DomaCom receives ASIC approval to vary AFSL
Crowdfunder DomaCom has announced it has received approval from ASIC to vary its AFSL, opening new investment opportunities for clients of advisers who have supported its core business activity in property.
In a statement to the ASX, DomaCom chief executive Arthur Naoumidis said it is planning to launch mortgage bond sub-funds as its first product, allowing for investment loans in its property portfolio.
“The varied AFS licence will allow us to offer peer-to-peer mortgage bond sub-funds and a fractional investment model for corporate bonds, with work well under way to issue a new Product Disclosure Statement to support these new products,” he said.
“DomaCom has many property book builds that have been waiting for a debt solution and we expect the launch of mortgage bonds to accelerate our property book builds.”
Mr Naoumidis noted ASIC approval to vary its AFSL was a priority issue, saying it was critical in order to allow DomaCom to expand its range of investment options.
“What DomaCom can achieve with mortgage and corporate bond products is to offer investors the opportunity to lock in yields that are more attractive than bank deposits, use the fractional model to allow them to invest with a minimum amount and to have potential liquidity of trading using our liquidity facility,” he said.
“In essence, it’s the same principle as property crowdfunding – opening up markets to investors who often don’t have the capital to invest in the traditional ways in these assets.”
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