Project description
Mortgages made easy for all
The home loan application process can be rather tricky to navigate, especially for first-time buyers. The EU-funded CL Platform project will simplify the situation. This software as a service (SaaS) platform serves both sides of the mortgage table: the consumers, and the advisors and lenders. Mortgage advisors will pay an annual licence fee for use of the platform, as well as a commission for each mortgage processed through the platform. Mortgage lenders only have to pay a fixed fee for each applicant data received. The platform prototype was successfully tested in Ireland. The project plans to first commercialise it in Ireland and UK before targeting Central Europe and the rest of Europe.
Objective
CL Platform is a mortgage application platform that simplifies the mortgage application process for mortgage advisors, mortgage lenders and consumers. It does this by streamlining and integrating application data between all stakeholders and automating many processes. CL Platform makes the mortgage application process quicker, more efficient and cheaper for mortgage advisors, mortgage lenders and consumers.
CL Platform is a multisided business serving both mortgage advisors and mortgage lenders, and benefiting consumers. CL Platform is delivered as a Software as a Service (SaaS). Mortgage advisors pay an annual licence fee for use and a commission for each mortgage that gets completed through the platform. Mortgage lenders pay a fixed fee for each applicant data received. We will commercialise in the target markets of UK and Ireland, followed by Central Europe then the rest of Europe. We will target first smaller mortgage advisors as they are quicker to adopt new solutions. Growth among these will attract larger mortgage advisors and mortgage lenders.
To date we have developed an Alpha prototype of CL Platform for our local Irish market and it has received positive feedback from both advisors and lenders. The proposed projects fits in with our strategy as it will enable us to accelerate the development of the core platform into and MVP, explore new EU markets and localise the solution, and pilot test with advisors and lenders within these markets to validate CL Platform. It will also allow us to prepare for commercialisation by develop specific marketing and communication material, ensuring compliance with regulatory requirements and protecting our intellectual property. At the end of the project we will have a commercial product ready to start generating revenue within our initial target markets.
Programme(s)
Funding Scheme
SME-1 - SME instrument phase 1Coordinator
MONKSTOWN
Ireland
The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.