{"id":267,"date":"2026-05-25T13:10:21","date_gmt":"2026-05-25T11:10:21","guid":{"rendered":"https:\/\/altavistafinance.com\/case-studies\/"},"modified":"2026-08-31T18:01:00","modified_gmt":"2026-08-31T16:01:00","slug":"case-studies","status":"publish","type":"page","link":"https:\/\/altavistafinance.com\/en\/case-studies\/","title":{"rendered":"Case studies"},"content":{"rendered":"\t\t
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\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"Edificio\"\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t
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OPERATIONS<\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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REAL<\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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We don\u2019t publish promises. We publish results. <\/p>

This section features selected transactions that we have structured, presented in anonymized form to protect our clients\u2019 confidentiality. Each case documents the situation, the constraints, the solution architecture, and the outcome achieved. <\/p>

The transactions cover mortgages for international buyers, development finance, Lombard loans and liquidity structures, and equity release \u2014 both for individuals and through corporate vehicles.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

\n\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t<\/path><\/g><\/rect><\/clipPath><\/defs><\/svg>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\tCONTACT US<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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50+ financial institutions<\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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Altavista Finance publica casos de estudio anonimizados que documentan operaciones reales de financiaci\u00f3n inmobiliaria estructuradas en Espa\u00f1a.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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50+ LENDING INSTITUTIONS\n80% LTV MORTGAGE FOR INTERNATIONAL BUYER \u2013 MARBELLA<\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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SITUATION<\/h4>


An international buyer acquiring a residential property in Marbella for \u20ac2.2M. The objective was to maximize leverage while preserving available capital for other investments. <\/p>

WHY IT WAS DIFFICULT
In the Spanish market, mortgages for international borrowers are typically limited to 60\u201370% 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.<\/h4>

In the Spanish market, mortgages for international borrowers are typically limited to 60\u201370% 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. <\/p>

TRANSACTION STRUCTURE<\/h4>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t
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DIMENSION<\/th>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tRESULT<\/th>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr>\n\t\t\t\t\t<\/thead>\n\t\t\t\t\t\t\t\t
Borrower<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tIndividual, non-resident<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr>\n\t\t\t\t\t\t\t\t\t\t\t
Amount<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\u20ac1.7M<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr>\n\t\t\t\t\t\t\t\t\t\t\t
LTV<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t80%<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr>\n\t\t\t\t\t\t\t\t\t\t\t
Rate<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t2.75% fixed<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr>\n\t\t\t\t\t\t\t\t\t\t\t
Term<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t25 years<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr>\n\t\t\t\t\t\t\t\t\t\t\t
Additional collateral<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tNone<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr>\n\t\t\t\t\t\t\t\t\t<\/tbody>\n\t\t\t<\/table>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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WHAT UNLOCKED THE TRANSACTION<\/h4>\nThe 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 \u20ac220,000 in leverage. \t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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INTERNATIONAL MORTGAGE WITH INCOME \nGENERATED THROUGH A COMPANY<\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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SITUATION<\/h4>

A non-resident couple acquiring a second home in Spain for \u20ac1.2M. Both had minimal declared personal income \u2014 a low nominal salary from their own company. The UK-based company had demonstrated strong and consistent profits over the previous three years. <\/p>

TRANSACTION STRUCTURE<\/h4>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t
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DIMENSION<\/th>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tRESULT<\/th>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr>\n\t\t\t\t\t<\/thead>\n\t\t\t\t\t\t\t\t
Borrowers<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tIndividuals, non-residents<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr>\n\t\t\t\t\t\t\t\t\t\t\t
Source of income<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tUK limited company (strong profits over 3 years)<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr>\n\t\t\t\t\t\t\t\t\t\t\t
LTV<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t70%<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr>\n\t\t\t\t\t\t\t\t\t\t\t
Rate<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t2.1% fixed<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr>\n\t\t\t\t\t\t\t\t\t\t\t
Term<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t20 years<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr>\n\t\t\t\t\t\t\t\t\t<\/tbody>\n\t\t\t<\/table>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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WHAT UNLOCKED THE TRANSACTION<\/h4>\nRepayment capacity was demonstrated through the company\u2019s financial statements \u2014 distributable profits and business sustainability \u2014 rather than relying solely on the borrowers\u2019 declared personal salaries. The result \u2014 2.1% fixed over 20 years at 70% LTV \u2014 is a financing structure more commonly associated with borrowers with high personal salaries. \t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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EQUITY RELEASE COMBINED WITH LOMBARD LOAN: \n100% CAPITAL RECOVERY \u2013 IBIZA<\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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SITUATION<\/h4>

A German SPV had developed a villa in Ibiza at a total cost of \u20ac8.6M, with a completed value of \u20ac10M. 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. <\/p>

WHY IT WAS DIFFICULT<\/h4>

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\u201360% of the property value. Combining a mortgage and a Lombard facility as a coordinated structure is an approach that most intermediaries do not propose. <\/p>

