A number of private lenders have partnered up with DomaCom to provide the property crowdfunding firm's managed investment scheme with an initial lending line of $100 million.
In a statement, DomaCom chief executive Arthur Naoumidis said the lending facility would allow the company to purchase up to $250 million in property.
“We have been seeking a default lending solution for our platform for three years as it is clear that advisers are seeking to use debt to deliver long-term tax effective returns for their clients,” he said.
“In addition to the recently announced capacity to being able to crowdfund their own debt, advisers can now simply select the debt level they are seeking for a particular property investment and the DomaCom platform will manage the loan application process.”
The statement added that DomaCom is “also progressing discussions” with a number of banks with plans to provide additional lending facilities “that will provide further choice to financial advisers for their clients’ property investments”.
“In an environment where obtaining investment loans is becoming more difficult, we believe a leveraged property investment with a relatively low loan-to-value ratio that is positively geared will be attractive to financial advisers,” Mr Naoumidis said.
Former CEO of ING Direct Vaughn Richtor will assume the role of chairman at MyState following the retirement of Miles Hampton, the compan...