According to media reports, this series of funding is said to be noteworthy because of the valuation. QuintoAndar has one of the highest funding for any Latam company and it represents an increase of four times from when QuintoAndar raised a $250 million Series D in September 2019.

It’s also important to note that QuintoAndar is backed by Silicon Valley-based Ribbit Capital, which led its Series E funding and it also had participation from SoftBank’s Latam-focused Innovation Fund, LTS, Maverik, Alta Park, an undisclosed US-based asset manager fund that reportedly has over $2 trillion in AUM, Kaszek Ventures, Dragoneer, and Accel partner Kevin Efrusy.

The company is also backed by Coinbase, Robinhood, and CreditKarma. Since its inception, Ribbitcapital is known to focus on early-stage investments in the fintech space. The company’s investment in the Brazilian startup only goes to prove that they have complete faith in what the company is building.

Ribbit Capital Partner Nick Huber told the media, “Whether you are looking to buy or to rent, QuintoAndar can support customers through the entire transaction process: from browsing verified inventory to signing the final contracts. The ability to serve customers’ needs through each phase of life and to do so from start to finish is a unique capability, both in Brazil and around the world.”

As for their plans of expansion, the Brazilian startup presently offers more than 60,000 properties for sale across Sao Paulo, Rio de Janeiro, Belho Horizonte, and Porto Alegre. The company describes itself as a ‘distant market leader’ and its rental platform is live in 40 cities across Brazil. With the newly-raised capital, the company plans on expanding its market in Brazil and in Latin America as a whole.

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Three measures was taken by the central bank to support the economy by injecting hundreds of billions of reais.

It will allow banks that extend loans to small and medium size enterprises to reduce reserve requirements, lower banks’ requirements for contingent liabilities provisions and allow firms to use real estate as collateral for new loans, media reports said/

It is reported that the three measures could individually free up to $10.8 billion, 127 billion reais and 60 billion reais. Residential property prices in Brazil increased in May, a month after social isolation was introduced as a measure to curb the spread of Covid-19.

According to FipeZap index, there was a 0.20 percent increase in April. During the period between January and April, property prices collectively reached a nominal high of 0.69 percent, media reports said.

More recently, Sergio Bermudes Advogados has helped Brazilian real estate company João Fortes Engenharia get approval to restructure 1.3 billion Brazilian reais of debt. João Fortes Engenharia sought approval from Rio de Janeiro’s Court of Justice, media reports said.

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It is reported that the company has more than $3 billion in loan closings. The company is known for its profound knowledge and expertise in the real estate market, with a strong presence in the US. In fact, it closed a $1.5 million loan to a healthcare facility in Detroit at a time when Covid-19 became widespread. 

The country’s real estate market is well developed and has an organised property registration system. Under the Brazilian law, any foreign citizen is allowed to urban property in the country.

Kevin Wolfer, CEO and president, Kennedy Funding, said in a statement, “It’s virtually unheard of to close a land loan abroad, let alone one in a region as complicated and fragile as Brazil. It may have appeared on paper that we had all factors working against us, but thanks to our experience in South America’s real estate market, we were able to close and get the borrower the funding necessary to start construction. Conventional lenders only look at liquid assets when making a loan, but we look beyond the current value of the land. We can review the borrower’s plans and follow a property’s trajectory from raw land to a fully built and successful development.”

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