Briq.mx has the goal of placing 280 million pesos in credit for developers in 2023

Financing for the construction of real estate projects has become increasingly expensive, due to the continuous increases in interest rates in recent months, which has put some developers in trouble.

One of the alternatives for this sector are the platforms of collective funding o crowdfunding inmobiliariosuch as Briq.mx, which plans to place 280 million pesos in credit this year to boost construction, especially residential.

According to Alberto Padilla, general director of Briq.mx, the demand for financing through these platforms has reported ups and downs since the Covid-19 pandemic, an effect derived from the slowdown in the construction industry and, now of the rise in interest rates.

“We have been with constant increases in rates for two years now, which has hit the entire financial sector. We have noticed a drop in the application by developers looking for loans, because the debt has become more expensive, ”he commented in an interview for EconoHábitat.

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It is worth mentioning that, in 2021, Briq.mx delivered 220 million pesos in credit, while in 2022 it placed 243 million, that is, 10% more.

The general director of the platform explained that the crowdfunding is increasingly a viable option for real estate developers, since it is a secure financial service regulated by the National Banking and Securities Commission (CNBV), through the Law to Regulate Financial Technology Institutions, known as Ley Fintech.

Although the platforms collective funding offer higher interest rates than banks, Padilla stressed that it should also be considered that banks require some extra procedures that raise the cost of financing.

According to the expert, the interest rate of the crowdfundingNowadays, it is between 17 and 19% per year, depending on the platform; while bank bridge loans range from 12 to 14 percent.

“If there is a difference in rates, banks normally have better ranges because a platform of collective funding it has to be attractive to investors. However, the bank has requirements that make the loan more expensive, such as documents or opening commissions,” Padilla commented.

However, he mentioned that the process of authorizing a credit for development with a bank can be slower, with times from six months to a year. Instead, Briq.mx has reviewed, authorized and funded projects even in just four weeks.

For a developer to get a collective funding Through these platforms, you must demonstrate experience in the sector, and you must demonstrate that the project to be built complies with legal conditions, financial and market viability, as well as all construction permits.

“One of the advantages of crowdfunding it is that the developers create a brand and the real estate projects are made known. We have seen that companies achieve better conditions in their relationship with the public, partly due to the platforms of collective funding“added the director of Briq.mx.