MASTERCLASS | O Cenário do Funding Imobiliário em 2026

Name: MASTERCLASS | O Cenário do Funding Imobiliário em 2026
Uploaded: 2026-01-29T12:03:25.000Z
Duration: 2 h 12 min 13 s

Live Discussion on Real Estate Funding Landscape for 2026

Introduction to the Live Session

The live session begins with Bruno Loreto welcoming participants and introducing the date, January 28, 2026. He sets the tone for discussing the real estate funding landscape.

Bruno introduces himself as a co-founder of Terracota, emphasizing their focus on capital intelligence in real estate for the upcoming decade.

Rodrigo Meirelles is introduced as a special guest with extensive experience in the real estate market and innovation.

Objectives of the Session

The primary goal is to share insights about funding opportunities and challenges in real estate for 2026, aimed at entrepreneurs and those interested in understanding this environment.

Participants are encouraged to ask questions throughout the session to foster an interactive learning experience.

Rodrigo Meirelles' Introduction

Rodrigo expresses gratitude for being invited and shares his intention to contribute by discussing his experiences in the real estate sector.

He emphasizes understanding market pain points to create effective solutions tailored to current needs.

Knowledge Sharing Dynamics

Bruno highlights their approach of sharing actionable knowledge through open discussions about successes and failures that can benefit attendees' businesses.

Participants are encouraged to share their locations via chat, fostering a sense of community among diverse attendees.

Rodrigo's Background

Rodrigo shares his journey over two decades in real estate, starting from an internship at EBM, a well-known developer.

He discusses his rise within EBM until he became a partner at Rypar while also engaging in various projects across different ventures.

Transitioning Careers

In 2018, Rodrigo pivoted towards investment management focusing on alternative investments related to real estate after significant hands-on experience.

He reflects on past challenges faced during his career development, quoting Eli Rorn from Cirela about overcoming difficulties.

Educational Pursuits

Rodrigo pursued further education abroad, including certifications in real estate from Oxford and corporate governance to enhance his expertise in fund management.

Insights into Real Estate Funding

Before diving into specific funding scenarios for 2026, he presents a thought-provoking quote regarding home ownership being built by bankers. This serves as a segue into discussing financing's role in profitability within banking sectors.

The Role of Real Estate Credit in Market Dynamics

The Importance of Real Estate Credit

Real estate credit encourages indebtedness by providing a real guarantee, allowing individuals who may not qualify for traditional loans to purchase property.

The existence of real estate credit is essential for the real estate market; without it, growth and sales in the sector would stagnate.

Market Capitalization Trends

A significant shift occurred in September 2023 when the FGTS (Government Severance Indemnity Fund) lost its share in real estate financing, leading to increased prominence of financial assets.

By late 2023, capital markets began to surpass savings accounts as sources of credit, indicating a pivotal change in funding dynamics.

Economic Outlook and Interest Rates

The year 2025 started with a pessimistic outlook but showed signs of recovery as conditions improved throughout the year.

The Central Bank maintained SELIC rates at 15%, which negatively impacted credit availability due to higher borrowing costs.

Long-term Interest Rate Dynamics

Long-term interest rates often compete more aggressively than SELIC rates for funding; government bonds attract investors away from capital market vehicles.

Despite challenges, FGTS credit performed well with less impact from rising interest rates compared to other forms of financing.

Economic Indicators and Future Projections

Current projections indicate a SELIC rate reduction towards 12% by mid-2025 while inflation remains uncertain due to geopolitical factors.

High SELIC rates lead to decreased net savings inflow, affecting overall capital costs for real estate entrepreneurs.

Credit Market Context

Brazil's total mortgage credit relative to GDP remains low due to stringent lending regulations and security concerns.

SBPE delinquency rates are low (around 3%), reflecting improvements in property recovery processes that enhance investor confidence.

Market Trends in Real Estate Financing

Overview of Growth in VGV and Credit Scenario

The volume of VGV is projected to grow to 300 billion, with a unit growth of 5% reaching 312 million.

