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A former commerical broker has launched a new private property online lending marketplace that enables real estate developers and investors to pitch their commercial projects to brokers and lenders.
The platform, called Dealt, has been launched by former commercial broker Shaun Smith after securing investment from Australian Securities Exchange-listed alternative asset manager 360 Capital Group.
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The launch follows appetite from non-bank lenders, private credit funds and family offices seeking opportunities to invest, according to the company.
The platform guides brokers and borrowers through the application process, and — based on the loan type selected — the platform matches applications with lenders on the platform, in accordance with the lenders’ preferences and credit policies.
Lenders who join the marketplace receive qualified credit proposals that match their lending appetite and are able to bid on transactions of interest via the platform.
Mr Smith, who is now chief executive of Dealt, said that while there are various online lending platforms for residential and small-business sectors, it was lacking in commercial real estate and development finance.
“When we started our research, we were astonished to find that it appears we are the first in the world to launch a platform such as this. Others have tried, but as far as we can ascertain, none have progressed,” he said.
“It is also a fantastic opportunity for mainstream residential brokers to earn additional commissions, as it is now very easy to list a project, with an automated process providing all the details instantly that financiers require to assess the viability of a development, including third-party data from Ilion and Domain.”
Mr Smith added that developers can also review the deals on offer via the platform.
Dealt was reportedly designed to underwrite and analyse all types of development in the Australian market, including industrial, residential, commercial and retail.
It is expected that the platform will release solutions for investment loans and the ability to raise equity directly from the platform in the coming months.
Peter White, Finance Brokers Association of Australia’s managing director, said he supported the development of new opportunities that provide appropriate financing in a period where banks are restricting access to debt for business and commercial loans.
“Fintech, similar to the innovative platform that Dealt has developed, is the future – and Dealt confirms the future has arrived,” Mr White said.
[Related: Expenditure benchmarks ‘ripe for further guidance’: ASIC]
