‘Tinder for Private Lending’ platform launched
A new Australian fintech platform likened to “Tinder for the private lending market” is streamlining this often complicated process.
FundingFinder is a free, searchable database that allows users to see all the private, non-bank offerings available in the Australian property market.
“The problem is that the private lending market is confusing and time-consuming,” Sydney-based mortgage broker Louis Teoh said.
Teoh’s firm, Eden Financial Partners, offers full-service brokerage services, referring short-term, commercial, and construction finance loans to private lenders.
“Who even knows which of these guys have money, which ones are just brokers pretending to be lenders, which ones will actually lend to this or that client?,” Teoh said.
“You can waste a lot of time just trying to figure all that out.”
“It works a bit like Tinder,” Karen Borg, CEO of Funding Doctor, which operates the FundingFinder platform, said.
“Lenders and borrowers get a little information about each other, but their details are private until they decide they want to talk further.”
The platform, which currently has almost 400 private lending offerings, uses proprietary algorithms to match projects with lenders.
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