Business View Caribbean | October 2022

23 BUSINESS VIEW CARIBBEAN VOLUME 9, ISSUE 10 HOPE INC “Once you have an offer, you would need to hire an attorney to represent you in the transaction, which takes up more of your time and money.” Hoyos points out that for first-time homebuyers, this process can be daunting, time-consuming, and a drain on resources. Hope Inc’s process integrates all these steps in one online application and one integrated cost. “Here’s how the process works,” says Hoyos. “You set up an account and verify your email. We then invite you to fill out the loan application, upload your employment documents, and provide everything else lenders need. We first vet your details ourselves, and if there is a problem, our customer care reps contact you and help you amend your application.” “Once your application is complete, we consolidate it with other applications, send them to mortgage companies and lawyers, and negotiate the best rate based on the high volume of business we offer them.” Hope Inc uses this approach to negotiate significantly lower rates with lenders, law offices, construction companies, and other service providers in the project value chain. The final savings are passed on to the applicant as a significantly lower combined mortgage rate, including all costs associated with building and commissioning the home. “Hope Inc is a government initiative and so not a for-profit entity,” Hoyos says. “Because of this, we can offer our homes at far below the corresponding market value of similar houses.” Hope Inc Business Model Although Hope Inc is not a for-profit entity, the project must make business sense to be sustainable. Hoyos argues that although the project does not focus on profit, it is based on a sustainable business model. Houses at Vespera Gardens, Lancaster, St. James Tony Hoyos, Chairman HOPE Inc., Ms. Kristalina Georgieva- Managing Director, International Monetary Fund, Minister of Housing, Lands and Maintenance, The Hon. Dwight Sutherland, The Honourable Mia Amor Mottley, QC, MP