There is a 3% increase in credit granted, totaling 324 billion, despite a significant drop of 17% in traditional SBPE resources.

A notable rise of 246% has been observed in capital market resources, indicating an increasing reliance on these funds for real estate financing.

Changes in Financing Dynamics

The average ticket size for financed properties is decreasing as more units are being financed compared to the total financing volume. This trend reflects government incentives for more affordable housing options.

Construction financing has seen a dramatic decline of 30%, particularly affecting savings-based funding sources. Banks typically finance entrepreneurs based on their project viability rather than their financial history.

Risk Assessment in Credit Provisioning

Credit markets assess three types of risks:

Pulverized risk from multiple financed units.

Project finance risk, focusing on the project's sales matrix rather than the entrepreneur's balance sheet.

Corporate risk, which evaluates the entrepreneur's financial health and operational capital needs.

Capital Market Participation and Future Trends

In acquisition financing, capital market resources have been growing steadily; however, construction financing began seeing this shift only recently (2023). Products linked to property acquisition are expected to emerge by 2024.

The competition for investor funds is intensifying due to higher interest rates and increased investment options available through digital platforms and influencers, leading to declining net inflows into savings accounts.

Funding Structure Evolution

The structure of funding has shifted significantly; while SBPE remains stable, other instruments like CRIs and LCIs are gaining traction with substantial growth noted (e.g., CRI operations grew from 184 billion to an estimated 257 billion).

Despite an annual decrease in loan disbursements, the overall stock of mortgage-backed credit continues to rise due to improved execution processes within lending platforms. This indicates resilience amidst challenges faced by judicial systems regarding execution processes.

Growth of Real Estate Credit in Brazil

Overview of Credit Growth Expectations

The volume of real estate-backed credit is increasing, with expectations for a 16% growth in total credit by 2026, as reported by ABCIP (Brazilian Association of Loans and Savings).

A specific forecast indicates a 15% growth for SBPE (Sistema Brasileiro de Poupança e Empréstimo), driven primarily by the release of compulsory reserves and increased availability of FGTS resources.

Transition to New Credit Models

A new credit model has emerged, discussed among associations and government entities, aiming to reduce dependency on traditional funding sources.

There is a ceiling for SFH (Sistema Financeiro da Habitação), allowing more resources to transition from SFH to SFI (Sistema Financeiro Imobiliário), which could lead to lower interest rates over time.

Role of Real Estate Investment Funds

Real estate investment funds are significant players in the capital market, engaging in operations related to incorporation and land development while creating innovative financial products.

Despite representing only about 3.5% of Brazil's total investment fund volume, these funds have seen substantial growth due to increased retail investor participation seeking passive income.

Market Dynamics and Challenges

The rise in retail investors has been fueled by education and the expansion of brokerage firms, leading many to explore real estate funds as an alternative investment strategy.

The year faced challenges for fund capital raising due to high fixed-income interest rates; however, creative strategies allowed the market to grow despite these pressures.

Innovations in Fund Structures

The market adapted through innovative structures like subordinated classes within funds, enabling continued growth even when asset prices were under pressure.

By mid-year 2025 data showed that SBPE and FGTS were growing slightly while capital markets gained relevance as funding sources for real estate.

Emergence of Crowdfunding in Real Estate

Growth and Regulation

Crowdfunding has gained traction with regulatory support from CVM 88, increasing operational limits from R$5 million to R$15 million.

Cost Considerations

While crowdfunding offers rapid access to capital, it often comes at higher costs due to competition with high fixed-income returns; investors seek premiums over traditional options.

Summary Insights on Funding Types

An overview highlights various funding types available today: SBPF resources are becoming increasingly relevant alongside traditional methods like FGTS.

Market Dynamics and Financing Structures in Real Estate

Overview of CRI Operations

The discussion begins with the mention of CRI (Certificado de Recebíveis Imobiliários) operations, which emerged to address issues faced by land developers who previously lacked structured financing options.

These operations are crucial for long-term cash flow management, as many developers struggle with short-term financing that does not align with their longer receivable periods.

