Block66 facilitates for the lenders to access a marketplace of vetted borrowers who are looking for mortgage finance. The main features of this market place can be identified as public, transparent, highly automated, streamlined, lower costs, and lower risks.
Following opportunities which can be converted into the strength, can be identified in the market.
- Increase the Investors investor appetite for riskier mortgages
- Individuals in high-income countries have an outstanding home loan
- shift from a market dominated by big banks to a market with a growing class of boutique lenders providing the capital
However, there are so many problems can also be identified in the market.
- Tightened lending criteria of traditional mortgage lenders
- Selling on of mortgage loans by banks
- It is unable to meet standard underwriting criteria by households due to tightened mortgage credit
- Increasing the no of scorable borrowers
- It is unable to meet the standard underwriting criteria due to the nature of their employment
- Non-traditional lenders heavily service in the non-prime market segment
- Borrowers are forced to trust brokers due to the lacks transparency in the mortgage market
- It takes more times for the mortgage application process
- The majority of investors from trading MBS vehicles are restrict by High fees, capital requirements, and lack of a transparent trading marketplace
- There is a shortage of long-term financing
- Supply of long-term finance is very shorter compare to the demand
- Mortgage yields are between 4%-14% depending on the risk profile
- Smaller lenders are not highly engage in mortgage lending due to the long repayment time frame
Block66 would be able to address this problem in a very effective manner. They have responded to these gaps as follows.
- Focusing on helping serve borrowers in the good/prime credit bands
- Providing mortgages on the blockchain platform and reflected in the physical world via a Digital Trust Fund
- Dividing “proof-of-loan” into smaller loan fractions
- Increasing liquidity for the originating lender
- Ensuring that investing in this type of asset is inclusive for all manner of investors
- Introducing operational efficiencies and automate to streamline the mortgage application and facilitation process
- Leveraging existing technologies to automatically check and validate
documents, and application data
- Creating a transparent platform where brokers can submit
Applications
- Gaining exposure to the global mortgages market
- Providing legal assistance across various geographies in case of borrower defaults by way of a network of partnerships
The Token use in this project is called as B66. The total supply of B66 is recorded as 300,500,000. Among them 155,000,000 is planned to sell. The expected maximum hard cap is recorded as $20.75m USD. The price of one B66 is recorded as $0.15 USD. The first 50 million Token is expected to sell at $0.10 USD.
The total supply of tokens is expected to allocate as follows.
- Reserve – 40%
- Main sale -38%
- Pre – sale – 12%
- Advisors and bug bounty – 10%
So raised funds are allocated for the betterment of the project in following manner,
- Engineering- 40%
- Business Dev – 30%
- Marketing -15%
- Operations -15%
The project has planned to achieve followings in the near future.
- Launching Token generation event
- Forming blockchain alliance of customers under design and distribution phase
- Issuing first Block66 Alliance Report under build phase
- Launching MVP with first batch of on chain loans funded and distributed via network
- Finally, it aims to tokenize the loan.
The team is comprised with altogether sixteen members. They are experts in the fields like Mobile Technology, App Development and Software sales, Blockchain Technologies, Marketing, Public Relationships, and Finance and so on. They drive the project towards the success by creating wealth for all its stakeholders.
For More Information About Block66:
Website: https://block66.io
Whitepaper: https://drive.google.com/file/d/11ZevZaCwYSG_0iv8On810w3Sjj2E5FLq/view?usp=sharing
Telegram: https://t.me/block66_Official
Twitter: https://twitter.com/Block66_io
Medium: https://medium.com/@block66
Post by Anusha
Bitcointalk: https://bitcointalk.org/index.php?action=profile;u=1953594
Bounty0x : anushatenna
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