Jia Finance cuts mortgage application time from 90 to 30 days
The cumbersome and low-technical application process for mortgage funds and underwriting decisions has been improved as Jia Finance, the online mortgage platform for foreign investors, launches its services in China. Global investors will be able to use the company’s data analytics, AI and identity verification technology to reduce an app’s transaction period from 90 days to 30 days.
Jia Finance Received Its Latest Funding ($ 5 Million Seed Funding) From VC Investor TVT Capital city, one of the oldest active venture capital firms investing exclusively in fintech and known for its first investments in fintech Bill.com, Green Point, and Cardlytic, among others. Other investors include Stanford angels, the co-founder of SoFi as well as the founder of the UK’s best investment app, Nutmeg.
A major stumbling block for international real estate buyers is the fact that they do not have a US credit score as well as most of the general documents that US banks typically request during the loan application process. mortgage. This poses major problems for potential buyers, slowing approvals to 90 days or more.
Jia Finance leverages its AI technology platform and mobile apps and reduces the time it takes to verify a client’s identity through facial recognition. The company currently handles hundreds of international mortgage applications each month. Typical clients are middle class Chinese investors looking to enter new international markets (US), primarily California, Florida, Texas and Washington, and many are looking to invest in homes. single-family homes or condos that they will then rent. Jia Finance is headquartered in Washington, DC responsible for overseeing its mortgage operations while the software and business development teams operate from its offices in Shanghai.
“Jia Finance creates global mortgages, starting with buyers from China and Asia, where our platform dramatically improves the process for these international investors to access US real estate. Buyers use our technology when we underwrite, finance and price loans, in a system that offers speed and ease, all in about 30 days, ”said Soufian Creui, co-founder and CEO, Jia Finance.
“Traditional banks have not taken an interest in this slice of the mortgage business, believing the process is time consuming and uneconomic. We are giving China’s rising middle class access to a much sought-after asset class through a much simpler and smoother process for obtaining residential real estate loans in the United States, ”continued Creui.
Based on data from the National Association of Real Estate Agents, foreign investors in the US residential real estate market accounted for 2.8% of the $ 1.96 trillion spent on existing homes from April 2020 to March 2021. Investors in the Asia-Pacific region accounted for 22% of all buyers foreigners over the same period (overtaking Latin America at 19 percent and Europe at 11 percent). Asian investors view US real estate as a safe haven given its recent strong performance since the start of the pandemic at a time when many other real estate markets have failed to demonstrate similar resilience.
“We are impressed with Jia Finance’s approach which is tailored to the specific needs of the international real estate investor. The highly tactile customer experience makes the process faster and easier and gives Jia Finance a way to successfully enter and monetize a large and lucrative market opportunity, ”said Mike Hurst, TTV Capital.