FundIQ is a real estate crowdfunding startup that aims to help people who want to buy a home but do not qualify for traditional or FHA mortgages. In this startup showcase, we’ll delve into FundIQ’s unique approach to home financing, why it’s an excellent option for those who don’t qualify for traditional mortgages, and how they have been changing the game in the real estate crowdfunding industry.
What is FundIQ?
FundIQ is a real estate crowdfunding platform based in Brooklyn, New York, that makes it easy for people to finance their dream homes without traditional mortgages. The company’s primary focus is on helping people who have been denied traditional mortgages based on credit score, down payment or debt to income ratio. Despite having good credit scores, many people do not qualify for traditional mortgages due to other factors, including a lack of financial history or high debt-to-income ratios.
How Does FundIQ Work?
FundIQ’s platform allows investors to pool their funds and lend them out as mortgages via crowdfunding. Potential homeowners apply for financing through the platform and submit detailed information about their financial standing and the home they want to buy. FundIQ then uses this information to verify the borrower’s eligibility for the requested loan and to assign a risk grade to each loan.
Investors can browse available loans on the platform and choose to invest in one or multiple loans, depending on their investment goals. FundIQ originates the loans, so investors don’t need to worry about sourcing deals or managing the process.
FundIQ’s platform allows borrowers to customize their loans by selecting a repayment term and adjusting the interest rate accordingly. At FundIQ, they aim to match the interest rates of traditional mortgage companies, which is something hard money lenders cannot do. Borrowers are also allowed to make prepayments, without any penalty, which can help them save on interest.
The Benefits of FundIQ
There are several benefits to using FundIQ’s crowdfunding platform for your home financing needs:
1. No Traditional Mortgage Qualifications Needed – People who are denied traditional mortgages can find financing through FundIQ.
2. Customizable Loan Options – FundIQ offers a customized loan plan that can match the interest rates of traditional mortgage companies.
3. Speed of Approval – The FundIQ platform can get borrowers approved and funded within seven days, allowing you to move into your dream home in no time.
FundIQ is a great crowdfunding platform for people who are denied traditional mortgages. It is an excellent option for those who want to own a home but don’t have the requirements that the traditional lenders want. FundIQ’s customized loan plan allows borrowers to make prepayments, select their repayment term, and match the interest rate of traditional mortgage companies that hard money lenders can’t do. If you’re interested in making homeownership a reality, check out FundIQ’s website, or follow them on their socials to learn more about their services.
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