Welcome my dear friends, today I want to introduce you to a new project. This project is quite unique and promising.Block66 blockchain project is the first of its kind platform where lenders of different levels can get access to the market of respectable borrowers in search of mortgage financing. This market with such an approach is open, transparent and highly automated, so lending is simplified, with less cost and less risk. Each loan is presented as a "proof of loan" (PoL) pool, which can be individually resold to investors, providing creditors with liquidity and a wide variety of investors
The project complies with the current legislation, so it will also provide legal assistance in different regions in case of default of the borrower within the network of partnerships. Target customers are brokers, creditors and third parties from related fields of activity. The fundamental value of the project is also the messaging service, where lenders have the ability to advertise the funds they need to provide, and the application provides document exchange features.
The platform is designed for basic checking of borrowers and borrowers ' files. If the application is unusual, it will be transferred to a pool of virtual underwriters. This is a group of professionals who have passed the Block66 audit, whose contributions are paid by a broker or a borrower. Once both the borrower and the lender have agreed and agree to enter into a contract, a mortgage obligation is created. In response to this commitment, third-party attorneys are notified of what conditions must be met before the app can progress
Users of the Block66 blockchain project created in the banking sector are positioning the idea to recommend borrowers to choose more carefully, and creditors to offer the best mortgage loans. Due to the increasing number of consumers studying alternative options for mortgage lending, the Block66 project interprets the experience of borrowing at the global level and the confidence to provide the most effective offer. Along with this, the Block66 platform helps to restore confidence in brokerage services in this market due to the fact that the process of the developed application is transparent and verified by all parties.
Brokers are now facing increasing demands to waive their Commission. The market situation dictates growing competition for creditors. An improved and simplified mortgage lending process should essentially allow brokers to have better deals for everyone.
Credit institutions usually serve non-standard borrowers with rates from 6% to 14%. The vast majority of private creditors have a broker on the contract, through which credit and financial issues are resolved. The Block66 platform claims the ability to provide capital from lenders to a wider range of borrowers. In this situation, the lender itself has better deals, with the key advantage of private lenders being the tokenization of the underlying mortgage contract. According to the current situation with individual mortgage loans, which are tentatively working for up to 25 years, this time period is a significant risk. Having the ability to reduce credit exposure without a borrower means that a more affordable premium for reasonable risk should be applied. If credit agreements are securitized and sometimes available for sale, it is acceptable that lenders or investors can only use the Block66 platform to invest in PoL tokens.
Banks and larger institutions have securitized mortgages for some time, but the Block66 https://block66.io/project will provide this opportunity directly on its platform. For lenders, this means that the risk of losing all of their capital must be taken into account over a long period of time, thus giving rise to more responsible lending. Placing restrictions on trading PoL tokens is intended to eliminate some of the risks associated with the financial crisis of 2008, namely: unloading the risk of those who are responsible for obtaining loans in the first place
More info in:
Official website: https://block66.io/