First Mortgage Broking Platform in PHImproving the experience for borrowers and banks.
Nook is the Philippines' first mortgage broking firm, and has partnered with ten of the biggest banks in the country, with more in discussions.
A mortgage broker is a company that has formed partnerships with multiple banks and acts as an intermediary to help borrowers find the right home loan, and then guides them through the loan application process until the loan is approved.
Each partner bank has confirmed that Nook is the only company they are forming this sort of partnership with. Nook has negotiated commissions from each lender of between 1% to 2% of the total loan amount paid in full at loan release.
Multi-Billion-Dollar Industry Globally
Generally speaking, there are products and services in countries such as Australia and the USA that are used regularly and most people would simply take for granted. In western countries such as the USA, Canada, Australia, New Zealand and the UK, mortgage broking is a multi-billion- dollar industry.
However, some of these services still don’t exist in large emerging economies in South East Asia.
In Australia, 60% of all home loans originate from mortgage brokers which totalled AUD$40.847 billion in the March quarter of 2019 alone and the industry employs 17,000 people. Almost two out of every three borrowers go directly to a mortgage broker for their home loan, not a bank, due to the convenience and money saving ability.
The Philippines residential real estate loans market is a growing at 10.4% year-on-year and in 2019 the total outstanding residential real estate loans rose by 13% to ₱763.98 billion. GDP growth for the country is one of the highest in the south east Asian area.
And yet mortgage brokering does not officially exist in the Philippines. There is now an opportunity to take an internationally proven business model to this new market which is exactly what Nook is in the process of doing.
Led by a seasoned Australian entrepreneur with exit experience, Nook currently has a small team, a completed technology platform, the backing of some of the biggest banks in the country, strong media interest and continues to form partnerships with leading venture-backed businesses in the country.
- Capital raise in progress
- Equity and convertible notes available
- Seeking strategic partnerships with property developers in the Philippines
- Online Mortgage Application Process
- Already deployed in the Philippines market
- Many major Philippines lending institutions already on-boarded, including: BDO, Security Bank, RCBC, BPI, Chinabank, AUB, and Bank of Commerce.
- Exit planned as trade sale within 4-6 years.