Lenders who use the Omicron are typically investing their own self-managed superannuation or private wealth funds. Our service is designed to provide private lenders with the ability to compete with institutional lenders for the best deals available in the market.
The lenders who derive the most benefit from Omicron (write the most loans through the platform) are those who develop close relationships with a stable of brokers with whom they do repeat business. The benefit they derive from the platform is being able to alert their preferred brokers as to their availability of funds without having to call them or be called by them. This in turn allows the lender to deal with a larger pool of brokers and so have the pick of a larger pool of loans.
Omicron has a profile for each lender which is visible to matched brokers and contains their lending criteria. The profile also includes:
A history of all loans written on the platform by the lender, including settlement date, principal, security suburb, interest rate, default status, broker star rating and broker reviews;
Statistics on the lender’s settled loans, including default rates and star ratings;
Statistics on the lender’s rejection-to-acceptance ratio, including ratios of the standard reasons given;
Reviews written by the lender about other brokers.
This information allows brokers to be discerning in deciding which lenders they deal with and vice versa.
Lenders can offer any of the following categories: first mortgages; second mortgages; construction mortgages, mezzanine finance; rural mortgages and land bank. For each category the lender must define the applicable loan criteria including geographic preferences, security types, gearing and establishment fees. A category offering can also be paused when all funds are deployed.
At anytime the lender can suspend their profile (and disappear from the view of the brokers). The lender can also ban or suspend particular brokers from seeing their profile.
The role of the lender is to:
keep their lending criteria up-to-date to ensure it genuinely represent their funds availability. This prevents the system from down rating them for rejecting loans that fit their published criteria which other lender’s with good track records subsequently accept.
respond promptly to Enquiries by brokers. This prevents the system from suspending their profile and, in the case of repeat offences, expelling them from the platform;
perform due diligence on the loan scenario and security property;
instruct an Omicron-accredited solicitor to act on the advance with the click of a button.
review the certification as to title and upon acceptance transfer the advance funds to the solicitor’s trust account.
rate the broker after a loan settles.
Lender Terms and Conditions
Lenders who use the platform are subject to Terms and Conditions.
Omicron uses a star-based rating system and displays metrics for every loan written by every lender and broker through the platform. This ensures that our brokers and lenders can be sure their counterparty has the track record of professionalism necessary for success.
Our lenders advertise their funds availability through the platform, this results in deals coming to them instead of needing to call around brokers. Additionally, our code of conduct and metrics on broker performance allow lenders to confidently deal with a wider range of brokers, and therefore a bigger potential pool of deals.
Our brokers use Omicron to find the best lender available for their particulare deal. The metrics on each lender which we display allow our brokers to have confidence in dealing with a wider range of boutique lenders.
Omicron utilises a star-based rating system and display metrics from every loan written through the platform. This ensures that brokers and lenders can be sure the counterparty they are dealing with has the track record of professionalism necessary for success.
Omicron is a network of private mortgage lenders and the brokers which takes the guesswork out of placing a loan privately.