Homelend is about mortgage lending that takes a new form with a peer to peer network that is based on block chain technology. Most people across the world are dependent on mortgage loans to finance their house or real estate purchases. The mortgage market in the US alone is at $14 trillion, which is expected to be about half of what the global market is for mortgage loans. With the lending systems in this arena quite primitive, involving complex and lengthy paper based processes; there are several inefficiencies as well as overhead costs that both lenders and borrowers need to bear.
Features of Homelend
It acts as a crowd-funding platform for mortgage that comes with the following features:
- It seeks to offer a modern, faster and more secure system for mortgage lending, which would be cost effective, efficient and customer centric.
- It can help expand ownership opportunities for borrowers and make the process secure and fast.
- The platform works with the distributed ledger technology and the smart contract system.
- Lenders and borrowers come together on this secure platform and benefit from the streamlined and automated mortgage origination system that it provides.
- It allows borrowers to apply for mortgage loans easily and track application status as well as interact with mortgage lenders directly.
- The security, immutability and transparency that are inherent in block chain technology makes all transactions easy to track and banks need not be involved as middlemen. This helps to reduce costs as well as brings lenders and borrowers closer.
- The distributed ledger technology allows smart contracts involving large sums of money to be transacted in a safe way through the platform.
- The transactions with this platform take place through the HMD token. This fuels the lending process on this platform as well as ensuring that the workflow remains secure and unified.
Team working for Homelend
The team of professionals working with Homelend comprise of several experienced people from different domains. This venture is headed by Itai Cohen, who acts as CEO and co-founder. Based out of Israel, he was employed by organizations like KPMG Israel, DVIR. He is aided by Netanel Bitan in similar capacity while Ricardo Henriquez acts as chief innovation officer; Amir Nahmias is the chief business officer. There are several other professionals on the team whose profile details can be found on professional network LinkedIn.
Lucrative aspects of this venture
There is much scope for real estate mortgage loan business to be conducted on block chain technology. With a peer to peer network set up for providing mortgage loans, borrowers and lenders are brought closer to each other which help to overcome the lengthy, bureaucratic processes which are usually part of the traditional mortgage lending system. With block chain based lending system mortgage industry would be revolutionized. It remains to be seen, however, how well the peer lending system works to instill faith and confidence in such transactions between people.
Symbol – HMD
Total Supply – 250,000,000
Standard – ERC-20
Face Value – 1 ETH= 1,600 HMD
Accepted Currencies – BTC, ETH, USD
Softcap – US$ 5,000,000
Hardcap – US$ 30,000,000
Apart from the 50 million HMD tokens held in reserve, the 200 million HMD tokens to be initially in circulation will be distributed as follows:
- 20 million (8%): Founding team
- 20 million (8%): Advisors & Bounty
- 70 million (28%): Pre-Sale
- 90 million (36%): TGE Public Sale
- First day: 30%
- Week 1: 20%
- Week 2: 15%
- Week 3: 10%
- Week 4: 0%