TRANSACTION STRUCTURE<\/h4>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t
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DIMENSION<\/th>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tRESULT<\/th>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr>\n\t\t\t\t\t<\/thead>\n\t\t\t\t\t\t\t\t
Borrower<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tGerman SPV<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr>\n\t\t\t\t\t\t\t\t\t\t\t
Mortgage facility<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t58% LTV, Euribor + 2.1%, 5-year bullet, interest-only<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr>\n\t\t\t\t\t\t\t\t\t\t\t
Lombard facility<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t42% of the remaining gap, 2.6% fixed, 3-year bullet, 85% advance rate<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr>\n\t\t\t\t\t\t\t\t\t\t\t
Execution<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tCoordinated through a single private banking institution<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr>\n\t\t\t\t\t\t\t\t\t\t\t
Outcome<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tFull recovery of the equity originally invested<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr>\n\t\t\t\t\t\t\t\t\t<\/tbody>\n\t\t\t<\/table>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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WHAT UNLOCKED THE TRANSACTION<\/h4>\nThe 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 \u2014 5 years for the mortgage and 3 years for the Lombard facility \u2014 were a deliberate decision to provide refinancing flexibility. \t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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DEVELOPMENT FINANCE: RESIDENTIAL \nBUILDING IN MADRID (BUY-TO-SELL)<\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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SITUATION<\/h4>

A recently incorporated Spanish SPV acquired a residential building in Madrid for \u20ac15.4M. Full refurbishment and associated costs amounted to \u20ac5M. Estimated project duration: 18 months. Exit strategy: sale of the asset upon completion. <\/p>

TRANSACTION STRUCTURE<\/h4>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t
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DIMENSION<\/th>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tRESULT<\/th>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr>\n\t\t\t\t\t<\/thead>\n\t\t\t\t\t\t\t\t
Borrower<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tSpanish SPV (recently incorporated)<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr>\n\t\t\t\t\t\t\t\t\t\t\t
Facility<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tDevelopment loan<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr>\n\t\t\t\t\t\t\t\t\t\t\t
LTV<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t65% of asset value<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr>\n\t\t\t\t\t\t\t\t\t\t\t
Rate<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tEuribor + 2%<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr>\n\t\t\t\t\t\t\t\t\t\t\t
Structure<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t24 months interest-only + 6 months amortization<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr>\n\t\t\t\t\t\t\t\t\t\t\t
Presales required<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tNone<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr>\n\t\t\t\t\t\t\t\t\t\t\t
Early repayment penalty<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tNone<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr>\n\t\t\t\t\t\t\t\t\t<\/tbody>\n\t\t\t<\/table>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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WHAT UNLOCKED THE TRANSACTION<\/h4>\nThe underwriting was repositioned around the quality of the asset, its location, the development team\u2019s capabilities, and the visibility of the exit strategy \u2014 rather than focusing primarily on the SPV\u2019s track record or age.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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CORPORATE EQUITY RELEASE THROUGH AN SPV\nSITUATION<\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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SITUATION<\/h4>

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. <\/p>

TRANSACTION STRUCTURE<\/h4>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t
DIMENSION<\/th>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tRESULT<\/th>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr>\n\t\t\t\t\t<\/thead>\n\t\t\t\t\t\t\t\t
Borrower<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tSpanish SPV<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr>\n\t\t\t\t\t\t\t\t\t\t\t
Security<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tMortgage over an unencumbered asset<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr>\n\t\t\t\t\t\t\t\t\t\t\t
Amount<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\u20ac6M<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr>\n\t\t\t\t\t\t\t\t\t\t\t
LTV<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t30%<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr>\n\t\t\t\t\t\t\t\t\t\t\t
Structure<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tInterest-only, 5 years<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr>\n\t\t\t\t\t\t\t\t\t\t\t
Uso de fondos<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tCorporate capex<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr>\n\t\t\t\t\t\t\t\t\t\t\t
Origination network<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tSpecialist lenders<\/td>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/tr>\n\t\t\t\t\t\t\t\t\t<\/tbody>\n\t\t\t<\/table>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

WHAT UNLOCKED THE TRANSACTION<\/h4>\nThe main constraint was not the risk profile \u2014 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. \t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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CONTACT US<\/h2>\t\t\t\t<\/div>\n\t\t
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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.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

\n\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t<\/path><\/g><\/rect><\/clipPath><\/defs><\/svg>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\tCONTACT<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

OPERATIONS REAL We don\u2019t publish promises. We publish results. This section features selected transactions that we have structured, presented in anonymized form to protect our clients\u2019 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, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-267","page","type-page","status-publish","hentry"],"yoast_head":"\nCase Studies | Altavista Finance<\/title>\n<meta name=\"description\" content=\"Real estate financing deals structured across Spain. 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