Nook, the Philippines’ first online mortgage broker, has forged a partnership with Calmar Land, expanding its seamless digital solutions and services to the bustling Southern Luzon area.
Recognizing the Filipinos’ need to explore better ways to apply for a housing loan and pay amortizations online amid the lockdown, Nook has continued to expand its services and partners outside Metro Manila. With Calmar Land, one of the leading developers based in the Quezon Province, Batangas, and Laguna, Nook is able to tap the Southern Tagalog market and offer seamless and convenient ways to get home loan approvals.
Under the partnership, Calmar Land gains access to Nook’s partner banks, expanding their banking and loan options for their customers. At the same time, Nook will also assist over 2,000 Calmar Land clients in getting their home loan financing approved fast.
“Through our partnership with Calmar Land, we aim to deliver the same opportunities that Filipinos in Metro Manila enjoy to South Luzon communities. These areas have been mostly under the same lockdown restrictions as the country’s capital, and they need the same access to digital services as everyone else,” said Chris Elder, Nook CEO. “Furthermore, as the government rolls out its Balik Probinsya program, we hope to contribute in providing housing opportunities and convenient ways to fulfill their home loan process.”
As the country faces new realities this year, Nook aims to address three major pain points for their partner developers and allow them to operate in the new normal. This includes the slow balance payments of buyers who are not prepared with their home loans, an uncomfortable amount of in-house financing, and getting accreditation with major banks. With Nook’s technology and loan consultant experts, developers gain access to a more thorough screening process and a platform that allows them to obtain complete home loan applications from credible applicants.
Despite the economic uncertainty and business challenges brought about by COVID-19, Nook has been growing consistently since its official launch in January of last year. Nook continues to see a strong appetite from millennials, which make up 58% of Nook’s client base, as well as Gen Xers who account for 39% of loan applications coursed through Nook. The company observed a marked increase in loan applications from the resale property market towards the end of 2020 and early 2021 as people became more accustomed to the new normal.
“As the Philippines’ first online mortgage broker, we still hear on a daily basis how much our service is needed here in the country. Through our partnerships, we hope to showcase how mortgage brokering, using technology, will change the real estate landscape in the Philippines,” concluded Elder.
