45578 - DCM HIR Casa ABL

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Summary of Investment Information

Project Number

45578

Company Name

BIENES PROGRAMADOS, S.A. DE C.V.

Date SPI Disclosed

May 20, 2022

Country

Mexico

Region

Latin America and the Caribbean

Projected Board Date

Jun 27, 2022

Environmental Category

FI-3 - No Impact

Status

Active

Last Updated Date

Dec 9, 2023

Department

Regional Industry FIG LAC & EUR

Industry

Financial Markets

Previous Events

Approved : May 1, 2023
Signed : Sep 20, 2023
Invested : Dec 7, 2023

Sector

Commercial Banking - Housing Finance

Project Description

The proposed project consists of a senior-secured loan of up to MXN 1,000 million (equivalent to approximately US$50 million) to a Special Purpose Vehicle (The Trust). The Trust will acquire and hold assets originated by Bienes Programados S.A. de C.V. (HIR Casa or the Company) which meet certain eligibility criteria. IFC will act as the primary beneficiary of the Trust. The assets to be held in the Trust will be mortgage loans exclusively for residential purpose, and it is expected that a minimum of 50% of the mortgages be from women clients (the Project).

Associated Advisory Engagement

IFC will provide capacity building in the area of digital strategy development by delivering a digital assessment and recommendations which will help improve the Company’s digital transformation strategy.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	55.35
Equity

IFC's loan to the financial institution described in this SII is targeted for on-lending to the following sector(s):

Product Type	Use of Proceeds
Straight Senior Loan	Housing Loans to Individuals

IFC's Definitions of Targeted Sectors can be found here.

Development Impact

The most significant, anticipated Project-level impact is increased access to housing to middle-income households in Mexico. Beyond the Project, IFC anticipates that the investment will contribute to promoting inclusiveness via a focus on women head of households, which are financially underserved and have a lower access to housing finance in the country. The Project is expected to enhance the warehousing capabilities of HIR Casa and help them to continue issuing securitizations in the Mexican capital market.

Through the Project, IFC will provide financial additionality in the form of structured financing based on mortgage assets and non-financial additionality in the form of knowledge, innovation and capacity building. IFC's financing structure additionality is based on a eight-year senior loan, matched to the life cycle of the financed assets and on a non-recourse basis. IFC's non-financial additionality is based on the delivery of a digital assessment and recommendations which will help the company identify priority areas to focus on its digital transformation strategy.

E&S Category Rationale / Risks and Mitigation

The Project consists of a senior secured loan of up to MXN1,000 million (approximately US$59 million) to a Trust serviced by HIR Casa and has been classified as category FI-3 according to the IFC Sustainability Framework. The Trust will target mortgages loans to individuals only. As part of the Project, HIR Casa will be required to (i) enhance its human resources procedures to meet the labor standards under PS2; and (ii) inform IFC in the case of any change in the nature of its operation that may affect E&S risks of the supported portfolio.

Contacts

For Inquiries About the Project, Contact

HIR Casa
Daniel Gonzalez
Deputy CEO

dgonzalez@hircasa.com

https://www.hircasa.com/

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Telephone: 202-473-3800
Fax: 202-974-4384

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This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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