Fideicomiso Irrevocable F2061 FHipo (IFC-39740)

Countries
  • Mexico
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
FI
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Sep 29, 2017
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Fideicomiso Irrevocable F2061 FHipo
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 113.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 3, 2018

Disclosed by Bank Jul 28, 2017

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

From the IFC:

The proposed project consists of credit facility through a financing structure with Fideicomiso Hipotecario. With this financing, FHipo will continue to provide liquidity to mortgage loan originators in Mexico, allowing them to expand the amount of mortgages granted and thus benefiting a greater number of Mexican families.

FHipo is managed by Concentradora Hipotecaria S.A.P.I. de C.V.

IFC's support will enable FHipo to expand the scale of its investments, by increasing the amount of residential mortgage portfolios acquired by them. This in turn is expected to have a twofold impact:
i) Residential mortgages originators will be benefited by obtaining access to liquidity and funding diversification to increase their operations, and, consequently, increasing the number of families being able to get mortgage financing; and ii) Institutional investors will also benefit from the proposed Project, since it will contribute to a wider availability of impact investment opportunities in form of RMBS in the capital markets.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The proposed total IFC investment consists of an A Loan of up to MXN2,000 million (US$113 million), on IFC's own account.

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

FHipo, a publicly entity traded in the Mexican stock exchange, is the first real estate investment trust established to acquire, originate, co-participate, and manage mainly mortgage portfolios in Mexico.  Currently, it is the only investment vehicle that provides investors with exposure solely to the Mexican mortgage market and rewards them through a combination of dividend payments and capital gains.  FHipo is managed by Concentradora Hipotecaria S.A.P.I. de C.V., which has a management team that overall accounts with more than 50 years of experience in the finance and mortgage sector.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Concentradora Hipotecaria, as Advisor and Manager of Fideicomiso Irrevocable F/2061 FHipo
Daniel Braatz
CEO
+52 55 4744 1100
db@fhipo.com
Juan Salvador Agraz 65 9th Floor, Lomas de Santa Fe, Mexico City, 05300
www.fhipo.com

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

How it works

How it works