Juan Carlos Castro and Alberto Padilla de Briq. (Source:Expasión)
The world of real estate in Mexico is undergoing a radical transformation with the signing of the first 100% digital and remote trust management. This revolutionary operation is the result of a collaboration between briq.mx, the real estate crowdfunding platform, and Bramah Desarrollos, the company developing the Sanâh Tulum project. The digital signing of the trust was made possible thanks to the technological support from Weetrust and the openness in fiduciary processes by Banco Covalto.
“We are very proud to have led this project that sets a precedent, not only for briq but for the industry,” said Alberto Padilla Luengas, CEO of briq. The digitization of this legal process represents a significant advantage in time and costs, as it traditionally would have required the physical presence of notaries, trustees, and interested parties.
The trust was created for the collective funding and operation of Sanâh Tulum, a boutique hotel located in the idyllic Tulum. Almost 8 months after being published on the briq.mx platform, more than MX $33 million has been raised thanks to the participation of 1,232 investors. With this capital, 46.44% of the trust’s shares have been acquired.
Rodrigo Ascencio, Fiduciary Director of Covalto, highlighted the importance of this operation:
“This operation opens a range of possibilities for investment in the Proptech-Tourism market with a legal structure that provides high levels of security and certainty to participants.”
This milestone comes at a crucial time for the Proptech industry in Mexico, which in the last five years has seen the creation of 58% of the 112 firms currently operating in the country. Despite a drop in funding for 2022, which stood at USD $414 million, compared to the record USD $921 million the previous year, digitization continues to be a safe bet.
“The work dynamics we have consolidate our position as the only Tech-Oriented bank in the country,” added Ascencio of Covalto. With these kinds of advancements, companies like briq and Covalto are redefining the rules of the game, demonstrating the potential of digital technologies to transform entire industries.
This progress adds to the digitization of the sector that briq had already initiated when, in September of last year, they became one of the first companies in the country to sign a 100% digital mortgage.
With the implementation of these digital processes, the real estate and legal industries are making strong strides toward a new, more efficient, and digitized era
