LatAm Residential Senior Secured Term Loan Token

Overview

The Company is an iBuying platform which purchases and flips middle-class residences in 15 cities throughout Mexico and Colombia, with plans to expand into other Latin American geographies. It is the largest iBuyer in the markets it operates in and has purchased and resold over 4,800 and 2,400 homes, respectively, in Colombia.

The Company has consistently realized gross / net (unlevered) margins of ~17% / 8% (~ 2x+ the margins realized in the US market). It also operates auxiliary services within its ecosystem such as a price discovery tool for potential buyers and sellers, a brokerage services platform, and other financing services through its online platform.

The Company raised this $100.0 million senior secured credit facility (the “Facility” or “Notes”) to finance the Company’s purchase and sale of residences in Colombia. Currently, iBuying acquisitions are funded via various local bank partners. Due to the complexity of transferring titles and funding, The Company intends to maintain its current funding sources on its already purchased properties but will allocate the majority of its new purchases to this Facility after close.