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Tara Homes: Transforming Home Equity into Cash through IoT
Technology Category
- Platform as a Service (PaaS) - Application Development Platforms
Applicable Industries
- Cement
- Finance & Insurance
Use Cases
- Building Automation & Control
- Leasing Finance Automation
The Challenge
Tara Homes was founded by Madeline Li to address a significant financial challenge faced by homeowners in Germany. Many homeowners were struggling with financial difficulties and needed a way to access the equity in their homes without resorting to traditional loans, which often come with high interest rates and monthly repayments. Li, with her background in finance and law, recognized the need for a solution that would allow homeowners to convert a portion of their home equity into cash, providing them with immediate financial relief. However, as someone with limited coding experience, Li faced the challenge of developing a user-friendly app that could facilitate this process.
About The Customer
The primary customers of Tara Homes are homeowners in Germany who are experiencing financial difficulties and are looking for a way to access the equity in their homes without resorting to traditional loans. These homeowners are likely to be attracted to the Tara Homes solution because it offers an investment rather than a loan, meaning there are no monthly repayments or interest. The app's user-friendly interface, developed using Bubble's no-code platform, makes it easy for customers to check their prequalification status, submit an application, and receive an offer. The process is straightforward and transparent, with the money transferred shortly after the contracts are signed at a notary public's office.
The Solution
Li decided to leverage Bubble's no-code platform to build the Tara Homes app. This platform allowed her to 'become her own CTO' and develop a fully functioning app within 12 weeks, despite her limited coding experience. The Tara Homes app offers homeowners in Germany the option to convert up to 20% of their home equity into cash in exchange for a slice of the home appreciation over a 10-year timeframe. This solution differs from traditional lenders as it offers an investment, not a loan, meaning there are no monthly repayments or interest. Users can check their prequalification status, submit an application, and receive an offer all through the app. Once an offer is accepted, an appraisal appointment is scheduled, and the money is transferred shortly after the contracts are signed at a notary public's office.
Operational Impact
Quantitative Benefit
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