Immobilienfinanzierung auf Mallorca mit Bank oder Eigenkapital? Was ist besser?
In this article you can read more about the three most important arguments against financing real estate in Mallorca with a bank. But of course we also talk about the reasons that speak for Spanish banks.
Many people who are planning to buy a property in Mallorca do not give any thought at all to the type of financing. These lucky ones have the money in their fixed deposit accounts. And simply buy the object of desire in cash. Over 60% of all properties in Mallorca are bought in cash ( data from 2017 ). Without real estate financing.
But that means the other way around: with around 15,000 transactions per year, we are talking about around 6,000 financings on Mallorca. Real estate financing in Mallorca with a bank.
Reason enough to take a closer look at the advantages and disadvantages of real estate financing in Mallorca with a bank.
From my consulting practice, I know the prejudices that affect the subject of real estate financing in Mallorca with a bank. Here are the three most common prejudices about real estate financing in Spain:
- wer das Geld nicht hat, soll sich diesen Luxus gar nicht leisten.
- eine Ferienimmobilie ist keine Kapitalanlage. Also sollte man sie nur aus Barmitteln bezahlen.
- ich spreche lieber mit meiner Hausbank in Deutschland. Die gibt mir die günstigsten Zinsen.
All of these arguments have a core of truth. Nevertheless, it makes sense to get to the bottom of the widespread prejudices for and against financing real estate in Mallorca with a bank.
facts instead of opinions.
Diese Argumente sprechen gegen eine Immobilienfinanzierung auf Mallorca mit Bank
It is certainly true: Spanish banks are slow, non-transparent and expensive.
- Langsam was den gesamten Prozess der Prüfung angeht (rechnen Sie mindestens mit drei Monaten).
- Intransparent was das Angebot angeht: was ist ein simples Angebot, was ist eine verbindliche Zusage. Ab wann können Sie sich auf eine Kreditzusage wirklich verlassen? Schließlich möchten Sie nicht am Notartermin ohne Bank dastehen.
- Teuer nicht nur was die Gebühren angeht, sondern auch teuer im Hinblick auf Wertgutachten, Notar, Register und Steuern. Da ist es nur Augenwischerei, dass die Steuern von Gesetz wegen von der Bank getragen werden. Die Bank legt die Kosten geschickt auf den Finanzierungskunden um. Sie will ja ein Geschäft machen und nicht drauflegen.
So is it really worth considering real estate financing with a Spanish bank?
Diese Argumente sprechen für eine Immobilienfinanzierung auf Mallorca mit Bank
There are definitely arguments in favor of Spanish banks. I think it depends on your overall concept.
- Sie nutzen Ihr Ferienhaus meistens selbst und haben keine Sicherheiten in Deutschland, die Sie Ihrer Hausbank abtreten können.
- Eine langfristige Hypothek über 10 oder 15 Jahre ist genau Ihr Ding.
- Steuern sparen hatte Ihnen schon immer gefallen.
Yes, you read it right. It may be possible to take out a mortgage in Spain for tax reasons. After all, this reduces the obligation to pay wealth tax , if it exists. Of course, you should have this checked by a tax advisor beforehand.
You should know these questions:
- wenn die Immobilie keine Vermögenssteuerpflicht auslöst, ist der Gang zur Hausbank wahrscheinlich der vernünftigste Weg.
- ist das so, dann sollte über andere Gestaltungsmöglichkeiten nachgedacht werden.
- ist wirklich keine andere Alternative möglich, dann ist eine Finanzierung in Spanien geboten und genau dann sollte man eine solche prüfen.
But beware: especially when financing makes sense for tax reasons, you should not only talk to Spanish banks. There are not only Spanish banks that offer real estate financing on Mallorca. There is also a small number of private banks in Germany, Luxembourg and Switzerland that will be happy to check on-site financing for you. In this case, the object should cost at least 2 million euros.
Of course, these banks also have the structural disadvantage of the high costs of a Spanish mortgage. But they are faster, more transparent and cheaper.
Kosten einer spanischen Hypothek
So let’s take a closer look at the cost components of a Spanish mortgage. The big advantage of the Spanish bank: if you finance over a long period, the Spanish bank bears the costs of an entry. Private banks abroad generally see things differently.
On the real estate portal idealista you will find a calculator where you can calculate the exact costs of a mortgage yourself. For the borrower they are zero euros. He only pays the agreed interest rate.
The bank pays the registration taxes. And this tax rate was increased by a third (!) in January of this year !
What Idealista doesn’t mention are the internal closing costs of a mortgage. Since these are by law to be paid by the bank. And thus have to be written off over the entire term of the loan.
Kosten einer Brückenfinanzierung?
Especially customers who are looking for bridge financing have a problem with this legal situation: they cannot find a bank in Spain. Why is that? Precisely because the legislature meant it nicely. By relieving the burden on the consumer and obliging the bank to pay the taxes , the advantage for the consumer in bridge financing is turned into a disadvantage.
It’s just not worthwhile for the bank to approve financing for just one year. Why it is like that? Due to the AJD, the document tax, we are talking about total costs in the first year for the bank of 1.5% plus notary and register. So around 2% that the bank cannot demand from you, but still has to pay. Including refinancing costs, the total costs of your bridge financing for the bank amount to 5-6% in the first year. In the years that follow, the burden falls again, but by then you have already repaid the loan.
Finanzierung mit Eigenkapital
So the question is, isn’t there a better way to get short-term financing?
What other options are there to get property financing in Spain? This is where equity financing comes into play.
Or in other words:
isn’t there a way to find investors who would like 5% to 6% interest for a one year term?
I’ve been dealing with this topic for years. After all, I have many years of experience in real estate financing in Spain and I know the disadvantages of this form of financing.
Crowdfunding Mallorca – Eigenkapital bereitstellen und hohe Zinsen kassieren
Crowdfunding Mallorca Immobilien is an intelligent way to create a win-win situation between investors and financing customers.
The financing customer borrows money via a crowdfunding campaign, pays an interest rate of 5% and serves his funder (s) after one year.
In contrast to the well-known campaigns that you know from many providers in Germany, it is neither desirable nor necessary to pool the capital of different investors here on the island. Strictly speaking, we then speak of P2P financing. But even if it is a swarm financing: Anonymity is not wanted on Mallorca. Investors and borrowers should know each other. The support from the investor or investors is more enjoyable when everyone can see what they are doing with their investment amount. Check out this video:
What makes crowdfunding on Mallorca so exciting?
- Anleger und Finanzierungsnehmer kennen sich persönlich.
- In Spanien gibt es (im Gegensatz zu Deutschland) viele Möglichkeiten, sich als Kapitalgeber abzusichern.
In contrast to Germany, a crowdfunding loan on Mallorca does not have to be subordinate .
- Der Darlehensvertrag kann notariell beglaubigt werden.
- Es kann eine Abtretungserklärung vereinbart werden.
- Es kann eine Grundschuld beurkundet werden.
Fazit
House bank: Customers who are looking for a holiday home in Mallorca for their own use are best served with their house bank. However, there should be collateral in Germany.
Private bank: If you only need financing to reduce taxes (wealth tax), then going to an international private bank is advisable.
Spanish bank: if neither the house bank nor the private bank wants to, then you should speak to a Spanish bank.
Equity: financing with equity is particularly interesting for investors who are looking for Mallorca real estate as a capital investment . The focus here is on uncomplicated lending and the short term.
Interesting alternative: financing with the LBS.