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Section 01 · Structure

The Model.

A capital-light operating GP. We source, we build, we sell — and we get paid only after investors are made whole.

01

Sourcing.

Off-market and distressed. Not deals that are already in an auction file.

Ten years of local broker, servicer, and municipal relationships across Spain. New inventory reaches us before it hits Idealista, before it hits the auction platform, before it hits the specialist REO desks. Our screen is narrow: residential, in cities or coastal submarkets we know, at a discount to independent valuation.

02

Execution.

In-house general contracting. This is the edge — and the fee-drag we avoid.

Spivforma runs the construction directly. On a typical deal, an external GC would take a 8–12% margin on hard costs plus a management fee — a drag on returns that also introduces coordination risk and a critical-path handoff. We employ the construction team, own the schedule, and answer to the same P&L investors do. Permitting is managed in-house with local counsel; project management is a discipline, not an outsourced role.

03

Capital structure.

Preferred return + capital back first. Then, and only then, promote.

Each deal is capitalised through its own SL SPV. Investor equity earns a preferred return (typically 8%). At exit, distributions follow a strict order: return of investor capital in full, then the preferred, then a split above the hurdle. Spivforma earns promote only after investors are made whole.

Illustrative structure — final terms set per transaction
Deal profitDistribution order →
  1. Return of capital
    Investor equity returned first, in full.
  2. Preferred return
    8% preferred paid to investors before promote accrues.
  3. Above the hurdle
    80%/20% split above the preferred hurdle.
  4. Promote
    Sponsor earns 20% of profits only above the hurdle.
Widths shown for logic clarity, not as a projection of a specific deal outcome. Preferred return and split above hurdle are per-transaction negotiation variables.
04

Alignment.

The GP co-invests. The GP gets paid last.

Spivforma commits GP equity on every deal (typically ~5–10% of total equity), pari passu with investors. We earn a modest developer fee that is subordinated to the preferred return on FUNDED-to-date deals — so if a deal underperforms, we take the first hit. This is not standard boutique practice. It is the alignment we chose because it is the alignment we would want on the other side.

Section 02 · Walkthrough

How a typical deal works.

Illustrative — for structure and sequence, not projected outcome.

  1. 01
    Entry

    Off-market acquisition at a discount to independent valuation, contracted through the SPV.

  2. 02
    Structuring

    Investor equity + senior bridge close to fund the acquisition and construction budget.

  3. 03
    Value creation

    In-house GC executes to a scheduled programme, in coordination with permitting and pre-sales.

  4. 04
    Exit

    Unit-by-unit retail sales — or, where appropriate, a portfolio trade at completion.

  5. 05
    Distribution

    Return of investor capital → preferred return → 80/20 split above hurdle → promote.

Section 03 · FAQ

Common questions.

Minimum tickets are set per-deal, typically starting at €250,000 for coastal residential and €500,000 for Barcelona and Madrid ground-up. Larger allocations are welcome and are frequently the base case for institutional and family-office co-investment.

Section 08 · Contact

Reviewing an allocation to Spanish residential?

We share deal-level economics, structure, and the full model with qualified and professional investors on request.

Enquire privatelystepan@spivforma.com

Opportunities are shown to qualified and professional investors only. This site does not constitute a public offer or an investment recommendation.