Given the “very positive” response received in the three months since Australia’s first AI-powered commercial lending platform was launched, its developer has announced that the next stage of progress will be guided by mortgage broker feedback.
Lenflo, developed by Global Capital Commercial, compiles and organises loans from 450 funding sources, significantly reducing the time and effort commitment required by brokers.
“The proof of concept has been done. We’re very pleased with it. You’re only putting data in once, there’s no duplication. The approval rating is in the 90s. Now it’s all about improvements and enhancing efficiencies,” said Bill Salouris, director of Global Capital Commercial.
“At the moment, we’re still in the trial run with about 70 brokers. We’ve been updating as we go, so there are a lot of new features coming online with increases in efficiency. We’ve gotten good feedback all around,” he added.
The platform aims to help mortgage brokers diversify through simplifying commercial property loans, development finance, residential loans and SMSF loans for business borrowers, business loans and equipment finance – all of which can be significantly more complicated to arrange than residential loans.
“Mid-June, the plan is to sit down and talk to home loan brokers. We’re going to be developing videos and webinars so they can actually see the platform working and can test drive it themselves,” Salouris said.
“We’re working on some price guides to come out sometime this month where a user can get feedback on if the price they’re currently paying for a commercial loan is too much. The platform will come back almost instantly with where your pricing sits within the market and if you should reconsider refinancing.”
According to Salouris, this update will bring transparency and accountability to the commercial sector.
“In the resi space, the pricing for each lender is there for all to see. In commercial, that’s not there. It’s all negotiation. So we’re hoping to shake things up a little bit,” he concluded.