For developers, FIIs and real-estate funds

Tokenize your BTR.
Two frameworks.

Give your illiquid real-estate assets a secondary market on-chain. Two audited frameworks, both live on Base, both composable with DeFi: Hybrid pays investors CDI-proxy yield during construction and rent after habite-se; Pure Equity keeps the SPE clean of pre-operational cash obligations and puts sale decisions on-chain.

Do incorporador ao cotista — a mesma rail, em dois formatos.

Compare frameworks Partner with us
Live BTR Pools
Three pools, one framework family
Each pool tokenizes a specific Brazilian real-estate asset, all settled on Base, all paying monthly BRLE. Pick a pool to allocate, or compare frameworks below.
Hybrid · Reg S Cat 3
Pool #1 · Live on Base
Open for allocation
SALRIO
Porto Maravilha · Rio
NAVR$ 1.86M
Backing5 studios
Target IRR (10y)~21% a.a.
OperatorLobie
View SALRIO pool →
Hybrid · Reg S Cat 3
Pool #2 · Coming
Coming May 2026
FIRST
Humaitá · Rio
NAVR$ 680k
Backing1 studio
Target IRR (10y)~22% a.a.
OperatorLobie
View FIRST pool →
Hybrid · Reg S Cat 3
Pool #3 · Coming
Coming Nov 2026
LATITUDE
Centro · Rio
NAVR$ 4.05M
Backing1 floor · 6 studios
Target IRR (10y)~21% a.a.
OperatorLobie
View LATITUDE pool →
Debt + Equity Framework
Hybrid
Yield from day one · Operator-led exit

Designed for projects where investors expect cashflow early. The SPE parks IPO proceeds in BRLE-linked yield during construction and distributes CDI-proxy monthly; after habite-se, distributions transition to real rental cashflow — same contract, phase-tagged on-chain.

  • Yield from day one via CDI proxy (~14.4% a.a.) while construction completes.
  • Monthly BRLE distributions using Batog 2018 scalable-reward math.
  • Composable on Uniswap V3 and Morpho Blue (62.5% LLTV).
  • Backed by audited Lobie Unit NFTs representing specific rental assets.
  • Sale decision sits with the operator multisig.
CDI proxy during construction · Reg S Cat 3
Hybrid framework →
Pure Equity Framework
Pure Equity
Rent post-habite-se · Holder-voted exit

Designed for projects that want a clean equity label from the outset. No cash obligation on the SPE during construction; rent distributes pro-rata once operational; sale of the underlying requires an on-chain 2/3 supermajority vote with an irreversibly-locked Governor role.

  • No construction-phase earnings — unambiguous equity exposure.
  • Rent distributed pro-rata via snapshot epochs (ERC-20 Votes historical balance — no Batog).
  • 2/3 on-chain supermajority required to sell. Timelock-gated.
  • Governor role is irreversibly locked post-deploy — even the admin Safe can't bypass the vote.
  • Terminal claim-and-burn: tokens exchange for sale proceeds at a frozen pro-rata rate.
No construction yield on SPE · Reg S Cat 3
Pure Equity framework →
Side-by-side
How the variants differ
Both settle on Base, both pay in BRLE, both are Reg S Cat 3 offerings. The difference is what happens during construction and who decides when to sell. Pick the one that matches your investor profile.
Dimension
Hybrid (SALRIO)
Pure Equity (HBTRE1)
Yield during construction
CDI proxy (~14.4% a.a.) via sBRLE
None — tokens are dormant until OPERATIONAL
Yield after habite-se
Rent pro-rata per token holder
Rent pro-rata per token holder
Sale governance
Operator Safe (2-of-3 multisig)
2/3 on-chain vote · Timelock · irrevocable lock
Regulatory framing
Quasi-debt early, equity late — Reg S Cat 3
Pure equity throughout — Reg S Cat 3
DeFi composability
Uniswap V3 · Morpho Blue (62.5% LLTV)
Uniswap compatible · Morpho market TBD
Live example pool
SALRIO → /salrio/
HBTRE1 (addresses on detail page)
Best fit
Projects where investors expect cashflow early; operator retains exit control.
Projects that want a clean equity label; holders retain exit control.
The Shared Thesis
Brazilian real estate credit, meet DeFi rates
Both variants solve the same underlying problem: Brazilian property-collateralized credit costs 15-20% a.a. domestically. On-chain, the same cashflows can be collateralized at ~6% a.a. because liquidity comes from global USDC suppliers, not Brazilian banks. The variants just differ in how ownership is structured.
Traditional BR Mortgage
~18%
a.a. in BRL, 5-30 year terms, heavy documentation, property lien, IOF tax layer. Pre-habite-se financing doubly restricted.
Morpho Blue on BTR (either variant)
~6%
a.a. in USDC, up to 62.5% LTV, no lockup, instant, Morpho Adaptive IRM. Global USDC supply, Brazilian-asset demand — regardless of which variant you hold.
Why two variants
One asset class, two investor profiles
Build-to-Rent in Brazil is a large, illiquid asset class. Tokenizing it creates composable exposure — but different LPs want different risk / governance profiles. We ship both.
01
Debt-curious holders
LPs who want cashflow early pick Hybrid. The CDI proxy during construction makes the token behave like high-yield debt until habite-se, then transitions smoothly to equity. Same ISIN, same custody, no reallocation.
02
Pure-equity holders
LPs who want unambiguous equity pick Pure Equity. No construction-phase yield obligation on the SPE, no fixed-income framing risk — and holders retain full control over exit timing via on-chain supermajority.
03
Compliance teams
Having both variants lets compliance match the legal framing of the offering to the LP base. Institutional capital often needs the cleaner equity label; retail can take either, depending on distribution.

Ready to tokenize?

Pick the framework that matches your offering. Launch your pool on the same rails as our live example, SALRIO.

Hybrid framework Pure Equity framework Talk to us