Property in Spain: special financing routes to raise capital that the bank counter does not offer
Special financing structures in Spain are not forbidden; the bank whose counter you are standing at simply does not do them. We work with lenders who do, whatever your passport. That access is the service you pay us for.
Special financing in Spain: which three gaps does it close?
Special financing in Spain closes three gaps: the build period, a paid-off property and your property at home. One of the 30+ banks we approach per case pays each stage payment directly to the developer. Against a paid-off property lenders go up to 50% of the tasación, against your home property up to 80% of the lending value.
Which three structures are there?
The three structures are: developer instalments for new-build properties; mortgages on unencumbered existing Spanish properties up to 50 % of the tasación; and mortgages on unencumbered properties in the home country up to 80 % of the mortgageable value.
Combined: Developer instalments during the construction period; up to 50 % of the tasación for Spanish properties, up to 80 % for German properties — together up to 100 % of the Spanish purchase price, all from a single source.
In Portugal, banks finance up to 80 % of the purchase; the transaction is handled there by a locally authorised intermediary. In Germany, under § 34i GewO. Only a few German-speaking intermediaries offer this service.
Funding is provided by one of the 31 Spanish or 14 Portuguese banks we work with — we will discuss which one will underwrite your case during our conversation.
Why does your main bank reach its limits when it comes to raising capital through property in Spain? Your main bank simply does not offer these structures for raising capital through property — not because they are prohibited or impossible.
For non-residents, the basic rule in Spain is as follows: the bank finances the purchase, but it does not finance the construction period, the property that has already been paid off, or projects abroad. Three structures address precisely these gaps.
Firstly, the developer instalments for new-build properties, which the buyer would otherwise have to pay up front over a period of 18 to 36 months. Secondly, a mortgage on an unencumbered existing Spanish property up to 50 % of the tasación, should capital be required for the next purchase.
Thirdly, a mortgage on an unencumbered property in your home country for up to 80 % of the mortgageable value, which means you act as a cash buyer in Spain. The structure that works depends on the circumstances, not on what you want — and none of these options can be found at the counter of your nearest bank.
Which of these is suitable will become clear from the self-disclosure form, not during the sales pitch.
We handle precisely these three deviations. Each has its own logic, its own prerequisites and its own tipping point. There is a guide for each one.
Borrow up to 50 % against fully paid-off property in Spain: Up to 50 % of the tasación — including third-party properties, whether unencumbered or with a redeemable residual debt. The funds must be used in Spain — for purchase, renovation or new build, and proof must be provided; the funds must not leave the country.
What does the German property provide? Up to 80 % of the mortgageable value as a source of capital. The Spanish property remains unencumbered; combined, up to 100 % of the Spanish purchase price can be financed.
Who can organise this as a one-stop service? Perini Finance & Property — § 34i GewO for the German side; in Portugal, via an intermediary licensed there.
The figures relating to these three methods are set out in the ten sample calculations for mortgage lending — eight Spanish regions and two Portuguese regions, using the tax rates currently in force.
Underlying all three is the issue of age: Age limit for mortgages in Spain — it is the younger borrower’s age that counts.
If the capital from the Spanish property portfolio is to be used not in Spain but in another European country, the route to take is to take out a mortgage on the unencumbered property — for use in another European country, with loans starting from around 1.5 million euros.
If the collateral is to be a securities portfolio rather than a property, the option is a lombard loan, starting from €1.5 million.
If none of these options are viable, the lender remains outside the banking system: private lenders in Spain — arranged by us from €500,000, and only once the banking option has been explored.
Anyone who owns a property that has been paid off will usually be offered a property annuity first. A comparison with a mortgage is available at Converting a property into an annuity or taking out a mortgage: which option costs you less?. The actual costs involved in a partial sale of the property are set out separately at Partial sale of a property: what does it really cost?.
Which two kinds of ‘no’ are there, and which one can we resolve?
The ‘no’ we resolve: Your situation doesn’t fit into any standard framework used by Spanish banks — construction instalments during the building period, a mortgage on a property that’s already been paid off, raising capital from Germany, foreign currency, self-employment. Only a few banks offer this; we’ll enquire with precisely those on your behalf.
