Mexican real estate company Inmobiliaria Ruba has borrowed MXN1.5 billion ($74.9 million) from IDB Invest, the private sector affiliate of the Inter-American Development Bank (IDB), to develop housing for low- and middle-income earners in Mexico, according to a press release.
The loan includes a reverse factoring for MXN500 million to pay Ruba’s suppliers, which are mostly micro-, small and medium-sized construction companies, IDB Invest said in the press release on Tuesday.
The financing also involves a seven-year revolving line of credit for MXN1 billion with a committed tranche of MXN 500 million and an uncommitted tranche of MXN500 million, IDB Invest added.
Mexico has a housing gap of 8.5 million homes, mainly in low-income segments, according to estimates from national housing commission Conavi.
DD360 RAISES EQUITY
Mexico City-based financial and property technology firm DD360 sold $25 million in equity to US impact investor Creation Investments, according to a press release.
The Mexican firm will use the proceeds “to support loan growth acceleration and product roll-out through the expansion of its technology platform offerings and software development team,” DD360 and Creation Investments said in a joint press release on Tuesday.
The proptech platform has raised around $91 million from equity investments to date, they added.