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Broker-run platform secures $64.5m development deal

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Reporter 4 minute read

An online financing platform co-founded by Victoria-based broker Marshall Condon has secured funding for a major property development project in Melbourne.

Australian development finance platform Wefund has brokered a $64.5-million deal to fund the construction of a 20-level development in Melbourne.

According to Marshall Condon, a broker who co-founded Wefund in October 2019 – an online platform which matches borrowers to lenders and brokers – the group bypassed obstacles facing property developers seeking finance via traditional channels.

“The Australian property development finance sector is bogged down with time-consuming loan application processes. In many cases, it also lacks transparency and integrity,” he said.

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“This means borrowers often face hidden fees, exhaustive application processes, or offers being amended at the last minute. 

“We are incredibly pleased that our unique and innovative Australian-developed platform, together with our talented credit team, has delivered a great result for our client.”

Mr Condon added that the deal was further evidence of Wefund’s ability to withstand disruption caused by the COVID-19 crisis, providing borrowers with viable financing alternatives amid increased scrutiny from established lenders.

Bill McWilliams, investment director at Maxcap, which received the $64.5-million facility with a loan-to-value ratio of up to 60 per cent for the Melbourne development, lauded Wefund’s offering.

“Working with Wefund to secure this transaction has been a refreshing process. Their platform gave us all the information we needed in the first instance to provide an offer back to the client much quicker than traditional methods,” he said.

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“To get a transaction of this size across the line, you need to be working with experienced professionals, and the team at Wefund were certainly up to the task.”

 [Related: Effi announces tech council, appointments]

Broker-run platform secures $64.5m development deal
bank of mum and dad
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