Alternative real estate-backed financing in Spain —that granted by non-bank entities, including crowdlending platforms— will close 2026 with 3,891 million euros, 51% more than in 2025, after growing at an annual rate of 32% between 2023 and 2025 to reach 2,583 million. This is the main conclusion of the new Observatory of Alternative Financing with Mortgage Collateral in Spain, prepared by TQ Eurocredit, PwC and Cuatrecasas.
The report was created with the ambition of becoming the statistical benchmark for a market that already represents around 20% of total financing in Spain, but whose penetration remains well below the United States (75%), the United Kingdom (50%) or France and Germany (40%), reflecting significant growth potential.
Debt accounts for 89% of the market
The bulk of the market is debt: it reached 2,311 million in 2025 (89% of the total) and the Observatory forecasts it will grow 49% in 2026, to 3,442 million. The growth is driven both by a higher number of transactions —from 329 in 2023 to 557 in 2025 and an estimated 696 in 2026— and by the increase in the average amount, which would rise from 4.0 to 4.9 million euros.
| Indicator | 2023 | 2025 | 2026 (forecast) |
|---|---|---|---|
| Total volume | — | 2,583 M€ | 3,891 M€ (+51%) |
| Debt | — | 2,311 M€ | 3,442 M€ (+49%) |
| Debt operations | 329 | 557 | 696 |
| Average debt amount | 4.0 M€ | 4.1 M€ | 4.9 M€ |
| Equity | 169 M€ | 273 M€ | 450 M€ |
The average profile of transactions sets the industry standard: loans finance 55% of the collateral value (LTV), at an average interest rate of 10% and an average term of 28 months, with transaction amounts ranging from €0.8 to €58.3 million. Equity, with a smaller weight, grew from €169 million in 2023 to €273 million in 2025 and could reach €450 million in 2026, almost exclusively driven by the rise in the average ticket to around €11 million.
A complement to bank financing in the highest-risk phases
The report highlights the role of this financing in the early stages of developments —land acquisition and start of construction— where banks typically do not step in until the project obtains its building permit and pre-sales. Between 2008 and 2025, the cumulative gap between new households and homes built in Spain reached roughly 665,000 units, a shortfall that could exceed two million homes by 2039 at the current pace of construction.
What it means for the retail investor
The growth of the institutional market confirms the maturity of a segment in which the small investor participates through platforms such as Civislend, Urbanitae —which has just launched with Abante a €50 million real estate debt fund— or specialized lenders such as Izilend, which this month reached €1 billion financed in Spain and Portugal. The Observatory’s average parameters (55% LTV, 10% rate, 28-month term) also provide a useful benchmark for assessing whether the terms of a specific transaction are in line with or above the market’s standard risk.
What to watch
Upcoming editions of the Observatory will make it possible to check whether the €3,891 million forecast is met, whether longer terms and larger tickets maintain collateral quality, and how the CNMV-regulated retail channel coexists with the growing appetite of funds and banks for non-bank real estate debt.