The executives channeling real estate credit in Mexico and the Andean region in 2026

Real estate credit in Latin America does not originate in a vacuum. Behind every mortgage line, every industrial development financing, and every cross-border transaction lies a network of executives whose decisions determine which projects move forward and which stall. In 2026, the capital ecosystem underpinning Mexican real estate and the Mexico-Colombia investment corridor depends on figures operating from commercial banking, applied macroeconomics, trade policy, and private development. Their names appear frequently at industry leadership forums — including events organized by GRI Institute — but they rarely receive the individualized analysis their influence warrants.

This article profiles four of those executives and explains how, from distinct positions, they shape the real estate development pipeline in the region.

Eduardo Osuna Osuna: the linchpin of mortgage and industrial credit at BBVA Mexico

Eduardo Osuna Osuna, CEO of BBVA Mexico, holds a central position in real estate credit origination in the country. BBVA Mexico is, by volume, the banking institution with the largest share of the Mexican mortgage market, and Osuna has led the lending strategy during a period marked by the expansion of nearshoring, demand for industrial warehouses in the Bajío and northern Mexico, and the reconfiguration of bridge financing for residential development.

Osuna's relevance extends beyond operational management. His reading of the credit cycle — when to accelerate lending, when to tighten origination criteria — directly affects the speed at which developers can execute their projects. In an environment where the Bank of Mexico's benchmark interest rates have gone through an adjustment cycle, BBVA Mexico's pricing policy for mortgage loans and development financing becomes a barometer of institutional appetite for real estate risk.

From the sector's perspective, Eduardo Osuna represents the intersection of large-scale banking and productive real estate. His recurring participation in high-level real estate forums — including GRI Institute community events — positions him as a key interlocutor between bank capital and developers seeking structured financing.

What role does Munir Jalil play in the macroeconomic analysis guiding cross-border real estate investment?

Munir Jalil is the Chief Economist for the Andean region at BTG Pactual, and his influence on Latin American real estate operates through a different channel than that of a commercial banker: the generation of macroeconomic intelligence that guides capital allocation decisions.

Jalil regularly analyzes exchange rate dynamics, inflation, interest rates, and foreign direct investment flows in Colombia, Peru, and Chile — three markets that, together with Mexico, form the most active real estate investment corridor in Latin America. His reports and presentations serve as references for fund managers, family offices, and developers evaluating the viability of cross-border projects.

For the real estate ecosystem, Munir Jalil's relevance lies in his ability to translate complex macroeconomic variables into actionable signals for the sector. When Jalil identifies a window of currency appreciation in Colombia or anticipates a monetary easing cycle in the Andean region, real estate operators adjust their financial models, hedging structures, and investment timelines.

High-quality macroeconomic intelligence is a critical input for cross-border real estate decision-making. Without analysts like Jalil, the flow of capital between Mexico and the Andean region would operate with greater opacity and a higher risk of mispricing.

How does Luis Rosendo Gutiérrez Romano's trade policy impact industrial real estate development?

Luis Rosendo Gutiérrez Romano holds Mexico's Undersecretary of Foreign Trade position, making him a key player in the nearshoring phenomenon that has reshaped the map of Mexican industrial real estate. His role in administering the USMCA (United States-Mexico-Canada Agreement) and in negotiating market access conditions has direct implications for demand for industrial warehouses, logistics centers, and manufacturing parks.

Nearshoring is not merely a supply chain relocation phenomenon; it is, above all, a catalyst for real estate demand. Every company that decides to establish operations in Mexico requires physical space, and the speed at which that space is developed depends largely on the regulatory and trade certainty that officials like Gutiérrez Romano help generate.

The stability of Mexico's trade framework under the USMCA is a necessary condition for the industrial development pipeline to maintain its pace of execution. Without that certainty, pre-lease commitments and construction financing slow down.

From the perspective of real estate credit, Gutiérrez Romano's work in foreign trade creates the demand conditions that justify originating financing for industrial development. Banks like BBVA Mexico assess the strength of industrial space demand before approving bridge loans, and that strength is directly linked to the continuity of foreign investment flows facilitated by the USMCA framework.

Roberto Moreno Mejía: Colombian real estate development with a regional vision

Roberto Moreno Mejía, president of Amarilo, one of Colombia's most prominent residential developers, represents the private development link in the Latin American real estate capital ecosystem. Amarilo has built a strong track record in the affordable and middle-income housing segment in Colombia, and Moreno Mejía has led the expansion of the model into new markets and segments.

The connection between Moreno Mejía and the Mexican ecosystem is not immediate, but it is strategic. The Mexico-Colombia investment corridor has intensified in recent years, with developers, funds, and operators from both countries exploring reciprocal opportunities. At GRI Institute community events for Latin America, executives from both markets have shared perspectives on development financing, urban planning regulation, and go-to-market strategies.

Moreno Mejía embodies a development leadership model that prioritizes scale with operational efficiency — an approach that is particularly relevant for Mexico's housing market, where the gap between housing demand and formal supply remains a structural challenge.

The broader Latin American real estate credit ecosystem

Real estate credit origination does not depend solely on bankers. It depends on an ecosystem where macroeconomic intelligence guides capital, trade policy generates demand, developers execute projects, and banks finance the complete cycle. Eduardo Osuna, Munir Jalil, Luis Rosendo Gutiérrez Romano, and Roberto Moreno Mejía operate at distinct nodes of that ecosystem, but their decisions feed into one another.

When Jalil identifies favorable conditions for investment in the Andean region, cross-border funds activate mandates. When Gutiérrez Romano ensures the continuity of the USMCA trade framework, demand for industrial space materializes. When Moreno Mejía scales housing projects in Colombia, he demonstrates replicable models for other markets. And when Osuna approves credit lines from BBVA Mexico, bank capital flows into development.

Latin American real estate in 2026 is shaped at the intersection of these four vectors: banking, macroeconomics, trade policy, and development. Understanding who the executives operating along each of those vectors are — and how their decisions interact — is essential for navigating the market with depth.

The context that unites these leaders

The leadership community that participates in GRI Institute events has repeatedly noted that real estate financing in Latin America faces a moment of growing complexity. The diversification of capital sources — from commercial banking to private debt funds, including REITs and co-investment vehicles — requires decision-makers to understand not only their own segment but the complete ecosystem.

The profiles of Osuna, Jalil, Gutiérrez Romano, and Moreno Mejía illustrate that complexity. None of them operates in isolation. Their trajectories converge in a market where real estate credit, cross-border investment, and the development of real assets require coordination across multiple disciplines and jurisdictions.

For industry leaders seeking to understand how capital is channeled into real estate in Mexico and the Andean region, these four names are indispensable reference points — not only because of their positions, but because of the concrete influence they exert over the flow of resources into industrial, residential, and mixed-use development projects in the region.