Adevinta Spain-owned property marketplace Fotocasa and online mortgage broker Trioteca have launched an online mortgage marketplace that connects with banks in real time. Trioteca uses data provided by the user to verify how much financing they will be able to obtain for a home purchase. Its algorithm then analyzes the characteristics of each potential buyer and the home they want to acquire before matching them with mortgage offers from 37 financial institutions in Spain and selecting the offers that best meet the user’s needs “in an impartial manner.”
According to Ricard Garriga, CEO of Trioteca, this new tool “automates and streamlines the mortgage process, enabling users to close a mortgage without leaving the Fotocasa website, saving them time and effort, in addition to helping banks to optimize the acquisition of new clients, as they receive high-value leads at a very low cost.” He added “If you are interested in one of the 14 banks we work with, we incorporate all the documentation, we verify it and we do the profile and the pre-scoring with the banks to find out more about the price. Once everything is on track, there is a call with a real estate expert to deal with doubts and questions – all free.”
Bases on Trioteca’s financial reporting, it oversaw the issuance of around 2,500 mortgages worth a total of around €500 million ($565 million) during 2020 and more than doubling its headcount (to 35) during the year. Apart from Fotocasa, Trioteca is also working with real estate franchise API in the Spanish region of Catalonia.
Fotocasa, along with sister real estate vertical Habitaclia, are competing against the leading real estate marketplace in Spain, Idealista, owned by Sweden-based private equity fund EQT Partners.