Latin American iBuyer Habi Secures $50m Debt Facility

June 2, 2023
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The Colombia-based iBuyer Habi has announced a $50 million debt facility agreement with the Banco Interamericano de Desarrollo (BID).

The BID, or Interamerican Development Bank, is a source of financing for sustainable, social and institutional development in Latin America and will lend up to $50 million to Habi to expand its operations in Mexico.

Habi's CFO, Marcos Kant told Forbes Colombia that the company doesn't need equity capital at this point but that "from the point of view of debt, it's key for us to generate liquidity in a market, that in the last few months, has shown that it's needed."

Founded in 2019, Habi is a classic iBuyer offering sellers a quick way to get the liquidity they need by offering to buy their houses based on a valuation from its AVM before renovating and selling the home at a profit. The company also offers its users an end-to-end buyer concierge service which includes discovery, viewing, mortgage brokerage and online paperwork.

The company has now raised close to $500 million since its foundation from the likes of Softbank Latin America, Tiger Global and Home Brew and has become one of the region's few proptech unicorns.

Like several other proptechs in the region, the company expanded to the Mexican market soon after its foundation and it bought out two Mexican traditional portal sites, Propiedades.com and Tu Cantón, to fuel its iBuying funnel in 2022.

Habi claims to have seen 400-500% growth in 2022 and wants to use the capital generated to help lower-middle-class Latin American families to move home while generating employment for local contractors and making homes more eco-friendly.

June 2, 2023
Since March 2020 Edmund's job has been to read about, write about, collect data on, analyse and generally know about real estate marketplaces and the companies that run them. Before that he worked at the aggregator Mitula Group (which became Lifull Connect) for five years.

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