Commercial Property Finance — Costa del Sol
Senior investment and hospitality debt across Marbella, Puerto Banús, Estepona, Sotogrande and Málaga — hotels and aparthotels, beach club and restaurant premises, retail parades, let office stock and logistics along the A-7 corridor.
Hospitality, retail and investment debt across Marbella, Estepona, Sotogrande and Málaga. A specialist will review the asset and revert within one working day.
Last updated Reviewed by our Clifton International finance team.
In short
Costa del Sol commercial finance funds hotels, retail, offices and leisure assets from Marbella to Málaga, typically at 50–65% loan-to-value over five to fifteen years. Lenders assess trading performance, seasonality and asset quality rather than relying on the borrower's personal income.
At a glance
Figures reviewed:
Indicative figures for guidance only, correct as at July 2026. Rates, costs and timelines vary by lender, borrower profile, asset and jurisdiction, and are not an offer of finance. How we derive these figures.
Last reviewed . Read the full Key facts methodology, or speak to our team for a quote based on your circumstances.
Pricing reference — Costa del Sol
12-month Euribor
2.954%
Monthly average for
0.78 points higher than September 2025 (2.172%)
Commercial margin
+1.75% – 3.25%
The margin added over Euribor on investment debt, driven by tenant covenant, unexpired lease term and sector.
Implied all-in rate
4.70% – 6.20%
Euribor plus margin, before hedging costs. Illustrative, not an offer of finance.
Minimum cover (DSCR)
1.30x
Net rental income divided by annual debt service. Cover, not loan-to-value, usually sets the facility size.
Official monthly Euribor average published by the Banco de España — official mortgage market reference rates, published in the Boletín Oficial del Estado. Commercial margins and cover ratios on this page were last reviewed by our Spanish finance team in July 2026. The monthly average changes once a month; pricing on any individual asset depends on sector, tenant covenant, unexpired lease term, loan-to-value and borrower structure.
Debt-service cover — Costa del Sol
Commercial facilities are sized on debt-service cover ratio (DSCR) — net rental income divided by annual debt service — and then capped by loan-to-value. Enter the asset's figures to see which of the two constraints sets the facility.
Indicative maximum facility
€2,400,000
Set by the 60% loan-to-value cap — cover would support more debt.
Illustrative only and not an offer of finance. Defaults use 12-month Euribor of 2.954% (August 2026) plus a mid commercial margin, and a 1.30x minimum cover ratio, reviewed July 2026. Lenders test cover at a stressed rate and may apply sector-specific minimums.
Popular Spain finance
Why clients choose us
Trading-based lending on coastal hotel and aparthotel stock, underwritten on operator strength and annualised income.
Facilities on beach clubs, restaurants and destination leisure assets in Marbella, Puerto Banús and Estepona.
Investment debt on let retail parades and marina units with a mix of seasonal and year-round covenants.
Senior debt on let office buildings in Málaga city, supported by the region's expanding technology and services occupier base.
Warehousing and distribution assets serving the coast, sized against lease length and tenant covenant.
Where a bank timetable is too slow, a bridge completes the purchase and is refinanced onto investment terms.
Borrower eligibility
Typical lending criteria
Indicative only. Actual terms depend on borrower profile, asset and lender criteria.
Recent transactions
Published transactions from our own case study library — select any to read the full brief.
Estepona · Non-Resident Mortgage
€1.6m purchase · 70% LTV · primary residence
A 70% LTV Spanish mortgage was secured through a specialist partner for a UK tax-resident international professional relocating to a €1.6m primary residence in Estepona.
Marbella · Residential
€3.24m · 60% LTV · interest-only
€3.24m interest-only facility for a UK technology entrepreneur acquiring a €5.4m front-line beach villa in Marbella — application to offer in 4 weeks.
Benahavís · Bridge Finance
€3.62m · 13% p.a. · 18 + 6 months
€3.62m first-charge bridge arranged in weeks on a €4.5m Benahavís villa, underwritten purely on the asset and completed in time for the acquisition.
Frequently asked
Hotels and aparthotels, beach club and restaurant premises, retail parades in Marbella, Puerto Banús, Estepona and Sotogrande, office stock in Málaga city, and logistics along the A-7 corridor.
Typically 50–60% of value on trading or well-let assets. Seasonal leisure premises and value-add stock are sized lower, often with a capex tranche released against works.
Yes — Málaga's technology and services occupier base has deepened lender appetite for let office assets in the city, with terms driven by covenant quality and unexpired lease term.
