Case study: a B2B platform for investing in real estate debt (Bivolare)
There is a huge market hidden behind every mortgage that stops being paid. In Spain, the stock of non-performing loans hovered around 70.4 billion euros in 2025, the second largest in the European Union. Much of it is backed by real property. And almost no one, beyond a handful of funds, knows how to get in.
That is where Bivolare was born. And that is where we came in. This is the real story of how we built, from scratch, a B2B platform to invest in discounted real estate debt, and why the whole project rests on three pillars: product, data and trust.
The challenge: a giant market that is opaque and artisanal
Discounted real estate debt is not an exotic niche. It is one of the largest capital movements in the country. In 2024 alone, between 20 and 22 billion euros in non-performing loan portfolios changed hands, a jump of more than 40% over the previous year. Rising interest rates pushed up default rates on variable-rate mortgages and opened a new wave of distressed assets.
The problem isn't the opportunity. It's access. Buying real estate debt at a discount has historically been a game for large funds: deals over entire portfolios, slow and expensive due diligence, scattered information and entry barriers that shut out the individual professional investor and the mid-sized family office.
Anyone who wanted to invest ran into three walls. First, finding deals: supply lives in closed, off-market circuits. Second, analysing them: every deal requires checking the underlying property, the legal status of the debt, the encumbrances and the real recovery value. Third, trusting: putting money on an asset you can't see, managed by people you don't know, with no traceability.
The challenge, then, was neither legal nor financial. It was a product problem. We had to turn an artisanal, opaque process reserved for a few into something clear, fast and operable from a screen.
The solution: product, data and trust
We designed Bivolare as a B2B platform that connects the professional investor with real estate debt opportunities backed by real property in Spain, at discounts of 40-70% on the asset's value. The target return sits in the 15-30% annual range. But the numbers are the consequence, not the cause. The cause is three product decisions.
Product: turning a fund deal into a simple flow
The first step was packaging the complexity. A real estate debt investment has dozens of variables; the investor doesn't need to see them all, just the ones that matter for the decision. We built a product layer that presents every opportunity in a consistent way: underlying asset, discount, recovery scenario, estimated term and risk level. What used to be a folder of scattered documents becomes a sheet you can understand in five minutes.
The key was to reduce, not add. Every screen answers a single investor question. That product discipline is what separates a tool people use from a dashboard they ignore.
Data: the analysis that used to take weeks
Behind every sheet there is data work that is the platform's real engine. We cross-reference information on the property, the status of the debt and market comparables to estimate the recovery value of each deal. Artificial intelligence speeds up the repetitive part of the analysis: reading and structuring documentation, detecting encumbrances, estimating scenarios. The final judgement remains human, but it arrives loaded with context, not blank.
That is the Obsidy pattern. AI doesn't decide the investment; it removes the dead hours around the decision. What a team took weeks to prepare for a single portfolio, the platform standardizes and repeats at scale.
Trust: no traceability, no investment
In assets you never touch, trust is the product. That is why traceability isn't an extra: it's the foundation. Every opportunity shows where it comes from, the legal status of the debt and what backs the deal. The professional investor doesn't invest in a promise; they invest in a file they can review. Building that transparency from day one is what lets someone put capital on a distressed asset they have never seen.
The results
What was a market reserved for large funds became an operable product. The main effect was access: a professional investor can now analyse and enter discounted real estate debt deals without building their own due diligence team or negotiating entire portfolios.
Standardization multiplies capacity. By making the way each opportunity is presented and analysed uniform, the manual-analysis bottleneck disappears. The platform can surface more deals without the cost of preparing them growing at the same rate.
The cost of originating and analysing each deal drops, because the system executes the repetitive part. That makes it possible to lower the entry ticket and open to the family office and the professional investor a terrain once exclusive to the institutional fund.
Above all, the model is replicable. Every new opportunity comes in through the same flow, is analysed with the same data engine and is presented with the same traceability. The product stops depending on one analyst's heroics and becomes a machine that scales.
Why this matters now
The timing is no accident. The Procedural Efficiency Act, in force since April 2025, has changed the rules of auctions: the deposit to bid rises from 5% to 20% and sealed-price bidding is introduced. That makes the classic route more expensive and more professional, and it makes a channel that already brings the deal analysed and structured far more valuable.
At the same time, the stock of bad debt remains enormous and rate pressure keeps the flow of new distressed assets coming. Supply is plentiful. What's missing is the infrastructure for the professional investor to reach it without becoming a fund. That gap between opportunity and access is exactly what a well-built platform fills.
How to start: the pattern applied to your business
What's interesting about Bivolare isn't just Bivolare. It's the pattern. The same approach works for any large, opaque, artisanal market where access, not opportunity, is the problem.
Start with the access wall, not the technology. Identify what stops your customer from operating today: finding, analysing or trusting. That's where the product is.
Standardize before you scale. If every deal is presented and analysed differently, no platform is possible. Uniformity is what lets you repeat.
Use AI for the repetitive analysis, not for the critical decision. The machine reads, structures and estimates; the person judges and signs. You gain speed without losing rigour.
Make traceability a pillar, not an add-on. In any business where the customer risks capital or reputation, transparency isn't marketing: it's the condition for the transaction to exist at all.
At Obsidy we build technology-driven businesses like this one: fast, cheap and with measurable results. We don't sell technology for its own sake. We build the product, the data engine and the trust layer that turn a complex market into something operable from month one.
Do you have a market opportunity trapped behind an artisanal process? Let's talk. Write to us at hola@obsidy.com or visit obsidy.com and we'll show you how to turn it into a platform that scales.