SERSA S.A.E.C.A.

What it is

SERSA is a Paraguayan credit house, founded by professionals with academic backgrounds and more than two decades of market experience, whose core business is making mortgage loans secured by real estate.

This focus lets it lend amounts above the market average, offering flexible, personalised financial services to a specific customer segment — typically property owners who need liquidity but do not fit a bank’s standard income-verification mould.

The company describes itself as primarily providing mortgage-credit services on its own account — meaning it originates loans with its own capital rather than distributing third-party products, which keeps both the risk and the return in-house.

Who owns it

In 2023 the firm converted from a private company into a Sociedad Anónima Emisora de Capital Abierto (SAECA) — the listed open-capital structure Paraguay uses — opening the door to raise funds through the securities market.

For its funding, SERSA maintains a pool of local and foreign investors, including German and Austrian investors, complementing financing drawn primarily from its own capital. Not published: the exact ownership split of ordinary (voting) shares and the names of ultimate controlling shareholders were not disclosed in the BVA listing, BCP/SIV filings, or any company corporate-governance page reviewed for this profile.

Who runs it

Fernando Taboada is president of SERSA, and Guillermo Taboada serves as vice-president — the Taboada family name appearing at both the top executive and board level signals a founder-family-led structure typical of Paraguay’s private-credit sector.

Not published: the CFO and full board composition were not identified in the BVA issuer page, the BCP securities-regulator filings, or any company governance disclosure reviewed; Resolución SV.SG. N.º 0022/2024 requires periodic reporting that would include board details, but those filings were not publicly indexed at the time of writing.

The money, in plain words

The most concrete number on the table is the August 2024 preferred-share issue: 25,000 shares at Gs. 1,000,000 each — a total raise of Gs.

25 billion (approximately US$4.1 million at the current rate of Gs. 6,061 per dollar) — carrying a guaranteed annual return of 14%, paid quarterly.

That 14% fixed yield, locked in for nine years, is the rate a lender must offer to attract Paraguayan capital market money — it implicitly anchors what SERSA must earn on its mortgage book to remain profitable after funding costs. The company holds an A+ stable credit rating from local agency Solventa & Riskmétrica — the second-highest investment-grade tier in Paraguay’s rating scale, suggesting the rater sees a low but not negligible risk of default.

Not published: annual revenue, net profit, total assets, loan-book size, net interest margin, and return on equity are not available from BVA balance filings, the BCP/SIV issuer registry, or the company’s own investor-relations pages as at July 2025. Paraguay’s Ley N.º 1.034/83 and Resolución SV.SG.

N.º 0022/2024 require SAECA issuers to file audited annual financial statements and quarterly periodic information with the securities regulator; SERSA’s first full annual report as a SAECA (covering 2023 or 2024) was not publicly indexed at the time this profile was researched.

What it is doing now

The most recent material move was the August 2024 placement of Sub-Class “E” preferred shares on the Bolsa de Valores de Asunción — 25,000 non-voting shares at a fixed 14% annual dividend, paying quarterly for nine years.

Management reported that a large part of the issue was already acquired by funds and expert investors at the time of placement — a meaningful signal that institutional buyers, not just retail savers, are willing to put money in at those terms. This 2023 conversion to SAECA status was explicitly framed as a way to access market capital to fund the expansion of the lending book.

What to watch

• First published financials. SERSA is a fresh entrant to Paraguay’s capital market; when it files audited annual accounts (required under Resolución SV.SG. N.º 0022/2024), investors will see for the first time its loan-book size, default rate, net interest margin, and whether the business can actually earn more than the 14% it promises preferred shareholders.
• Credit quality under stress. The company’s conservative profile rests on a growing loan portfolio backed by real-estate collateral. Paraguay’s property market has been rising; a price correction would test how much cushion those mortgages really provide.
• Further capital raises. Having tapped the market once with preferred shares, the logical next step — if growth demands it — is bonded debt or additional share classes; watch the BVA and BCP/SIV notice boards for new prospectuses.
• Ownership transparency. SERSA’s funding base already includes foreign (German and Austrian) investors. Regulatory pressure across Latin America to disclose ultimate beneficial owners is intensifying; any formal ownership filing at the BVA or CNV would materially clarify the governance picture.
• Taboada succession risk. With a president and vice-president sharing the same family name and no disclosed independent board, key-person concentration is the clearest governance gap for outside investors to monitor.

This is news, not investment advice.