Brazilian homebuilder Cyrela Brazil Realty SA is looking to raise up to 150 million reais for a start-up known as CashMe, which will provide home equity loans to Brazilians, Reuters reported, citing Managing Director Juliano Bello.
The initiative is an attempt to tap into the country's booming property-backed loan market and part of a growing number of start-ups that engage in consumer lending, according to the report.
Bello told the news outlet that the home equity loans market is expected to grow to 100 billion reais annually within 10 years. He added that CashMe is aiming to approve such loans in as fast as two days.
As of June 6, US$1 was equivalent to 3.82 Brazilian reais.
