28 March 2019 – El Confidencial
Property developers are finally able to access alternative financing. Over the last 12 months, Íbero Capital Management has granted loans amounting to €80 million to various property developers to finance the construction of more than 600 homes across Spain.
In its latest operation, Íbero CM has signed an agreement with Grupo Sankar to finance six residential projects in the province of Málaga for €40 million. The projects will involve the construction of more than 400 homes, and follow three other projects to which financing was granted (to another property developer) last year in Mijas.
Looking ahead, Íbero CM expects to sign several new loan operations during 2019 to close the year with total financing granted of almost €250 million. The manager is negotiating with national and regional property developers alike in regions such as the Community of Valencia, Andalucía and Madrid.
Alternative financing for residential development projects is finally taking off after years on the fringes. Other companies operating in the sector include MCAP Global Finance, Azora and Oquendo Capital, amongst others.
Original story: El Confidencial (by E. Sanz)
Translation/Summary: Carmel Drake