Emoov, the online estate agency owned by Mashroom proptech platform, has unveiled an instant buyout scheme enabling homeowners to sell properties quicker via its guaranteed offer service.
In order to finance the offers, Emoov has also announced a multi-million pound credit facility in partnership with Selina Finance, an innovative UK lender backed by GFC and Picus Capital.
Stepan Dobrovolskiy, chief executive of Mashroom, said: “Property chains are a pain for the UK housing market.
“30% of transactions fall through, people waste hundreds of millions a year on fees.
“The existing solutions capitalise on the huge distress that chains are causing to customers.
“This is also driven by the short-sightedness of service providers and unavailability of data.
“Emoov is the first company to offer an affordable data-driven solution to facilitate the transactions.”
Customers who have listings with Emoov will be able to request an offer from Emoov, and be bought out on terms described as “fair and transparent”.
Darvish Heshejin VP of growth, Selina Finance, said: “We’re delighted to be partnering with Mashroom and Emoov to fund their guaranteed offer service.
“It’s exciting to be part of such an innovative solution, combining technology and flexible funding, to help solve the problem of property chains experienced by many.”
The value of chain-doomed properties only is estimated at £68.5bn annually.
This post has originally been featured in Property Wire.