Well, perhaps 12 months is a little optimistic but Cabair take 56 weeks, BAe quote 60 weeks and even Oxford's ridiculously overblown APP only takes 65 weeks.
It should be possible to complete a modular CPL/IR with ATP exams in 24 months, if it takes AIRMED that long to complete an integrated course then it seems all the stories about their inefficiency might be well-founded after all.
An extra 9-11 months accommodation will take a large bite out of the budget and, even at Spanish prices, will go some way to paying for the FI rating.