CRI for Construction Completion Financing
Structured credit solution for developers who need capital to complete their projects, without relying on traditional bank credit.
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Why structure a CRI?
Liquidity for the most critical phase
of the project
The Construction Completion CRI is a capital market instrument that directs resources specifically to project completion, with cost linked to project risk and without pressuring the developer's traditional debt structure.
Cash Flow Predictability
Resources to complete construction with planned cash flow, without financial surprises in the final stretch.
Financial Breathing Room
Provides relief in the most critical phase, when costs are high and cash is pressured by gradual sales.
Preserved Timeline
Maintains the project pace, avoiding delays, protecting margin and the developer's reputation.
Off Bank Debt
Structure outside traditional debt, with cost linked to project risk and no bank credit dependency.
Construction-Directed Liquidity
Capital directed specifically to construction, preventing resources from being diverted to other purposes.
Profitability Protection
Protects the timeline, profitability, and sustainable long-term growth of the developer.
Modalities
Choose the ideal structure
for your project
Solution aimed at small and mid-size developers who need capital to complete residential or commercial vertical and horizontal projects. The structure provides liquidity in the most critical phase of construction, without requiring bank guarantees or compromising the company's balance sheet.
Ideal for whom?
- Small or mid-size developers with active pipeline and need for capital to complete projects
- Companies with a portfolio of completed projects and projects under construction
Minimum Criteria
- Projects already approved and launched
- Cities with more than 150,000 inhabitants
- Project in SPE and Ring-fenced Assets
- Minimum 40% Sales and 15% Incurred Construction
- At least 3 projects delivered in the last 5 years
- Guarantees free and clear of liens
Points of Attention
- Project Cash Reconciliation
- Stock Pricing based on sold R$/sqm
- Adjusted Project Viability
- Construction Insurance and Civil Liability
- Receivables Portfolio reflected in ERP
- Investors have been requiring own participation/contribution from developers to ensure alignment of interests with the project
- The structure aims to finance construction completion, not the developer's cash exposure
Funding Conditions
| Issuance Volume | Term | Interest | Amortization | Coverage Ratio |
|---|---|---|---|---|
| > R$ 10 MM | Construction + 12 months | Monthly | Bullet100% cash sweep | 130%PV Receivables Portfolio + Discounted Stock (30–50%) / Issuance Volume |