Commercial Property Finance
Senior debt for offices, retail, hospitality, logistics and mixed-use assets across Madrid, Barcelona and Spain's major regional cities.
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Last updated Reviewed by our Clifton International finance team.
In short
Spanish commercial property finance funds offices, retail, logistics, hotels and mixed-use assets, typically at 50–65% loan-to-value over five to fifteen years, priced over Euribor. Lenders underwrite rental income, tenant covenant and asset quality rather than the borrower's personal earnings.
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
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
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
Facilities for pure investment, sale-and-leaseback, and owner-occupier acquisitions.
Retail, office, industrial, hospitality, care and mixed-use across a range of ticket sizes.
Comfortable lending into SL, Sociedad Limitada, corporate and international holding structures.
Cross-collateralised portfolio facilities with release mechanisms as individual assets are sold.
Structured facilities for repositioning, refurbishment and re-tenanting strategies.
One point of contact managing all cross-border elements of the transaction.
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.
Murcia · Non-Resident Mortgage
€750k purchase · 70% LTV · holiday home
A 70% LTV Spanish mortgage was secured through a specialist partner for UK-resident joint applicants — one salaried, one long-established self-employed — buying a €750k holiday home on a Murcia golf resort.
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.
Frequently asked
Office, retail, hospitality, industrial, logistics, care and mixed-use — subject to lender appetite and tenant profile.
Typically 50–60% depending on covenant strength, unexpired lease term and location.
Yes — most lenders prefer to lend to Spanish SL vehicles, with parent or personal guarantees where appropriate.
Yes — combined development-and-investment facilities can be structured to avoid a refinance event on completion.
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.
Commercial finance by city
Local lender appetite, sector focus and pricing differ by market. These city pages set out what is achievable on the ground in each.
Investment and commercial property finance on Barcelona offices, retail, hospitality and mixed-use assets, including SPV-held stock.
Commercial and investment finance on Madrid offices, retail units, hotels and mixed-use buildings held personally or through an SPV.
Commercial property finance on Mallorca hospitality, retail and mixed-use assets, including boutique hotel and rental-yield lending.
Commercial and investment finance on Costa del Sol hospitality, retail and mixed-use assets, including SPV-held portfolios.
Investment finance on Valencia offices, retail, hotels and port-corridor logistics assets, including SPV-held stock.
Commercial finance on Marbella hotels, beach clubs, restaurant premises and Puerto Banús retail, sized on trading and rental income.
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 guideProof of delivery
Larger corporate and asset-backed Spanish facilities comparable to commercial property lending.
€5.1m mortgage-backed credit line completed on a €10.7m prime Madrid home — repaying a €1.6m bank mortgage and releasing liquidity for professional investment.
€2.2m 15-year interest-only refinance of an unencumbered €4m Andalusian estate — releasing working capital for a UK business acquisition without disposing of the asset.
€4.5m developer loan at 43% LTV to complete a 6-unit residential building in a strategic Palma location. Funding delivered within 36 days.
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View pageRefinance existing Spanish debt, cancel embargoes and restructure onto cleaner terms.
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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 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.
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Location shapes valuation timelines and which lenders will look at the asset.
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