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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
What this is|
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Santa Cruz 22

8d in stage· 38 unitsHigh priority
OverdueNext action16 Sept 20264d overdue·
Yield on cost
10,5 %

Cost and returns quoted on — change

Asking
TPC
8.035.867 €
211.470 € / unit
LP IRR
27,9 %
clears the 12,0 % bar
Yield on cost
10,5 %
clears the 7,0 % bar
Total cost
8.035.867 €
211.470 € a unit
LP equity
2.974.076 €
2,46× back
Stabilised NOI
845.554 €
on 1.646.879 € revenue
Exit
8.661.490 €
net of debt · year 4
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

38 units

WhatAmountSharePer unit
Purchase pricethe price on the plan6.500.000 €80,9 %171.053 €
Transfer tax (ITP)a rate on the price390.000 €4,9 %10.263 €
Stamp duty (AJD)a rate on the price48.750 €0,6 %1.283 €
Broker's commissiona rate on the price195.000 €2,4 %5.132 €
Due diligencea rate on the price32.500 €0,4 %

Still missing 3

Work the whole list →
  • Plan has 2 units, the deal says 38Per-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
  • Cleaning fee on 2 unitsCheck-in revenue is missing from the P&L.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.
855 €
Notary, registry, SPV, tax advicefour figures on the plan8.700 €0,1 %229 €
Renovationper unit × the units, plus common areas, plus contingency196.000 €2,4 %5.158 €
FF&E and ITper unit × the units389.200 €4,8 %10.242 €
Permits, architect, designfigures on the plan115.000 €1,4 %3.026 €
The firm's feea share of the total, including itself160.717 €2,0 %4.229 €
Total project cost8.035.867 €100 %211.470 €

Deliberately outside this total

IVA fronted on works and fees196.644 €
Reclaimed, typically within 12 months. It changes when the money is needed, never what the building costs.