1st online property loan platform in PH launched
By Leslie Gatpolintan January 15, 2020, 8:54 pm
MANILA -- A financially-backed property fintech firm on Wednesday launched the first-ever online mortgage broker platform in the Philippines that makes the property loan application process easier and more efficient.
The platform, Nook, will enable Filipinos to conduct entire property search, do loan comparisons, and experience a seamless loan application process online.
In a press briefing Wednesday, Nook’s chief executive officer Chris Elder said finding out online if one is qualified for a home loan from partner banks takes only three minutes.
Elder said the platform will then provide information and bank requirements.
“We will work with the bank to get your loan approved and then you are all set,” he said, adding that Nook has teamed up with eight top banks in the Philippines, including AUB, BDO, BPI Family Savings Bank, Bank of Commerce, CTBC, China Bank, RCBC, and Security Bank.
Elder said they aim to bring five more banks this year into the platform.
“Borrowers do not have to visit a bank branch until (the) final document signing, saving time in traffic and bank queues… All housing loans in one place,” he added.
In line with an aim for Nook to be the number one originator of housing loans within five years, Elder said it will start rolling out one to two kiosks by mid-year as it pilots retail presence.
“At first, we don’t expect too much of an uptick (in the number of borrowers). It is still new here but I believe in the coming years, as people slowly get used to it, we expect strong growth from two years onwards,” he said.
Elder sees robust growth in the next few years, noting the Philippines is an emerging economy growing at 6.2 percent.
“Market is adopting the internet as a place to do business. Residential real estate loans (RREL) (are) growing at 10.6 percent year-on-year,” he added.
Nook also believes this is an opportune time for the Philippines to adopt the trend and practices of the industry in countries such as Australia and the United States, where over 60 percent and 68 percent of borrowers, respectively, go through mortgage brokers instead of direct-bank applications to secure a housing loan. (PNA)
VISA SOLUTIONS AND LPR INVESTMENTS EXPLAIN
EB3 VISA ON INFORMATION SEMINAR
HOUSTON -- Visa Solutions, a North Houston based international recruitment and immigration firm together with its authorized agent, LPR headed by its president Loloy Reyes, sponsored an information seminar, Thursday, July 11, 2019, at the International Trade Center located at 11110 Bellaire Blvd.
LPR Investment president Loloy Reyes introduced the Chief Executive Officer and co-founder of Visa Solutions who lengthily spoke about the process in the recruitment, hiring and applying for a work-based immigrant visa for workers, who may bring with them members of their family in their search for the American dream.
The information seminar was a huge success with all attendees who walked away with the understanding that the opportunity being offered by LPR Investments and Visa Solutions to Filipinos under the EB3 program is an opportunity for them and their families to migrate to the United States, and become permanent residents (eventually become US citizens) and live the American Dream.
For interested parties, email your resume to