Two months after the battle broke out in December 2023, non-bank financing (primarily loans for purchasing automobiles) firm Mimun Yashir founder and CEO Eran Wolf stepped down after 18 years within the job. In his resignation letter to staff Wolf promised that he was embarking on a brand new journey. Since then, there was hypothesis concerning the new enterprise he plans to discovered. Right this moment, he has unveiled a brand new non-bank credit score firm known as Loanwise, which can present mortgages to Israelis, together with for the primary time a mortgage for the acquisition ofa residential property in Greece and Cyprus.
Loanwise, which Wolf has based, has already acquired an expanded credit score license from the Israel Securities Authority and has even raised preliminary capital from a number of of Israel’s main monetary establishments. The corporate notes that the funding in it was led by Migdal Insurance coverage, and alongside buyers resembling Hachsharah Insurance coverage and IBI Underwriting, which have invested tens of hundreds of thousands of shekels.
Wolf’s firm plans to supply mortgages in Israel, with the goal public being prospects who’ve problem acquiring mortgages from banks, though, in line with Loanwise, they’ve good credit score standing. Mortgages can even be offered to buyers in flats in Israel and buyers in flats overseas.
Offering mortgages for the acquisition of actual property overseas is a brand new growth for Israeli buyers. Loanwise plans to supply swift mortgage approval processes utilizing an revolutionary mortgage credit score mannequin that can allow a quick digital underwriting course of. Those that buy properties overseas will have the ability to obtain financing of as much as 50% of the property worth, with the choice of mortgaging the bought property within the goal nation (within the first part: in Greece and Cyprus).
Rising funding channel
The corporate sees mortgages for purchasing houses overseas as a rising funding channel amongst an rising variety of Israelis. These Israelis are looking for to purchase actual property overseas as a result of excessive rate of interest atmosphere in Israel and hovering housing costs. Nonetheless, till now, Israelis who’ve sought to buy actual property overseas have had nice problem acquiring a mortgage to finance a part of the price of the property.
Loanwise will supply mortgages beginning at €50,000 (about NIS 200,000) to homebuyers in Greece and Cyprus, with loans of as much as 50% of the property worth. The financing might be offered towards a lien on the property overseas or towards a lien on a property in Israel.
The corporate says it has developed a singular mechanism for mortgaging property overseas, which permits it to supply Israelis with extra environment friendly loans to buy actual property abroad. It intends to deal with low-risk debtors with excessive credit score scores. Debtors who meet these parameters will endure an particularly quick and environment friendly underwriting course of.
Revealed by Globes, Israel enterprise information – en.globes.co.il – on July 15, 2025.
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