Provides a compliant platform for rent-to-own and installment real estate transactions, integrating mortgage processing, underwriting, property management, and escrow services into a single system. Simplifies seller financing by automating payment processing, equity tracking, and title recording, while offering tools for buyer qualification, property appraisal, and inspection. Ensures security and transparency for both buyers and sellers, reducing the risks of fraud and mismanagement.
Funding
Funding not disclosed
Founders
Product
Problem
Seller-financed real estate transactions are often complex and risky, lacking the security and transparency of traditional mortgages. Buyers and sellers face challenges in managing payment processing, equity tracking, and compliance with legal requirements, increasing the potential for fraud and mismanagement.
Solution
Promissa provides a compliant platform designed to streamline and secure rent-to-own and installment real estate transactions. The platform integrates mortgage processing, underwriting, property management, and escrow services into a single system, simplifying seller financing for both buyers and sellers. By automating payment processing, equity tracking, and title recording, Promissa reduces the risks associated with these types of transactions. The platform also offers tools for buyer qualification, property appraisal, and inspection, ensuring a transparent and secure process for all parties involved.
Target Audience
Promissa targets individuals and entities involved in seller-financed real estate transactions, including buyers seeking alternative financing options and sellers looking for a secure and compliant platform to manage installment sales.
Features
- Home marketplace for listing and searching seller-financed properties
- Online buyer pre-qualification with full review and price range
- Property review with appraisal, inspection, and title report
- Automated monthly payment processing and handling of property-related expenses
- Equity tracking to monitor equity and mortgage balance
- Built-in home warranty for repair requests
- Final payoff calculation for refinancing
- Title recording services for seller-financed loans