Homelend - mortgage crowdfunding platform
The problem with the acquisition of housing is quite acute in the modern world. To accumulate the necessary amount for the purchase takes quite a long time. And in this case, the accumulation is subject to the influence of a possible denomination. Many people do not want to wait and risk, and also pay for renting a house, and take a mortgage, which is currently the most expensive loan. After all, even despite the low rate, the term of mortgage loan payment is impressive and the overpayment in the form of interest is often equal to the amount of a loan itself. For banks, mortgages are the most profitable loans, taking into account the profits received and stable collateral in the form of a loaned real estate. But from the point of view of an individual, these are costly obligations, not for one decade. Homelend platform allows lenders and borrowers to interact directly, excluding bank.
Key features of Homelend
Homelend is a decentralized blockchain-based platform that allows mortgage lending to develop at a new level. On the platform, the seller of housing (whether it's a builder, or just an individual) interacts with a buyer. All transactions occur with the use of smart contracts under P2P scheme, which significantly reduces the amount of overpayment. The peer-to-peer model ensures that work safety is maintained and fully automated.
Benefits of Homelend
Homelend allows to significantly simplify the scheme of lending. Using the artificial intelligence project excludes paper red tape and shortens the loan processing time for a maximum of 20 days.
Applying for a mortgage is now easy and convenient - everything happens automatically. Artificial intelligence helps to choose the appropriate option in accordance with the specified parameters. Homelend filter is quite broad and is aimed at satisfying the most demanding user.
Homelend allows tracking the status of application online. There are online chat to communicate with creditors within the platform, which allows to quickly resolve any issues. Also, a 24/7 support service can be involved into solving problems.
The work is based on DLT technology, which allows creditors to safely invest their money. Calculations for Homelend are built with the use of smart contracts, which ensures high speed of transactions and reliable safety of money. All documents stored on the platform are protected by a cryptograph for protection from theft.
The business model of the project is based on deduction of the commission amount from each transaction, which is withheld from a creditor and a borrower in equal shares.
Homelend cryptocurrency
The main function of using cryptocurrency is to open access to Homelend project. Also HMD tokens are designed to organize a mobile and secure workflow. In March, the token pre-sale was successfully over. The date of the main crowdsale has not yet been appointed. The company has released a limited number of HMDs - 250 million units. Tokens are developed according to the ERC-20 standard, which allows paying for purchase with both fiat(dollars) and cryptocurrency (ETH, BTC). For one ETH, you can purchase 1,600 HMDs. The project’s softcap is $5 million, the hardcap is $30 million.
Summary
Thus, Homelend is developing an innovative solution, which provides investors with direct financing of mortgage loans thanks to blockchain technology. This type of loan is considered to be a reliable type of investment with high profitability. A buyer, in turn, will be able to save a significant amount on payment to intermediary services of a bank.
In addition, Homelend will generate a database accessible to each participating user, to reduce the processing of documents. Smart contracts will automate several tasks and processes, helping to reduce creation time, which now averages 50 days. The full version of the project will be available in mid-2019. The attracted investments will be mainly allocated to the technical development of the project and marketing campaign.
Links:
Website: https://homelend.io/
WhitePaper: https://homelend.io/files/Whitepaper.pdf
Telegram: https://t.me/HomelendPlatform
Facebook: https://www.facebook.com/HMDHomelend/
Twitter: https://twitter.com/HomelendHMD
Medium: https://medium.com/homelendblog
ANN: https://bitcointalk.org/index.php?topic=3407541
Author: https://bitcointalk.org/index.php?action=profile;u=980049
Disclaimer
This review by Bonanza Kreep is all opinion and analysis, not investment advice.