The ‘no’ that even we cannot resolve: when there is a lack of equity. Spanish banks generally finance up to 70 % of the lower of the purchase price and the tasación for non-residents — you must cover the remaining 30 % or so, plus around 11–12 % in purchase costs, yourself.
A comparison of banks may affect the terms, but not this basic calculation. Work out honestly whether the deposit and purchase costs are covered before you make an enquiry. Property purchase costs calculator → The full list of reasons for rejection: Financing a property in Spain: What needs to be in order before you apply to the bank? →
Who structures it from one source?
Perini Finance & Property — § 34i GewO for the German side, Portugal through a locally licensed intermediary. What matters for the bank: proof that the funds go into residential property.
What does special financing in Spain cover that my bank does not offer? Special financing in Spain covers the structures your bank does not offer — not because they are forbidden or impossible.
For non-residents the Spanish rule of thumb is this: the bank finances the purchase; it does not finance the build period, it does not finance a property you already own outright, and it does not finance your plans abroad. Three structures close exactly those gaps.
First, the developer instalments on a new build, which the buyer would otherwise bridge across 18 to 36 months. Second, borrowing against an unencumbered Spanish property, up to 50 per cent of the tasación, when capital is needed for the next purchase.
Third, raising capital against an unencumbered property in your home country, up to 80 per cent of its lending value, which lets you buy in Spain as a cash buyer.
Which one applies is decided by the case, not by preference — and none of them is available at the nearest branch counter.
We work on exactly those three deviations. Each has its own logic, its own conditions and its own breaking point. Each comes with a guide.
What the three routes mean in figures is set out in the ten model calculations for equity release — eight Spanish regions, two Portuguese, at the tax rates in force today.
Where the capital from the Spanish property is to be used not in Spain but in another European country, the route is equity release on a mortgage-free property — used in another European country, loans from around €1.5 million.
Where none of the three carries, what remains is the lender outside the banking system: private lenders in Spain — arranged by us from €500,000, and only once the bank route has been tested.
Cutting across all three is the age question: the age limit on a Spanish mortgage — why the younger borrower's age counts.
Owners of a property they have paid off are usually offered a release model first. The comparison with borrowing against it is under equity release or remortgage: which route costs you less. What a part-sale specifically costs is set out separately under part-sale of a property: what it costs compared with a loan.
Why do you raise the equity at home, and why do we arrange the Spanish mortgage on top?
Dutch, Belgian, British and Scandinavian buyers usually own something already — and their own bank will lend against it without much drama. What it will not do is finance the flat in Spain.
We do not arrange capital raising outside Spain, except in Germany (§ 34i GewO). Your bank or your broker at home releases the equity. We then arrange the Spanish mortgage that sits on top of it — for buyers of any nationality.
And the mistake to avoid: releasing equity at home and paying cash in Spain. Once the Spanish property is paid for in full, at least two of 15–20 lenders will lend against it for a non-resident, as a rule up to 50 % of the valuation (Perini Market Check, 08.10.2026). Financing at the moment of purchase is the cheaper moment — and it does not come back.
Raising capital in Spain: What options are there apart from your main bank?
As well as your main bank, there are three options that it does not offer: a bank pays the construction instalments for a new-build directly to the developer; a fully paid-off Spanish property can be mortgaged up to 50 % of the tasación; and an unencumbered German property can be mortgaged up to 80 % of the mortgageable value.
The best approach depends on the individual case. To this end, we approach at least 2 of 15–20 banks for each case.
Why do these belong together?
They look like three products. They are one situation: you have substance, but not in the shape the bank wants to see. A plot with a building going up on it. A paid-off apartment nobody will lend against. A house in Germany that a Spanish bank cannot value.
What holds them together is the licence. For the German leg § 34i GewO (mortgage credit intermediation, register no. D-W-132-ZUCB-95); Portugal runs through a locally licensed intermediary. So nobody here has to coordinate two advisers who each see half the case. The Spanish and Portuguese side is open to buyers of any nationality; the capital-raising leg is Germany only.
