We welcome all proficient and reputable commercial lenders to our platform. If you are looking to increase your settlements then this platform is for you.
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To use the platform you simply enter your lending criteria. Platform brokers can see your lending criteria if:
- You have settled a loan in the last 3 months (on their Monday morning email from the platform);
- They look you up;
- One your loans appears on a search they run.
Each time you settle a loan the following details are recorded:
- Advance date;
- Suburb;
- Principal;
- Interest Rate;
- Establishment Fee;
- Security type and sub-type (from a drop down);
- Security suburb;
- Scenario (from a drop down);
- Valuer & valuation;
- Broker and star rating;
- Lender and star rating;
- Solicitor and star rating;
- Discharge date;
- Days delinquent;
- Shortfall.
The solicitor who acts for you on the advance certifies these details and updates the platform when the loan discharges.
Your loans act as your in-platform advertisement, the more loans you settle of a particular type the more enquiries you will receive from broker members for that type of loan.
When a new broker approaches you, you can check out their track record by accessing metrics (both statistical and loan-by-loan) on every loan the broker has ever introduced to a platform lender. You can see average star ratings and drill down and read reviews for each loan. Most importantly you can see if they have ever had shortfalls.
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Membership of the platform is free. The cost to register each loan is as follows:
- Loan principal >$10M – NO CHARGE
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The law firm acting for the lender owns lender – NO CHARGE
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The law firm acting for the lender Bransgroves Lawyers – NO CHARGE
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Bransgroves Lawyers used for 1 in every 4 loans – NO CHARGE
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The lender pays 0.006% of the principal for every loan they advertise on Omicron. Thus for a $3M loan they would pay $180. This gets auto deducted from your credit card when your lawyer confirms the loan details.
Lenders who use the platform are subject to Terms and Conditions.
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