Property group Tremon, the second large Spanish property group to seek administration this year, owes around €200 million to Banco Popular, €100 million to Bancaja and €95 million to Banco Pastor.
The company's lawyer Angel Romero said total debts amount to around €1 billion with 90% of that owed to 16 banks.
Spain's biggest developer Martinsa Fadesa went into administration in July with over €5 billion of debt.
Spanish real estate firms have suffered falls of over 30% in house sales this year as they have been left with a glut of unsold homes in the global economic downturn.
Madrid-based Tremon, which last year abandoned efforts to list its shares, has taken no decision on the future of its 600-strong workforce, Romero said.
Around a dozen subsidiary groups belonging to Tremon are also expected to go into administration this week among which include the well known Hotel chain group TRH.
Tremon got into serious difficulties in 2007 when it tried to get 35% of its capital by floating shares on the market. However, due to instability in stock markets around the world and the global financial crisis this attempt had to be abandoned.
In January this year Tremon had to get rid of 50 members of its board of directors and a drop in sales and difficulties getting finance meant that it had to stop a number of its building projects.
Tremon was created in 1993 and had business interests in Poland, Hungary, the Czech Republic and Morocco. It also had plans to expand into Romania, Bulgaria and Mexico.
Other Spanish property developers in the same situation include Llanera, SEOP, Grupo Lábaro, Cosmani, Promodico, Urazca, Grupo Drac and Restaura.