{"id":4916,"date":"2026-10-28T03:55:50","date_gmt":"2026-10-28T02:55:50","guid":{"rendered":"https:\/\/www.ondara.group\/financing-flex-living-build-to-rent-spain\/"},"modified":"2026-10-28T03:55:50","modified_gmt":"2026-10-28T02:55:50","slug":"financing-flex-living-build-to-rent-spain","status":"publish","type":"post","link":"https:\/\/www.ondara.group\/en\/financing-flex-living-build-to-rent-spain\/","title":{"rendered":"Flex Living and Build-to-Rent Financing in Spain"},"content":{"rendered":"

Financing for flex living and build-to-rent in Spain comes largely from alternative lenders: 68% of them finance flex living and 41% build-to-rent, according to the Observatorio de Financiaci\u00f3n Alternativa con Colateral Hipotecario en Espa\u00f1a, with market analysis by PwC and legal framework by Cuatrecasas (October 2026).<\/strong> These are new formats and banks do not yet have the track record to value them. Here is what they are, why private capital moves first and what risks an investor faces.<\/p>\n

This text is for information only. It is not investment recommendation or financial advice.<\/p>\n

What flex living and build-to-rent are<\/h2>\n

Build-to-rent (BTR)<\/strong> means developing homes to keep them as rentals rather than sell them. Flex living<\/strong> is furnished, flexible, medium-stay rental with services included. Other formats sit alongside them: student housing, senior living and logistics.<\/p>\n

They share one feature: they are financed on expected income, not on a sales track record. To see how this kind of debt is structured, read our guide to alternative mortgage lending in Spain<\/a>.<\/p>\n

Alternative financing for new property assets: which segments it funds<\/h2>\n

The Observatorio asks alternative lenders which segments they finance. Residential leads by a wide margin. Flex living and student housing are level; build-to-rent sits lower.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Source: Observatorio de Financiaci\u00f3n Alternativa con Colateral Hipotecario en Espa\u00f1a (PwC and Cuatrecasas), October 2026<\/caption>\n
Segment<\/th>\n% of lenders financing it<\/th>\n<\/tr>\n<\/thead>\n
Residential<\/td>\n95%<\/td>\n<\/tr>\n
Hotels<\/td>\n73%<\/td>\n<\/tr>\n
Logistics<\/td>\n73%<\/td>\n<\/tr>\n
Flex living<\/td>\n68%<\/td>\n<\/tr>\n
Student housing<\/td>\n68%<\/td>\n<\/tr>\n
Offices<\/td>\n68%<\/td>\n<\/tr>\n
Senior housing<\/td>\n64%<\/td>\n<\/tr>\n
Industrial<\/td>\n50%<\/td>\n<\/tr>\n
Build-to-rent<\/td>\n41%<\/td>\n<\/tr>\n
Other<\/td>\n18%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

\"Bar<\/p>\n

Why private debt moves first<\/h2>\n

Banks analyse track record: occupancy, rents and comparable deals. A new format has none of that. According to the Observatorio, this is where alternative financing steps in first, because it assesses the project and its exit plan.<\/p>\n