Spanish property,at the price institutionsquietly write off.

THROUGH NON-PERFORMING LOANS (NPLs):
you acquire Spanish real estate at a fraction of its true market value.
SECRET INVEST opens this door for you · with a clear structure, full legal backing and specialist lawyers by your side.

Notarially certified
Specialist lawyers
EU-compliant process
Portfolio across Spain
42.000+ Non-Performing Loans · registered across Spain
  • 430Mallorca
  • 42Menorca
  • 27Ibiza
  • 1.500Canary Islands
  • 40.700Mainland Spain
Investor Guide

We make visible what really matters for your decision.

The Investor Guide brings transparency to a market shaped by half-knowledge. It explains the two key strategies, the rules in force since April 2025 under auction law, relevant tax aspects and a realistic assessment of the worst case. We make the decisive connections visible and thereby create a solid basis for your decision.

Read Investor Guide now →

No form. No login. Seven chapters, directly online.

Contents · 7 chapters
01
Two strategies Bid-to-Own & Cash-Flow — both calculated
02
Your structural advantages vs. third-party bidders — 6 aspects compared
03
The auction process 4 phases · LO 1/2025 · 20 days electronic
04
Worked example 5 inputs · 2 scenarios · all taxes
05
Risks & scenarios Worst case = timing risk, not loss risk
06
Tax structure Non-resident · Resident · S.L.
07
Guidance & Quick Scan 4 steps · from profile to investment
Portfolio

A glimpse of the lists available

To the Portfolio
Wohnung in Sa Pobla, 2 Schlafzimmer, 2 Bäder
Available
Apartment 83 m²
Apartment in Sa Pobla · 2 bedrooms · 2 bathrooms
NPL Price 160.000 €
Market value 235.000 €
Sa Pobla SA1818
Einfamilienhaus in Manacor, 5 Zimmer, 2 Bäder
Available
House 219 m²
Detached house in Manacor · 5 rooms · 2 bathrooms
NPL Price 170.000 €
Market value 400.000 €
Manacor · El Carril MA7804
Ideal für profitable Ferienvermietung auf Mallorca
Available
Apartment — m²
Prime asset for profitable holiday letting in Mallorca
NPL Price 170.000 €
Market value 350.000 €
Platja de Muro PL9873
Charmantes Haus in Portocolom-Strandnähe
Available
House 120 m²
Charming house steps from Portocolom beach
NPL Price 210.000 €
Market value 350.000 €
Portocolom PO2336
Moderne Palma-Wohnung · Pere Garau, 2 Zimmer, 2 Bäder
Available
Apartment 87 m²
Modern Palma apartment · Pere Garau · 2 rooms · 2 bathrooms
NPL Price 210.000 €
Market value 310.000 €
Palma · Reis Catòlics PA1708
Strandwohnung, 2 Schlafzimmer, 2 Bäder, Tiefgaragenplatz
Available
Apartment 102 m²
Beachfront apartment · 2 bedrooms · 2 bathrooms · underground parking
NPL Price 220.000 €
Market value 350.000 €
Platja de Muro PL9969
Zentrale Palma-Wohnung · Pere Garau, 3 Zimmer, 2 Bäder
Available
Apartment 101 m²
Central Palma apartment · Pere Garau · 3 rooms · 2 bathrooms
NPL Price 220.000 €
Market value 340.000 €
Palma · Reis Catòlics PA1609
Geschäftslokal im Erdgeschoss in unmittelbarer Strandnähe
Available
Commercial 33 m²
Ground-floor commercial unit · directly beachfront
NPL Price 220.000 €
Market value 300.000 €
Palma · Can Pastilla CA5863
Finca mit Pool in Manacor · Son Talent
Available
Finca 353 m²
Finca with pool · Manacor · Son Talent
NPL Price 230.000 €
Market value 360.000 €
Manacor · Son Talent SO0005
+
Portfolio
All NPLs currently listed online at a glance.

On the portfolio page you'll find what is published right now. Further claims — not yet online — we screen on request, specifically for you.