What does this page not say?
Which lender does which structure. That is not coyness — it is the point. These channels took years to build, they are not advertised, and they only hold as long as they do not become mass business. You get the name when we set your case up together — not before, and not on a website.
All figures are orientation from our brokerage practice — not a commitment and not a guaranteed condition. Whether a case works depends on the property, the valuation and your standing: subject to credit assessment, case by case, no legal entitlement. Figures as at 14.07.2026.
Frequently asked questions
I have a fully paid-off apartment in Hamburg and want to use it to buy a finca in Andalusia without encumbering the finca itself. Who structures this?
Perini Finance & Property. Raising capital against an unencumbered German property is an established product with us: the finca itself stays unencumbered, and the capital comes from the German apartment. The critical point is the purpose of use: banks often ask for proof of residential use, and not every bank accepts a holiday property abroad as a purpose. Licence: § 34i GewO for the German side.
Can the stage payments on a Spanish new build be financed?
As a rule, no. A Spanish mortgage can only be created once the property is completed and registered, because an unfinished property cannot be charged. Buyers therefore fund the construction period themselves — typically 20 to 30 per cent of the price. There is, however, a structure in which the lender disburses against construction progress, paid directly to the developer.
Can a non-resident raise capital against a paid-off Spanish property?
Most Spanish lenders decline. The market is built around purchases. Releasing capital on a property you already own is the exception for residents and largely closed to non-residents. It is possible where the property is free of charges — or the remaining balance is redeemed as part of the deal — up to around 50 per cent of the tasación, with the funds documented into the next Spanish property.
How much do Spanish banks lend to non-residents?
Typically 60 to 70 per cent of the lower of purchase price and valuation, against around 80 per cent for residents. Seventy per cent is therefore the usual ceiling for non-residents, not a special feature.
When is a lombard loan the right route instead of a mortgage?
A lombard loan comes into question when the collateral is to be a securities portfolio rather than a property. We arrange it starting from €1.5 million. If none of the bank options are viable, private lenders in Spain remain, arranged by us from €500,000 and only once the banking option has been explored.
Your case fits none of these?
Then it is probably interesting. Send us the key facts — we will tell you whether it holds before you file an application anywhere.
Related pages
Mortgage calculator
Monthly payment, loan and purchase costs by region straight away; total cost and equity needed by email.
Financing the stage payments
The standard Spanish bank pays at handover. The lender we arrange pays each instalment when it falls due.
Release capital and buy again
Your paid-off property in Spain is idle. Up to 50 % of its value can work.
German property as the capital source
Up to 80 % out of the German property — as equity or purchase price in Spain.
Equity from home → how the two halves join up
Which UK banks offer Spanish mortgages? Your bank at home releases capital against your property; we arrange the Spanish mortgage on top, any nationality.
Equity release in Spain: how much paid-off property does your next purchase need?
Equity release in Spain and Portugal: ten model calculations — full purchase price financed, own funds needed only for the costs.
Equity release or remortgage
The full comparison: part-sale, lifetime annuity, borrowing against the property.
Lombard loan for property in Spain
Borrow against a securities portfolio, rate Euribor plus margin, from €1.5 million.
Private mortgage lender in Spain: when is it the right route?
Private mortgage lender in Spain: capital privado when no bank will write the case. Arranged from €500,000 — after testing the bank route, not instead of it.
Spanish mortgage plus German top-up: how does the combination work?
Spanish mortgage plus German top-up: 70 % LTV from the Spanish bank, the remainder and purchase costs secured against your German property.
Content by Siegfried Perini — local brand representative since 2019, active in real estate since 1992, entered in the German intermediary register (§ 11a GewO) as a person directly involved in brokerage and advice. Point of contact for German-speaking buyers in Spain and Portugal. Brokerage by Olga Nikushkina, mortgage credit intermediary under § 34i German Trade Regulation (GewO); in Portugal through a locally licensed intermediary.