The new product launch is an evolution of Holo's proprietary platform, which has received more than 2,000 applications in the last year.
Holo, the first dedicated fintech platform to provide digital mortgage services in the Middle East, has today unveiled Holo X. The white-label home loan advisory product allows real estate companies, property developers, and brokers to give clients full visibility and access to real-time mortgage offers from lenders across the UAE directly from their website or app.
Holo X is the next step in the evolution of the company's proprietary algorithm-backed technology, launched in February 2020, which reduced the home loan search and selection process to just three minutes. Prospective and existing homeowners can now compare and identify the most suitable financing and refinancing options available, upload all required documents, and track the status of their application from one centrally located and fully digital platform.
Arran Summerhill, Co-Founder of Holo, said: "When we went live with our web platform last year, our mission was to give prospective homeowners quick, convenient, and unbiased advice on the best mortgage offers for their requirements. Since then, we have received more than 2,000 applications, which have been mainly driven by low interest rates, attractive property valuations, and relatively low service costs in the wake of COVID-19.
"With an increasing number of UAE residents opting to buy rather than rent homes or seeking more affordable refinancing options for existing investments, we wanted to find a way to make home loans more accessible, we thought, what better way than to give clients direct access to the same information through our real estate partners?" he continued.
Holo X has been designed to allow seamless integration into and adopt the look and feel of third-party platforms, and it has already received promising feedback from partners that have participated in the initial phase of roll-out.
Jack Walia, General Manager of Hamptons International, commented: "Holo has greatly simplified the mortgage application experience for our clients and is a shining example of how digital services can add value to the property purchase process while removing unnecessary friction." Applicants can now receive mortgage eligibility on the spot and have a more informed meeting with our property consultants about their home ownership options. "The app, together with Holo's expert advisors, provides an overall more compelling proposition than traditional mortgage brokers or banks, and I see this as a positive trend for the UAE mortgage market."
Developers that participated in the initial phase of roll-out have also significantly benefited from offering the solution as an extension of their own services, giving their teams the ability to manage cases more efficiently from start to finish.
Russell Owen, Chief Operations Officer of Lootah Real Estate Developers (LRED), said, "The Holo X app has been welcomed by both our sales team and our clients." The ease of use allows our clients to get instant approvals while still on site, so our sales representatives can continue providing the unparalleled service that Lootah demands. "As we transform LRED into a digitally backed company, we look forward to working even more closely with Holo as they introduce new products to the market."
In January 2020, Holo participated in the second cohort of Wamda X, a fellowship program designed to support budding entrepreneurs and pre-seed stage startups by offering them access to mentors, industry experts, and company founders, in addition to a financial grant of USD 30,000. Marking the company's first year of operations, the launch of Holo X delivers on the team's promise to develop innovative digital mortgage products that serve as an enabler for all stakeholders, from buyers and lenders to brokers and developers.
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