Indicative prices; negotiation-dependent. All information without guarantee.
Our Service

Banks sell NPL packages in bulk. We open the single door for you.

01
Free · on request
Pre-Filter

We find the right NPL for your strategy. Budget, region, goal — we filter and present a non-binding dossier.

02
Optional
Quick Scan

Dependable pre-check with a clear recommendation. Land Registry, Catastro, BOE status, market comparison — dossier in your language.

03
Referral
Mandate

Referral agreement with SECRET INVEST plus lawyer mandate — in writing, transparent, with a fixed contact person.

04
Notary · Claim purchase
Notarisation

Claim purchase following bank acceptance. Notarial certification, land registry entry and — where required — the full enforcement procedure.

Market access

Access is the real asset.

Spanish real estate continues to grow in global appeal — coastal areas, major cities and holiday properties all attract strong, sustained demand.

But NPL portfolios don't appear on any property platform. Without established contacts and direct banking relationships, this market remains inaccessible.

Who plays in this market

The buyers of these claim portfolios today are almost exclusively institutional: hedge funds, distressed debt specialists, family offices, private equity. They buy systematically, at scale, with dedicated teams.

For private investors without structured access, this market is simply invisible — and will remain so unless a bridge is built.

What makes the difference

Capital is not the barrier. Access is. Identifying the right NPLs, assessing the secured property, conducting legal due diligence, navigating the enforcement process — all of this demands expertise, the right network and boots on the ground in Spain.

That's precisely what SECRET INVEST brings to the table: structured access to specialist lawyers who know this market inside out — because they work in it every single day.

Those who invest today do so on terms this market won't offer in a few years' time. Not because the strategy will weaken — but because too Many people will have figured out just how good it is.

WHAT MATTERS IN NPL DEALS

In NPL deals transparency is not a given. That is precisely where we step in.

Institutional buyers have teams, files and networks. Private investors usually get: a price and an address. We provide two tools that balance that.

Free of charge

Investor Guide — everything you need to know before the first step.

Seven chapters with genuine value: they show the logic of this market, compare two investment approaches with examples, frame the auction law rules under LO 1/2025, explain the relevant tax framework and make the key risks tangible through worst-case scenarios.

Two strategies: Bid-to-Own & Cash-Flow
Full worked example including all taxes
Auction law under LO 1/2025
Risk matrix: 3 scenarios, none leads to a loss
Read Investor Guide →
Structured pre-check

Quick Scan — Informed pre-check and assessment.

You have seen the portfolio and chosen an asset. We verify it using official sources: Land Registry, Catastro, BOE auction status, market comparison — and deliver a dossier with a clear recommendation in your language. You order the Quick Scan directly on the asset's portfolio page.

Nota Simple Registral — owner & charges
Catastro extract — area & physical data
BOE auction status — current procedure state
Clear recommendation — go or no-go
590 € Fixed price · IVA included · dossier in your language
See Portfolio now →
The legal process

From claim to property — every step under Spanish law.

This process rests on the Spanish Código Civil, the Ley de Enjuiciamiento Civil (LEC) — as amended by the Ley Orgánica 1/2025 reform (in force since 3 April 2025) — and EU Directive 2021/2167. Every step is guided by specialist lawyers — transparently, fully documented and legally watertight.

