CCI (Real Estate Credit Note)

The CCI (Cédula de Crédito Imobiliário) is the legal instrument representing mortgage loan debt in Brazil. When you sign a financing contract, the bank issues a CCI backed by the property’s fiduciary lien (alienação fiduciária). This note can then be assigned to investment funds or securitization companies, which in turn issue CRIs (Real Estate Receivable Certificates) traded on the market.

For the borrower, the existence of the CCI changes nothing in practice: you keep paying the originating bank. Its relevance shows up in loan portability — when you migrate your loan to another bank, the CCI is transferred along with the debt, and the new bank takes over as the creditor.