Development Finance — Ground-Up
Senior debt and stretch-senior facilities for new-build residential, mixed-use and hospitality-led schemes — with staged drawdowns released against monitoring-surveyor certification.
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Last updated Reviewed by our Clifton International finance team.
In short
Ground-up development finance funds Spanish new-build schemes, typically up to 65% of gross development value, with land funded on day one and construction released in stages against surveyor-certified progress. Facilities run twelve to twenty-four months and repay from unit sales or 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
Facilities structured on total-cost basis, with tranche release against certified build progress.
Single facility funding land acquisition through to practical completion, avoiding double refinance costs.
Introductions to mezzanine and preferred-equity providers to reduce sponsor cash-in on suitable schemes.
US, UAE, UK and European developers welcomed — cross-border SPV structures arranged with Spanish counsel.
Development-exit and hold facilities structured in parallel to preserve optionality on sales pace.
Spanish banks, international private banks and specialist real-estate debt funds active in the €3m–€75m+ range.
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.
€4.5m · 43% LTV · 36 days to funding
A developer needed structured financing to continue the development of a residential building in a strategic location in Palma, with construction already significantly progressed and commercialisation to follow on completion.
Following a comprehensive transaction analysis covering construction progress and the asset's market value, our specialist partners structured a tailored developer loan aimed at driving project execution and its subsequent commercialisation.
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
Typically 65–75% of total scheme costs on senior debt, with stretch senior and mezzanine layers taking overall leverage higher on suitable projects.
Against monthly monitoring-surveyor sign-off of works in place. Land is usually drawn on day one, with construction tranches released monthly against certified progress.
Yes — senior facilities are structured on total-cost basis, including build cost, professional fees, contingency, finance costs and VAT (where applicable).
Ideally a demonstrable track record of comparable schemes. First-time-to-Spain developers with strong UK/European track record are considered case-by-case with appropriate structure.
Indicative terms in 2–3 weeks; drawdown in 10–14 weeks depending on legal, valuation and monitoring-surveyor onboarding.
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 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?
A discreet, no-obligation conversation with an international specialist with deep expertise in the Spanish lending landscape for US, UAE, UK and European buyers.