1
Due Diligence
Portfolio review & land register research
The lawyers review the loan documentation, obtain the land register extract (Nota simple del Registro de la Propiedad), analyse current valuations and verify the debtor's history along with all existing charges. Negotiations begin only once the review is complete.
2
Contract closing
Notarial credit assignment deed — Cesión de crédito
The acquisition is formalised by a notarially certified escritura pública de cesión de crédito. Legal basis: Arts. 1526–1536 Spanish Código Civil. Upon signing, all creditor rights transfer to you — including the right to enforce the secured mortgage. The debtor is notified and the document is recorded in the Registro de la Propiedad.
Legal basis: Arts. 1526–1536 Código Civil · Ley del Notariado · Registro de la Propiedad
3
Judicial enforcement
Mortgage enforcement — Ejecución hipotecaria
If the debtor fails to pay, judicial enforcement proceedings follow under Arts. 681 et seq. LEC: demanda ejecutiva, liquidación de intereses y costas, publication in the BOE, auction. The lawyers represent you at every stage.
4
Auction
Subasta judicial electrónica · 20 days
The auction runs electronically via the BOE Portal de Subastas over 20 calendar days. Important after the Ley 1/2025 reform: the claim holder must actively bid to acquire the property — passive adjudication after an empty auction is no longer possible. You retain two structural advantages: you bid without deposit and you set off your own claim against the bid. Third-party bidders must lodge a 20 % deposit.
Legal basis: Arts. 647, 648, 670, 671 LEC as amended by Ley Orgánica 1/2025 (in force since 3 April 2025)
You acquire a claim at a low price. From there, two outcomes are possible:
I
You win the auction yourself · without deposit, offsetting your claim. Acquisition well below market value.
II
A third party wins the auction · your claim plus interest is paid from the proceeds. The spread over your purchase price is your return.
Your return doesn't depend on a lucky outcome. It's already locked in at the purchase price.
5
Transfer of ownership
Notarial transfer & land register entry
After the award you receive the court's Decreto de adjudicación. The lawyers have an Escritura pública de adjudicación drawn up before a notary and entered in the Registro de la Propiedad. From registration you are the lawful owner. Subordinate encumbrances extinguish. Note: Impuesto de Transmisiones Patrimoniales (ITP) applies — between 6 % and 10 % of the award depending on the Autonomous Community.
Legal basis: Art. 674 LEC · Arts. 132–135 Ley Hipotecaria · Real Decreto Legislativo 1/1993 (ITP)
Legal framework

What protects your investment.

Ley Hipotecaria & Código Civil
The Ley Hipotecaria governs the creation and enforcement of mortgages. Assignments are based on Arts. 1526 et seq. Código Civil. Both form the legal foundation of every NPL transaction.
Quelle: BOE · Código Civil español
LEC as amended by Ley Orgánica 1/2025
The Ley de Enjuiciamiento Civil governs enforcement proceedings. The Ley Orgánica 1/2025 reform (in force since 3 April 2025) modernised the auction regime: higher deposit for third-party bidders (20 %), shorter payment deadlines, active bidding required from the claim holder. Competitive pressure on outside bidders rises — a structural advantage for prepared NPL investors.
Quelle: BOE · Ley Orgánica 1/2025, de 2 de enero · Art. 22.73
Due Diligence · transparent safeguard
Before every investment a two-stage due diligence is conducted: Quick Scan based on public sources (Nota Simple, Catastro, BOE auction status, market comparison) by SECRET INVEST · full legal due diligence (file review, clause check, interest calculation, occupancy check, procedural extract) by the lawyers.
Quelle: Art. 222–227 Ley Hipotecaria · Sede Catastro · Portal de Subastas BOE
EU Directive 2021/2167
The EU Directive on credit purchasers and credit servicers (NPL) harmonises the secondary market for non-performing loans and protects consumers and investors alike. It provides the clear legal framework for claim transfers — across the EU and therefore also in Spain.
Source: Official Journal of the EU · Directive (EU) 2021/2167
SECRET INVEST S.L.
SECRET INVEST S.L. is a company incorporated under Spanish law providing exclusively referral services (Corretaje) within the meaning of Arts. 1255, 1709 et seq. Spanish Código Civil and Arts. 244 et seq. Código de Comercio. We refer. We do not advise on investments.
Fuente / Quelle: Art. 1255, 1709 ff. · Art. 244 ff. Código de Comercio · STS de 6 de octubre de 1990
Data protection · GDPR
SECRET INVEST S.L. processes your data exclusively in accordance with Regulation (EU) 2016/679 (GDPR) and Spanish Ley Orgánica 3/2018 on personal data protection. Your rights to access, rectify and erase data apply at all times.
Quelle: BOE · Reglamento UE 2016/679 · LO 3/2018
Start now

Your path to the NPL purchase

  1. Browse Portfolio Current NPLs — with all key data, no registration required.
  2. Read the Investor Guide Understand how this market works — before you invest. Seven chapters, free of charge.
  3. Order Quick Scan Dependable pre-check of your chosen asset — Land Registry, Catastro, BOE status, market comparison. Order directly on the asset's detail page.
  4. Investment decision With a complete data basis — structured, legally sound, guided by specialist lawyers. We take your enquiry from here.
Frequently asked questions

Everything you need to know.