Yes. US, UAE, UK and EU sponsors regularly acquire Costa del Sol hospitality assets through a Spanish SL, with lenders underwriting the operator, trading record and sponsor experience.
A short-term bridge can complete the purchase in weeks and then be refinanced onto investment terms once trading information and valuations are fully packaged.
DSCR is net operating income divided by annual debt service. Take gross rent, deduct non-recoverable costs such as management, insurance, IBI and a maintenance allowance to get net operating income, then divide by the interest and capital payable over twelve months. Net income of €260,000 against debt service of €200,000 gives a DSCR of 1.30x.
A minimum of 1.30x on standard investment stock is the usual test. Hotels, leisure and other trading assets are typically held to 1.40x–1.50x because income is operational rather than contracted, while long-let assets with an institutional covenant can be accepted closer to 1.20x.
Lenders test at a stressed rate, not the pay rate. On a floating facility priced at around 5.45% all-in, expect a stress of one to two points above that, or a floor rate set by the credit committee. Hedging the loan with a cap or swap usually allows the test to be run closer to the hedged rate.
Whichever is lower. The lender sizes the debt that net income can service at the minimum cover ratio, then caps that figure at the loan-to-value limit. On a high-yielding asset the LTV cap usually binds; on a prime, low-yielding asset cover binds and the resulting leverage sits well below the headline LTV.
Signed leases with unexpired terms, a tenancy schedule, the last two to three years of certified accounts or trading figures for operational assets, a current rent roll, evidence of arrears, and a service-charge and non-recoverable cost breakdown. A RICS-equivalent valuation confirms the market rent underpinning the calculation.
Local coverage
Fuengirola, Mijas, Benalmádena, Marbella and Estepona. We also arrange property finance across the neighbouring areas below — one adviser, one conversation, whichever location you buy in.
Nearby covered areas
Not listed? We cover all of mainland Spain, the Balearics and the Canaries — tell us the town and we will confirm lender appetite.
Also in Costa del Sol
Schemes are funded on development terms while works run, then refinanced onto commercial investment debt once the asset is complete and income-producing.
Senior development debt across the Costa del Sol — villa schemes, apartment blocks and land-led projects with staged drawdowns.
Short-term bridging across the Costa del Sol for fast completions, renovation and equity release ahead of a term mortgage.
Related coverage
Lender appetite matrix
Commercial / mixed use — appetite across every buyer profile. Indicative panel appetite reviewed July 2026 — not an offer of finance.
UK buyer (non-resident)
Priced as commercial debt with shorter terms than a residential loan.
Buyer guideUS buyer (non-resident)
Private banks and debt funds rather than the Spanish high street.
Buyer guideUAE / GCC-based buyer
Private bank appetite, frequently with an assets-under-management condition.
Buyer guideEU buyer (non-resident)
Commercial terms, typically 10–15 years with an SPV structure.
Buyer guideSwiss / Norwegian buyer
Case-by-case, usually through a private bank relationship.
Buyer guideSpanish resident / fiscal resident
Full commercial market, priced on covenant and asset quality.
Corporate / SPV purchase
The structure lenders expect for commercial assets in Spain.
Buyer guideRelated bridging & development finance
Dedicated landing pages for each bridging use case and development stage — with typical structures, eligibility and example transactions.
Time-critical acquisitions, auction, off-market and chain-break completions.
View pageRefinance existing Spanish debt, cancel embargoes and restructure onto cleaner terms.
View pageRelease equity from Spanish real estate to fund operating capital or growth.
View pageFast cash advance against Spanish property with a defined exit route.
View pageShort-term facilities for professional investors executing on Spanish opportunities.
View pagePartial land funding on consented and pre-consented sites, rolling into senior debt on planning grant.
View pageSenior debt for new-build residential and mixed-use schemes with staged drawdowns.
View pageRefurbishment and repositioning finance for existing Spanish buildings.
View pageFinance for schemes already under construction — completion funding and stretched senior.
View pageRelated services
Purchase finance for primary residences, second homes and holiday properties across Spain.
Learn moreSenior debt and stretched-senior facilities for residential and mixed-use schemes.
Learn moreInvestment and owner-occupier funding for offices, hospitality, retail and logistics.
Learn moreImproved terms, capital raising and exit refinance for maturing Spanish facilities.
Learn moreShort-term funding for acquisitions, auctions, chain-breaks and development exits.
Learn moreReady to explore your options?
Hospitality, retail and investment debt across Marbella, Estepona, Sotogrande and Málaga. A specialist will review the asset and revert within one working day.