Wednesday, 13 March 2019 10:27

AI-powered lending platform launched in Australia

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AI-powered lending platform launched in Australia Image courtesy of Sujin Jetkasettakorn at FreeDigitalPhotos.net

An entirely paperless and AI-powered commercial lending platform, designed for both brokers and borrowers, has been launched in Australia, with several million dollars and three years invested in its development to date.

The platform, named Lenflo, has been developed by commercial lender Global Capital Commercial and funded by its parent company, corporate adviser and lender Challis Capital Partners.

The AI-powered lending platform — claimed as Australia’s first-to-market — is designed to give borrowers access to loans by investment banks, private lenders and high-net-worth investors, as well as banks and non-banks.

And the platform manages commercial property loans, development finance, residential loans and SMSF loans for business borrowers, business loans and equipment finance.

{loadposition peter]Global Capital Commercial says the platform, offering more than 450 lenders, has the capacity for $1 billion in settlements per month and — in an era of tightening lending by the banks — has predicted it will boost commercial loan approvals by 500%.

For Global Capital Commercial, which says it has originated over $10 billion in commercial loans since 2001, with current monthly volumes over $300 million, the product has been the result of extensive years of searching the market for similar platforms.

“If we could find such a platform, we would have bought it – even at a six-figure sum,” says Global Capital Commercial spokesperson Andrew West.

“Most of what we found was dated access databases that could not incorporate emerging technologies that integrate and streamline the enquiry-to-settlement process.”

Global Capital Commercial says that, apart from the myriad borrower benefits, Lenflo’s AI technology will enable home loan brokers to now offer commercial and business loans.

The company says that in light of the recommendations of the Banking Royal Commission final report — which will make business tougher for brokers — the platform will help brokers diversify and significantly grow their business.

Feedback from Global Capital Commercial’s home loan brokers is their revenues had already dropped by up to 40-50% in the tightening residential market from peak 2017 levels – and further drops will take place in 2020, when the Royal Commission’s recommendations take place.

“Our platform will help brokers maintain their incomes in 2020 and beyond – they are able to immediately moving into commercial loans,” says West.

“Our AI-driven pricing engine identifies the optimum finance product for any requirement.

“Instead of painstakingly researching areas of business they are not familiar with, brokers are guided through the process required for a particular borrower category, from property developers, property purchase and loan refinancing, to self-employed borrowers, SMSFs, bridging finance and other business customers.

“As financial products become more sophisticated and niches grow, there are more specialist areas of lending dotting the landscape. Our platform will help brokers successfully navigate these areas.”

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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