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© 2026 Ittai Savran. All rights reserved.e38cf50 · 20 Sept, 22:07 Madrid
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You are looking as the firm — the desk at Marisol Patrimonio, where deals are worked.

The firmThe investor
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Soho 8

33d in stage· 52 unitsHigh priority

The offer on the table does not pay for itself: NOI covers the heaviest year 0,80×, short 250.781 € a year.

OverdueNext action25 Aug 202626d overdue+2 more overdue·
Yield on cost
8,0 %

Cost and returns quoted on — change

Asking
Offered
ours · pending
TPC
12.603.571 €
242.376 € / unit
LP IRR
13,6 %
clears the 12,0 % bar
Yield on cost
8,0 %
clears the 7,0 % bar
Total cost
12.603.571 €
242.376 € a unit
LP equity
5.156.538 €
2,20× back
Stabilised NOI
1.009.219 €
on 1.893.205 € revenue
Exit
11.505.702 €
net of debt · year 7
How safe is itany two assumptions as a gridChange an assumptionrevenue, operations, capex, financeThe structures side by sideloan, equity, cover, return

How the cost is built

52 units

WhatAmountSharePer unit
Purchase pricethe price on the plan10.400.000 €82,5 %200.000 €
Transfer tax (ITP)a rate on the price624.000 €5,0 %12.000 €
Stamp duty (AJD)a rate on the price78.000 €0,6 %1.500 €
Broker's commissiona rate on the price312.000 €2,5 %6.000 €
Due diligencea rate on the price52.000 €0,4 %

Still missing 2

Work the whole list →
  • Plan has 5 units, the deal says 52Per-unit figures divide by different numbers on the two screens.Assumptions
  • Interior design and procurementCounted as zero in total project cost, so the yield reads high.Assumptions
Open this model in ExcelLive formulas, not a printout — change an input and the returns move. Every figure foots to the model above, to the euro.
Seller finance
LegPaymentsEachTotal
Entrada, at signing12.600.000 €2.600.000 €
Instalments36105.000 €/month3.780.000 €
Bullet, at close14.020.000 €4.020.000 €
Over 3 years3810.400.000 €

1.260.000 € a year while instalments run — modelled NOI covers the heaviest year 0,80×, feeding 250.781 € a year

1.000 €
Notary, registry, SPV, tax advicefour figures on the plan8.700 €0,1 %167 €
Renovationper unit × the units, plus common areas, plus contingency238.000 €1,9 %4.577 €
FF&E and ITper unit × the units469.800 €3,7 %9.035 €
Permits, architect, designfigures on the plan169.000 €1,3 %3.250 €
The firm's feea share of the total, including itself252.071 €2,0 %4.848 €
Total project cost12.603.571 €100 %242.376 €

Deliberately outside this total

IVA fronted on works and fees262.395 €
Reclaimed, typically within 12 months. It changes when the money is needed, never what the building costs.