Structural Challenges in Financing

Developers often face structural problems when financing projects; they may secure loans for shorter terms than their actual cash flow cycles, leading to inefficiencies.

The need for tailored financial solutions is emphasized, suggesting that simply addressing symptoms without tackling underlying issues will not suffice.

Evolution of Funding Sources

The role of equity from real estate investment funds is highlighted, noting its increasing presence in various regions beyond traditional markets like São Paulo.

Investment funds typically require a more complex structure to engage in equity investments due to the nature of retail investors seeking dividends rather than capital appreciation.

Dividend Distribution and Fund Structures

Real estate investment funds must distribute 95% of their cash results to maintain investor interest, complicating equity investments within publicly listed vehicles.

Alternative funding structures are emerging as competition increases; these include fixed-term funds designed specifically for equity participation.

Innovative Financing Alternatives

Crowdfunding has gained traction as a less bureaucratic option for smaller projects but comes with higher costs due to elevated capital raising expenses.

Traditional SCP (Sociedade em Conta de Participação) models allow investors to participate directly in project equity or purchase properties at cost price.

Structuring Investments: Key Steps

A four-step framework is proposed for structuring investments: acquiring land through various means (capital contributions or credit), engaging initial investors, and securing bridge financing during construction phases.

The importance of understanding Basel regulations affecting banks' lending capabilities versus the flexibility available to developers is discussed.

Investment Strategies in Real Estate Financing

Understanding Investor Partnerships and Credit Structures

The discussion begins with the importance of involving an investor partner for SCP (Special Purpose Company) or utilizing bridge financing, emphasizing the need for a solid backing in real estate investments.

The concept of Loan-to-Value (LTV) is introduced, highlighting its significance in assessing debt against collateral. An example illustrates that a $1 million debt with $700,000 collateral results in a 70% LTV.

A cautionary note is made regarding highly leveraged projects; if they lack sufficient guarantees, they may not proceed due to risk concerns from investors.

The speaker warns about investment strategies that promise zero funds upfront, stressing the necessity of having some capital commitment to ensure successful credit operations.

Various alternatives for equity and debt structures are discussed, including crowdfunding and private investors entering at different project phases to support execution and production plans.

Cash Flow Management and Receivables

The process of managing cash flow through receivables is explained. Anticipating future cash flows can help finance subsequent projects while maintaining necessary collateral against defaults.

Operations like prosoluto are mentioned as ways to leverage receivables. This involves using a portion of monthly receivables as collateral while ensuring there’s a buffer for potential defaults.

Different financial instruments such as home equity loans and corporate bonds are highlighted as options for stock turnover financing based on project phase requirements.

Structuring Real Estate Investment Operations

A real-world example of structuring a CRI (Real Estate Receivable Certificate) operation is presented, detailing how risks can be distributed among various investors based on their desired levels of security.

The structure includes issuing up to $45 million in tranches with varying risk profiles tailored to investor preferences regarding returns and guarantees.

Monthly remuneration structures are discussed alongside extraordinary amortization processes linked to project cash flows, illustrating how operational efficiency impacts financial outcomes over time.

Pricing Mechanisms in Investment Funds

An explanation follows on pricing mechanisms within investment operations by comparing them against government securities like NTNB (National Treasury Notes), focusing on yield expectations relative to inflation rates.

Fund management costs are factored into expected returns when evaluating investment opportunities. Investors should consider these costs when determining potential gains compared to direct government securities purchases.

This structured overview captures key insights from the transcript while providing timestamps for easy reference back to specific discussions.

Understanding Operation Ratings and Risks

Key Factors Defining Operation Rates

The operation's rating, risk factors, credit indicators, liquidity metrics, and collateral volume all contribute to determining the operation's interest rate.

For instance, achieving rates of 12% plus inflation or higher is contingent upon the risks assessed during the rating process.

Structure of the Operation

The entrepreneur had nearly sold out their project but retained a 5% stock; receivables from this were assigned to a securitizer.

