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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 Catalina 9

8d in stage· 32 units
OverdueNext action15 Sept 20265d overdue·
Yield on cost
10,5 %

Cost and returns quoted on — change

Asking
TPC
10.993.622 €
343.551 € / unit
LP IRR
20,4 %
clears the 12,0 % bar
Yield on cost
10,5 %
clears the 7,0 % bar
Total cost
10.993.622 €
343.551 € a unit
LP equity
4.494.957 €
2,98× back
Stabilised NOI
1.149.946 €
on 2.109.249 € revenue
Exit
14.215.127 €
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

32 units

WhatAmountSharePer unit
Purchase pricethe price on the plan8.900.000 €81,0 %278.125 €
Transfer tax (ITP)a rate on the price534.000 €4,9 %16.688 €
Stamp duty (AJD)a rate on the price66.750 €0,6 %2.086 €
Broker's commissiona rate on the price267.000 €2,4 %8.344 €
Due diligencea rate on the price44.500 €0,4 %

Still missing 3

Work the whole list →
  • Plan has 2 units, the deal says 32Per-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.
1.391 €
Notary, registry, SPV, tax advicefour figures on the plan8.700 €0,1 %272 €
Renovationper unit × the units, plus common areas, plus contingency324.000 €2,9 %10.125 €
FF&E and ITper unit × the units428.800 €3,9 %13.400 €
Permits, architect, designfigures on the plan200.000 €1,8 %6.250 €
The firm's feea share of the total, including itself219.872 €2,0 %6.871 €
Total project cost10.993.622 €100 %343.551 €

Deliberately outside this total

IVA fronted on works and fees267.330 €
Reclaimed, typically within 12 months. It changes when the money is needed, never what the building costs.