Sevilla · Residential build-to-sell
Financing for the conversion of an office floor into 30 apartments and for the VAT arising from the purchase.
The operation
An office floor in Sevilla, with the change of use already approved, is being converted into 30 apartments. The transaction needed to finance the conversion works and, in addition, the VAT arising from the purchase of the asset, an item banks do not usually take on.
The 4 million euro development loan covers both items with leverage ratios in a conservative range. At the time of financing, the developer, with extensive experience, had already sold 23% of the units.
The exit is refinancing upon delivery of the units to their buyers.
3 cases with a comparable structure in other markets.
Málaga
OngoingResidential build-to-sell · 5 luxury villas
Financing for the land purchase, the VAT generated on the sale and the construction of five luxury villas.
Madrid
CompletedResidential build-to-sell · 28 units
Financing for the purchase of a former office building in central Madrid and its full refurbishment into 28 homes.
Valencia
CompletedResidential build-to-sell · 27 units
Financing for the land purchase and construction of 27 homes in Valencia, with more than 70% sold at closing.