Overview :
Block66 is constructing a brand new blockchain-enabled market for mortgages. Institutional and personal lenders can use the service to supply loans to a variety of debtors, launched by Block66 dealer companions. By means of the sensible use of good contracts, loans might be taken from origination to facilitation, shortly and effectively. All loans are additionally represented as tradable tokenized securities, offering a liquidity mechanism as normal. The flexibility to commerce fractions of loans and lower order and issuing charges makes investing extra inclusive, offering a beautiful funding car for all method of traders. Because of the usage of cryptocurrency, Block66 eliminates the necessity for a checking account, overcomes geographical lending restrictions and reduces counterparty danger to mere minutes. For debtors, the clear and aggressive nature of the marketplace will profit the patron and provides them the confidence that they’re getting close to sufficient the very best supply achievable.
What makes Block66 unique :
Block66 will be a matching engine for borrowers and lenders promising a three-fold saving on conventional mortgage application times. Block66 aims to become the world’s most sophisticated platform for brokers, and lenders to operate efficiently to the satisfaction of borrowers. All loans will be issued on the blockchain, and funds are drawn down via the resulting smart contract. All documents related to the mortgage transaction will be validated and stored on the blockchain providing immutable history and authenticity. Storing a hash of documents relating to the loan ensures full transparency from both lender and borrower while creating a much cleaner path during a regulatory audit and spot checks.
Problem :
The mortgage market in the USA is $9.9 trillion dollars, $32.9 trillion worldwide, and growing but risk-averse institutions are reluctant to lend to many creditworthy consumers. Willing small lenders struggle to enter the space at scale. Existing processes and technology are cumbersome and siloed, compounding the problem for borrowers.
The purpose of project (Solution given by Block66) :
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