% |
| Structure | 24 months interest-only + 6 months amortization |
| Presales required | None |
| Early repayment penalty | None |
WHAT UNLOCKED THE TRANSACTION
The underwriting was repositioned around the quality of the asset, its location, the development team’s capabilities, and the visibility of the exit strategy — rather than focusing primarily on the SPV’s track record or age.CORPORATE EQUITY RELEASE THROUGH AN SPV SITUATION
SITUATION
A Spanish company owned an unencumbered real estate asset. The company needed to release capital from the property to fund corporate capital expenditure (capex), without selling the property or changing its ownership structure.
TRANSACTION STRUCTURE
| DIMENSION | RESULT |
|---|---|
| Borrower | Spanish SPV |
| Security | Mortgage over an unencumbered asset |
| Amount | €6M |
| LTV | 30% |
| Structure | Interest-only, 5 years |
| Uso de fondos | Corporate capex |
| Origination network | Specialist lenders |
WHAT UNLOCKED THE TRANSACTION
The main constraint was not the risk profile — the asset was unencumbered and the LTV was conservative. The challenge was finding a lender with the appropriate product and process for corporate equity release. The transaction was originated through a network of specialist lenders.CONTACT US
If you are considering a real estate transaction in Spain and want to understand which options make sense to explore, we would be happy to talk.