Mexican Lender Clinches Credit

Crediamigo, a payroll discount lender specializing in loans to government employees, has signed a MXP731m loan secured by its credit portfolio. “This is almost a privately placed securitization, and the next step should be a public securitization,” CEO Bernardo Paasche tells LatinFinance. He notes that the lender will need more funds, as it expects 100% loan portfolio growth during 2011. The 3.5-year facility pays a spread over TIIE which Paasche declines to disclose. Deutsche Bank took a MXP620m senior portion of the deal, while US-Based Alsis Funds took a MXP110m subordinated piece which pays a higher spread over TIIE. There are no specific plans for a public ABS yet, Paasche says. As of September, the Sofom had a total loan portfolio of over MXP900m, with over 40,000 clients.