Home improvement projects are as costly as they are ambitious. While putting thought into the design of the house is important, it is the amount of money the process will cost that is a lingering factor that cannot be ignored. Many homeowners find it difficult to fund home improvement projects that could potentially boost their living standards due to being stuck with their properties’ low liquidity. Applying for various types of bank loans typically involves credit checks and receiving approval can take a long time. Put simply, this whole endeavour to improve one’s house can be taxing.
However, the crypto-asset lending platform, Pledge, has recently made steps towards simplifying the process. By collaborating with construction estimate and management platform, 247PRO, Pledge plans to offer crypto-holders among homeowners easy access to loans for home improvement they can take against their digital coins.
What the partnership will provide
In contrast to most available lending protocols, Pledge isn’t fixated on crypto-traders borrowing digital assets in real-time for the purposes of day trading. Instead, the platform is the answer for those looking for longer-term financing. It mainly serves as a way for crypto-asset holders to diversify their portfolios with non-crypto assets (ex. real estate).
247PRO is an extensive platform dedicated to helping contractors and their teams streamline their operations. These include cost estimates, proposal preparation, project management, invoices, change orders, and creating a website, among other things.
Pledge asserted that this deal will allow them to give their clientele an opportunity to have their crypto assets act as collateral to finance home improvements. As mentioned earlier, it generally takes homeowners months to receive home improvement loans from banks. Not to mention that there are long loan applications they need to complete and credit checks against borrowers conducted by banks. According to Pledge CEO, Tony Y. Chan:
“For Pledge, loans can be funded in less than 30 seconds. Borrowers do not have to fill out any loan applications, we won’t be doing any credit check or underwriting. Everything is automatic with smart contracts.”
No requirement for homeowners to sell their crypto
When discussing this collaborative effort, George Lee, the founder and chief executive of 247PRO, stated the following:
“It can really speed up their decision-making process, because most homeowners are house rich, but cash poor.”
Pledge and 247PRO both claim that their partnership will link blockchain technology to point of service (POS) loans. The companies intend on developing a “one-stop shop” for those interested in real estate construction, as well as the blockchain space. Crypto investors would have the ability to borrow without needing to sell their crypto assets to fund their POS loans for their home improvements ventures.
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