What sort of lending?
Each investor has a unique profile on Omicron where they update their loan criteria. The loan criteria are divided into the following categories:
- First Mortgages
- Second Mortgages
Most investors choose to loan only on First Mortgages. Farmers tend to loan on Rural Mortgages. Only investors with a minimum of 10 years experience should loan on Second Mortgages. Only builders or developers tend to be competent to loan on Construction or Mezzanine Mortgages.
Once an investor has activated a category of investment and filled out their loan criteria they need to keep it current. To remain active on the platform their criteria needs to be verified each week. If it is not then the platform automatically suspends the offering from being visible to brokers. This is vital because brokers need to be certain the information they are receiving is current otherwise the platform has zero utility.
As an investor you should only choose geographic areas that match your intimate knowledge, preferably suburbs within comfortable driving distance of your home. There are two reasons for this, first because you are much less likely to be misled as to the value of the property and secondly because you will be able to personally inspect the property and talk to the local real estate agents.
Later on if you want to expand into commercial property, or into specialized securities, or distant geographic areas it will take time and research. You should therefore only expand your criteria as quickly than you can thoroughly research. As with all investments, knowledge is the key to success.