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The commercial brokerage has launched a free-to-use online platform designed to provide borrowers with an “immediate estimate of the best market rate”.
Australian commercial brokerage Stamford Capital has synced with the emerging digitalisation of commercial real estate (CRE), announcing the launch of a free-to-use commercial finance marketplace.
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Named comr8 (pronounced com-rate), the platform was built for Stamford Capital by developers Incapsica and comprises banks, non-banks, and private lenders to provide borrowers with analysis and comparison of loans from across the commercial property lending market.
It covers a range of commercial property loans, including construction, investment, land bank and residual stock.
The commercial brokerage said that comr8 is intended to calculate an “immediate estimate of the best market rate” via a “short series of questions regarding the type of loan and the parameters around [a borrower’s] needs”.
However, lender names are not disclosed on the platform due to “the complexity of commercial finance”.
According to joint managing director of Stamford Capital, Michael Hynes, the brokerage built the marketplace to “empower the borrower and deliver enhanced transparency”.
“Until now, only a handful of brokerages with sufficient reach and national scale had true visibility over the interest rates on offer. Now, borrowers can instantly assess their rate to ensure it’s competitive,” Mr Hynes said.
“It’s not as simple as picking the lender with the best rate, there are a range of other factors we consider before advising our clients.
“What we’ve achieved with comr8 is distilling our data and experience into a series of formulae that allow a borrower to quickly check what a leading, national broker is seeing.”
The joint managing director also expressed that he believes the timing “is perfect for this platform”.
“While the residential lending market is saturated with consumer-oriented comparison tools – similar technologies for commercial property finance have lagged behind, particularly ones that consider the entire lending market,” Mr Hynes said.
“We believe we have the richest dataset in the market, and we’re happy for borrowers to access this for free as they search for funding.”
He concluded: "Regardless of what stage borrowers are at in the lending process - whether it's a quick sanity check on an existing rate or they are curious to find the best interest rate available - comr8 delivers peace of mind and greater bargaining power."
Speaking of the platform build, Baz Brown, director at Incapsica, said that the platform is mobile-friendly as it aims to be "responsive and easily accessible - in the pockets of borrowers everywhere".
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