Receivables represent credit rights from sold properties and are documented in a CCI (Cédula de Crédito Imobiliário). These can be acquired by financial vehicles like FIDCs (Fundos de Investimento em Direitos Creditórios).

Role of Securitizers in Real Estate Financing

Certification Process

Securitizers play a crucial role in certifying that sold properties exist and verifying the approval processes involved. This adds an extra layer of security and governance to transactions.

They convert CCIs into CRIs (Certificados de Recebíveis Imobiliários), which investors purchase to fund projects. Payments may occur as lump sums or in tranches based on project needs.

Payment Structures

Funds received through CRIs cover structuring costs (typically 3%-5% of total value) and establish reserves for ongoing projects while ensuring timely payments to entrepreneurs as work progresses.

As sales receivables accumulate, they funnel into a central account that manages operational expenses, interest payments on CRIs, and amortizations. This structured flow ensures financial stability throughout the project's lifecycle.

Operational Considerations in Project Finance

Timeline for Operations

Anticipating timelines is critical; typical diligence periods range from 90 to 120 days rather than shorter promises often made by stakeholders. Early engagement with operations is advisable for better outcomes.

Managing Risks During Execution

It’s essential to model operations with some buffer time before projected completion dates to accommodate potential issues like unit resales due to contract cancellations (distratos). This proactive approach helps manage unforeseen challenges effectively.

Overview of Funding Dynamics in Real Estate

Centralized Operations and Monthly Monitoring

Rodrigo discusses the importance of a centralized account for operations, where receivables and investor contributions are collected.

Resources are released monthly to entrepreneurs based on monitoring activities, including document submissions and project reports.

Strategic Understanding of Funding

The discussion emphasizes the need for real estate entrepreneurs to prepare strategically for accessing capital, especially with expectations set for 2026.

Entrepreneurs often approach funding from the wrong angle by focusing on instruments like tokenization or CRIs without understanding their strategic implications.

Complexity and Importance of Funding Decisions

Funding is described as a strategic decision that requires careful consideration; neglecting it can jeopardize business margins.

Entrepreneurs should not delegate funding responsibilities blindly but rather understand its complexities to avoid costly mistakes.

Practical Learning Initiatives

A bootcamp initiative was introduced last year aimed at providing practical knowledge about funding in real estate, emphasizing real-world experiences.

The program focuses on understanding capital structure rather than merely raising funds, highlighting the importance of project comprehension.

Methodology for Effective Capital Raising

The "method captar" begins with mastering project details; clarity on what a project can deliver is crucial for attracting investors.

Understanding market positioning (high-grade vs. high-risk projects) helps define which investors to approach effectively.

Bootcamp Structure and Expert Involvement

The upcoming Bootcamp Terracota will consist of four live online classes followed by an immersion experience in São Paulo focused on investment opportunities.

Participants will engage directly with experts who have extensive experience in structuring deals and navigating the funding landscape.

Real Estate Funding Strategies

Importance of a Clear Real Estate Plan

Emphasizes the need for clarity in real estate plans, particularly regarding the ideal capital stack tailored to specific needs.

Highlights the importance of narrative clarity when communicating funding strategies to entrepreneurs and real estate professionals.

Special Offer for Participants

Announces a discount coupon available exclusively for attendees who stayed until the end of the session with Rodrigo.

Mentions that further information and materials will be provided following the session, with a QR code available for access.

Call to Action: Moving Beyond Theory

Encourages participants not to remain passive but to take action and prepare for an increasingly sophisticated market.

Stresses that easy capital is no longer available, urging attendees to focus on developing competitive business practices.

Contact Information and Support

Rodrigo provides contact details for RPAR through their website, facilitating connections for those interested in advancing their capital strategies.

Offers direct contact information (DDD 62 99675 9756), inviting inquiries related to various types of operations beyond just incorporation and lot development.

The Value of Networking and Education

Acknowledges the importance of connecting with knowledgeable individuals in the industry as a means of mutual growth and learning.

Expresses gratitude towards Rodrigo for his insights, reinforcing the value of educational initiatives within the sector.