Metrofinanciera gets US$56.4mn in credit from SHF

Tuesday, March 8, 2011

Mexican non-bank mortgage and construction lender Metrofinanciera announced that it had received a credit line worth 677mn pesos (US$56.4mn) from federal mortgage corporation SHF.

According to a release from the company through Mexican stock exchange BMV, the line of credit allows it to start granting housing construction loans once more.

Metrofinanciera was one of the early casualties of the financial crisis. The company went bankrupt after revelations of fraud by top management.

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It restructured and emerged from bankruptcy, but has been struggling along with the rest of the sector to find sources of financing.