DomaCom partners with peer-to-peer lender
DomaCom has announced it will partner with a peer-to-peer lending company to extend opportunities for advisers in the property sector.
DomaCom chief executive Arthur Naoumidis said DomaCom’s partnership with ThinCats Australia will allow advisers to be on both sides of property transactions by creating leveraged book builds.
“This also provides the 350 lenders on the ThinCats platform the opportunity to gain exposure to property assets and the ability to lend funds at an attractive interest rate with a lower risk profile,” Mr Naoumidis said.
ThinCats Australia, which has been operating in Australia for the past 18 months, is a peer-to-peer lending platform for secured business loans to small and medium sized enterprises.
Its chief executive Sunil Aranha said the link with DomaCom will allow its lenders to gain exposure to both property and new loan opportunities.
The loans on the platform will have an initial loan-to-value ratio of no more than 50 per cent.
“The loan must be positively geared – that is, the rent must exceed the loan repayments and all other costs,” he said.
“The default rate for the fund borrowing the money is a low 3.5 per cent above the ANZ overnight cash rate. This currently equates to 5.25 per cent per annum.”
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