Eco Rewarding Real Estate Developer Loans
Loan evaluators review real estate development loan applications that are generated on the platform. They are incentivised to evaluate loans correctly as they earn rewards for successful evaluations and are slashed for unsuccessful ones. This reward function acts as a vehicle to deliver higher than average loan repayments, thereby reducing risk for the community.
The easy to use App guides the user through the loan application process, which only takes minutes to complete. Checks are then made to ensure information accuracy and to apply a personalised APR rate to the loan offer. The more environmentally friendly the construction is, the better the loan APR.
Once the loan offer has been accepted, all transactions are securely and immutably recorded on the blockchain.
Initially the full loan value is locked, then development project funds are transferred in to the property developers digital wallet, in a timely manner, based on the build schedule and evidence submitted. Once the properties are built, the real estate developer can choose to repay the loan using traditional property sale funds or opt to sell some or all of the properties by minting a unique Non- Fungible Token (NFT) and associated fungible tokens, which represent fractions of each property, through the Xcavate NFT marketplace.