Development Finance — Rehabilitation
Structured senior debt for the refurbishment, conversion and reposition of existing Spanish buildings — from boutique hotel conversions to full-block residential repositions.
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Last updated Reviewed by our Clifton International finance team.
In short
Rehabilitation finance funds the purchase and refurbishment of existing Spanish buildings, typically up to 65% of value or gross development value, with works released in stages against certified progress. Terms run twelve to twenty-four months and repay from a sale or a term refinance.
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.
Popular Spain finance
Why clients choose us
Combined facilities funding day-one purchase plus staged refurbishment drawdowns against certified progress.
Specialist lender introductions for listed and protected buildings, including hotel and residential conversions.
Facilities structured around change-of-use approvals — office-to-resi, retail-to-hospitality and mixed-use reposition.
US, UAE, UK and European developers welcomed — SPV and holding-company structures arranged with Spanish counsel.
Preferred-equity and mezzanine introductions to reduce sponsor cash-in on higher-leverage schemes.
Reposition-exit and hold facilities pre-agreed to preserve optionality on sale or long-term ownership.
Borrower eligibility
Typical lending criteria
Indicative only. Actual terms depend on borrower profile, asset and lender criteria.
Case studies
Real deals arranged — with the scenario, the structure and the outcome. Every transaction is different; these illustrate how we think.
€6m · 60% LTV · 18-month bridge
A completed 14-unit residential scheme required a bridge into a longer-term facility to avoid discounting units on completion of the senior debt.
Our specialist partners structured an 18-month bridge with interest retained, allowing the developer to sell units at target values without pressure.
Recent transactions
Published transactions from our own case study library — select any to read the full brief.
Mallorca · Development
€4.5m · 43% LTV · 36 days to funding
€4.5m developer loan at 43% LTV to complete a 6-unit residential building in a strategic Palma location. Funding delivered within 36 days.
Costa Blanca · Exit
€6m · 60% LTV · 18-month bridge
€6m 18-month development exit bridge with interest retained, allowing a Costa Blanca developer to sell 14 completed units at target values without discounting.
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.
Frequently asked
Substantial refurbishment, change-of-use, conversion or reposition of an existing asset — from single-building conversions to full-block reposition programmes. Funding covers acquisition (if required) plus works.
Typically a senior debt tranche against the asset, plus staged works tranches released monthly against monitoring-surveyor certification. Combined with a day-one acquisition drawdown where relevant.
Yes — we regularly arrange rehabilitation finance on listed and protected buildings, including boutique hotel conversions and historic townhouse repositions. Lender selection is tailored to planning complexity.
Typically 65–75% of total scheme costs including acquisition and works, with mezzanine layered where required to reduce sponsor cash-in.
Indicative terms within 2 weeks; drawdown in 8–12 weeks depending on asset condition, planning position and legal due diligence.
Lender appetite matrix
New-build off-plan — appetite across every buyer profile. Indicative panel appetite reviewed July 2026 — not an offer of finance.
UK buyer (non-resident)
Offer usually issued near completion, so stage payments come from own funds.
Buyer guideUS buyer (non-resident)
Long build timelines plus US compliance leave very few lenders.
US buyers & off-plan guideUAE / GCC-based buyer
Panel narrows; developers usually want staged cash before an offer exists.
Buyer guideEU buyer (non-resident)
Widest off-plan appetite of any non-resident profile.
Buyer guideSwiss / Norwegian buyer
Available, with the offer confirmed close to handover.
Buyer guideSpanish resident / fiscal resident
Developer-linked lending and subrogation of the builder's loan available.
Corporate / SPV purchase
Rarely funded before completion; bridging covers the gap.
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 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?
A discreet, no-obligation conversation with an international specialist with deep expertise in the Spanish lending landscape for US, UAE, UK and European buyers.