Real estate credit alternatives: CRIs, real estate funds and more
The real estate market in Brazil has always been one of the drivers of the economy, but access to credit remains a challenge for many families and investors.
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Amid fluctuating interest rates and strict banking requirements, new real estate credit alternatives that go beyond traditional financing.
Products such as Real Estate Receivables Certificates (CRIs), paper real estate funds, and even structured transactions between companies are gaining ground.
More than just diversification, these instruments represent new ways of raising funds, investing, and protecting assets in a scenario of constant economic change.
To understand why they're on the rise, we need to analyze not only the concepts, but also the practical impacts, real-life cases, and the perspective of experts who closely monitor this market.
Summary
- What has changed in access to real estate credit in Brazil
- CRIs: how they work and why they attract investors
- Paper real estate funds: collective access to credit
- Structured operations: securitization and anticipation of receivables
- The role of fintechs and open finance in the real estate market
- Risks and precautions before choosing an alternative
- Comparison: bank financing vs. new alternatives
- Conclusion
- Frequently asked questions
What has changed in access to real estate credit in Brazil
Over the past ten years, the average cost of housing finance in the country has varied significantly.
According to data from the Central Bank (2024), rates reached over 12% per year in 2022, before falling with the fall in the Selic rate in 2024.
This volatility has led investors and developers to seek real estate credit alternatives that do not depend solely on traditional banking lines.
Furthermore, the digitalization of the sector, the regulation of funds, and the entry of fintechs have expanded the available options.
Today, both large construction companies and small investors can access instruments such as CRIs and real estate funds in a more transparent manner, something unthinkable two decades ago.
CRIs: how they work and why they attract investors
Real Estate Receivables Certificates (CRIs) are fixed-income securities backed by real estate credits, such as installments of financing or rent for large projects.
In practice, a securitization company transforms these receivables into securities traded on the market.
The attraction lies in two points: exemption from Income Tax for individuals and profitability linked to indexes such as IPCA or CDI.
In 2024, for example, Anbima reports showed that CRIs linked to the logistics sector yielded, on average, 7.5% above inflation — a performance superior to that of many traditional funds.
An emblematic case was the issuance of CRIs by a large shopping mall chain in São Paulo, which raised R$1,400 million in 2023.
This operation not only financed structural reforms, but also attracted mid-sized investors seeking protection against inflation.
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Paper real estate funds: collective access to credit
If CRIs are individual instruments, the paper real estate funds (CRI FIIs) democratize access.
By purchasing shares, investors participate in a portfolio comprised of several CRIs and LCIs (Real Estate Credit Notes). This reduces risk and facilitates entry for those who don't have millions to invest.
According to B3, the net worth of CRI funds exceeded R$120 billion in 2024, representing more than R$40 billion of the FIIs market.
One of the growth factors was the search for tax-free monthly income, something that attracts everyone from retirees to young investors.
One example is the KNCR11 fund, one of the most traded on the stock exchange. It invests in CDI-linked securities and has become a benchmark for those seeking stability.
This model shows that paper funds are not just speculation, but a consistent financing alternative for the real estate sector.
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Structured operations: securitization and anticipation of receivables
In addition to CRIs and FIIs, companies resort to structured operations, such as the anticipation of receivables from future real estate sales.
Developers can convert installments of sold apartments into immediate cash flow, ensuring liquidity for new projects.
This type of structure was essential for medium-sized construction companies to survive the period of more expensive credit between 2021 and 2022.
A study of Getúlio Vargas Foundation (FGV) showed that 37% of companies in the sector resorted to partial securitization to maintain the pace of deliveries during the period.
These operations, despite being complex, represent a fertile field for institutional investors seeking diversification.
The risk is greater than that of a government bond, but the profitability matches the boldness.
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The role of fintechs and open finance in the real estate market
Over the past three years, Brazilian fintechs have been gaining ground in this ecosystem.
Digital credit platforms have begun offering direct financing for property purchases, with personalized rates based on open finance data.
This movement reduces bureaucracy and opens space for customer profiles that were previously rejected by banks.
In 2025, Credihome and other startups reported growth of 60% in credit origination via digital platforms.
Furthermore, some fintechs are already creating CRI and FII marketplaces, allowing individual investors to build personalized portfolios without relying on large brokerages.
This brings real estate credit closer to the logic of financial e-commerce.
Risks and precautions before choosing an alternative
Although the real estate credit alternatives bring opportunities, it is essential to assess risks. CRIs, for example, may suffer defaults if the original debtors fail to honor payments.
Paper real estate funds, although diversified, remain subject to fluctuations in the interest rate market.
Experts recommend observing three points: quality of the collateral, concentration index, and the track record of the securitization company or fund manager.
Investing without this analysis is like buying a property without looking at the plans — the risks are invisible until they appear.
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Comparison: bank financing vs. new alternatives
For easier visualization, see the table below:
| Feature | Bank Financing | CRIs | CRI Funds | Structured Operations |
|---|---|---|---|---|
| Target audience | End consumer | Qualified investor | Investor in general | Companies and institutional investors |
| Profitability | Not applicable | IPCA/CDI + premium | Variable monthly income | Negotiated on a case-by-case basis |
| Risk | Low (for buyer) | Average | Average | High |
| Liquidity | Low (long term) | Average | High (B3) | Low |
| Taxation | IR on capital gains | Exempt Individuals | Exempt Individuals | It varies |
This comparison shows that there is no single solution: the choice depends on the profile of the investor or company seeking credit.
Conclusion
To the real estate credit alternatives are not just a fad, but a reflection of the financial transformation that Brazil is going through.
CRIs, real estate funds, and structured transactions offer new ways to invest and raise funds, reducing dependence on traditional bank credit.
At the same time, it's crucial to understand risks and adopt a strategic vision. For investors, these instruments can be allies in protecting against inflation and diversifying portfolios.
For companies, they represent the breath of fresh air to grow even in high interest rate scenarios.
The future of real estate credit in Brazil points to a hybrid model, in which banks, fintechs, and the capital market work side by side.
The advantage lies with those who know how to navigate with information and caution.
Frequently Asked Questions
1. Are CRIs safe?
They are regulated by the CVM and offer guarantees, but they still involve credit risk for the issuer. Analyzing the quality of the collateral is essential.
2. Can anyone invest in CRIs?
Not always. Many CRIs are intended for qualified investors, but CRI funds allow broader access.
3. Do Fintechs really offer lower fees?
It depends on the client's profile and the risk assessed by open finance. In some cases, rates can be up to 20% lower than those charged by traditional banks.
4. What is the main advantage of paper real estate funds?
They offer tax-free monthly income and diversification across multiple securities, reducing concentrated risk.
5. Is it worth replacing bank financing with these alternatives?
It's not about replacing, but complementing. Financing is still essential for the end buyer, while alternatives serve investors and businesses.