You don't buy a house — you buy a right: the right to recover a debt secured by a Spanish property. Through the notarial assignment (cesión de crédito, Arts. 1526 et seq. Código Civil) you fully step into the original bank's position — principal claim, mortgage and all default interest.
Step 1 (profiling and filtering) is free. Step 2 (Quick Scan) costs €590 per property. Step 3 (referral and contact activation) is charged via a single referral fee — if you previously ordered a Quick Scan, its price is fully credited against this fee. Lawyers' fees are agreed separately.
You become owner exclusively through the auction award (remate) in the electronic judicial auction — formalised by Decreto de adjudicación, notarial Escritura pública de adjudicación and entry in the Registro de la Propiedad. The Ley Orgánica 1/2025 reform (in force since 3 April 2025) abolished the former passive adjudicación al acreedor after an empty auction: you must actively bid. The structural advantage remains: you bid without deposit and offset your own claim.
Three key points: (1) Third-party deposit increased (10 % by statute, in practice typically 20 % for real estate). (2) Payment deadline after award shortened from 40 to 20 days. (3) The passive adjudication to the creditor after an empty auction was abolished — the claim holder must actively bid. For prepared NPL investors this is a structural advantage: opportunistic third-party bidders are deterred.
Your total investment covers: claim purchase price, lawyers' and court fees, and the referral fee. Additionally — if you yourself win the auction and become owner — ITP (6–10 % by region), notary costs, possible renovation costs and broker commission on later sale. These items apply only in one of the two scenarios and are calculated separately.
The Quick Scan is a transparent pre-check: Nota Simple Registral (owner, charges, mortgages), Catastro extract (reference, area, physical data), comparison of both for discrepancies, auction status on the BOE portal and market comparison via Idealista and Fotocasa. At the end you hold exactly what you need to decide. Optional: NIE application. Fixed price: €590.
With status ‘Subasta Convocatoria’ we expect 3–9 months until auction proceeds or transfer of title. If you win the auction yourself, add 6–12 months for eviction and resale. Typical total: 12–18 months from investment to cash-out.
Ideally once — for the notarial signing of the assignment. Alternatively this can be handled via poderes notariales (notarial power of attorney). The later phase (auction, adjudication, registration) is fully electronic.
In Spain the gain on resale after self-adjudication is taxed as IRPF: 19 % up to €6,000, 21 % up to €50,000, 23 % up to €200,000, 27 % up to €300,000, 28 % above. If you invest through a Spanish company, corporate tax rates apply. Specific tax advice is provided by a Spanish asesor fiscal.
Occupancy is checked in due diligence. Tenancy agreements signed before 6 March 2019 and not registered before the mortgage extinguish on auction award. Later agreements must be respected for up to 5 years. For okupas or uncooperative occupants, the lawyer runs the eviction procedure (lanzamiento, Art. 675 LEC).
Key risks: liquidity (capital committed for 12–18 months), procedural (debtor objections may extend the case 6–18 months — economically neutral, default interest keeps running), market value if you self-adjudicate (Mallorca prime locations historically very low volatility), third-party bidder scenario (capped at claim + interest — solid return without leverage). A secondary market for ongoing NPLs exists — exit is possible.
No. We refer; we do not give investment advice. Security lies in the structure itself: notarial assignment, registered mortgage, EU legal framework. Return figures are expectations — not commitments.
You can assign your claim to another investor — a secondary market for ongoing NPLs exists. SECRET INVEST can assist with the placement. Typically at a small discount, but no total loss.
Contact

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Get in touch.

We handle the rest. Profile review, portfolio matching and a personal response.

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SECRET INVEST S.L.
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