Independent NPL Advisory · Spain
Ikarus Advisory is a specialist financial advisory firm focused on non-performing loan and real estate portfolio transactions in the Spanish market. We act as a trusted intermediary for financial institutions, investment funds, and servicers — on both the buy-side and sell-side.
Our Mandate Contact UsIkarus Advisory operates exclusively in the non-performing and distressed asset space. Our practice is centred on the Spanish market, where we bring together first-hand transactional knowledge, a selective network of institutional counterparties, and a rigorous methodology to deliver measurable outcomes for our clients.
We understand that each mandate carries distinct objectives, risk parameters, and operational constraints. Our advisory approach is built around a deep understanding of each client's investment strategy — prior to presenting any opportunity or initiating any process.
Our team combines more than a decade of hands-on experience in NPL transactions with a commitment to transparency and diligent execution throughout the full transaction lifecycle.
We prioritise a thorough understanding of our clients' investment theses before commencing any advisory engagement — ensuring every recommendation is grounded in strategic relevance.
From initial portfolio analysis and counterparty identification through to due diligence, negotiation, and closing, we oversee the full transaction process with precision and accountability.
Our engagements are structured around clearly defined deliverables, timelines, and performance metrics — removing ambiguity and aligning incentives throughout the process.
We maintain active relationships with banks, investment funds, servicers, and other key participants across the Spanish NPL ecosystem, enabling efficient deal sourcing and targeted execution.
We provide end-to-end advisory support on both sides of NPL and REO portfolio transactions. Whether acting for a seller seeking optimal execution or a buyer requiring targeted deal sourcing and due diligence oversight, our mandate is defined by the same standard: precision, discretion, and measurable results.
Definition of sale perimeters, portfolio segmentation, and pricing strategy informed by current market intelligence and transaction comparables.
Systematic engagement of institutional investors, private equity firms, and specialist acquirers whose investment criteria align with the portfolio's risk/return profile.
Full coordination of the sale process: confidentiality agreements, data room preparation, marketing materials, process letters, and management of non-binding and binding offer rounds.
Facilitation of final negotiations, documentation review, and coordination of legal and operational workstreams through to transaction closing.
Access to a curated pipeline of NPL and REO opportunities through our established network of institutional and secondary market vendors in Spain.
Portfolio evaluation and recommendation based on client-defined investment criteria, including asset type, geography, collateral coverage, and return expectations.
Oversight of legal, financial, and operational due diligence workstreams, leveraging our specialist servicer and legal networks.
Representation in price and terms negotiations, and ongoing strategic support post-acquisition to optimise portfolio performance.
Our principals have been involved in the origination, analysis, and execution of NPL and REO transactions across a broad range of collateral types and transaction structures in the Spanish market.
Consumer finance receivables, credit card portfolios, telecommunications and utility debt. Valuation employs discounted cash flow (DCF) modelling and market-comparable benchmarking to establish credible pricing for both primary and secondary transactions.
Advisory and brokerage of performing and non-performing secured loan portfolios, including individual loan tickets. Particular depth in residential mortgage-backed debt, with an active network of specialist buyers and sellers in the secondary market.
Intermediation of individual institutional assets — including commercial real estate such as office buildings and hotel properties — for clients requiring maximum discretion. Confidentiality is the cornerstone of every single-name engagement.
Unlike generalist advisory firms, Ikarus Advisory is built around a single market and a single discipline. Every engagement is led by experienced senior advisors — not delegated to junior analysts — ensuring consistent quality and accountability at every stage of the transaction.
We welcome enquiries from financial institutions, investment funds, servicers, and any counterparty seeking specialist advisory support in the Spanish NPL and distressed asset market. All initial consultations are strictly confidential.
Message received. Thank you for your enquiry. A member of our team will be in touch within one business day.
Ikarus Advisory operates as an independent, conflict-free advisory firm and does not manage or custodise client assets. All transactions are subject to applicable regulatory requirements.