DomaCom completes crowdfunding campaign for mortgage backed loan
A Newcastle-based advice firm has used the DomaCom platform to acquire a $1.6 million residential property in Melbourne through a crowdfunding campaign.
Financial advice firm Shartru Wealth Management used the DomaCom platform to undertake two campaigns for the acquisition a $1.6 million residential property using both debt and equity.
A crowdfunding campaign was completed to raise approximately $682,000 for the equity component and another campaign was completed to raise the remaining $948,000 debt.
The loan is secured by a first mortgage security on residential property with a LVR of around 60 per cent.
Shartru chief executive Rob Coyte said he was pleased to finally be able to deliver a tax effective investment for growth-oriented clients whilst also being able to deliver an attractive income investment to retiree clients.
DomaCom chief executive Arthur Naoumidis said advisers can now fund both the equity and the debt portions of a property investment which enables them to provide the appropriate investment outcomes for both accumulation and retiree clients.
“We are now looking forward to accelerating our funds under management with these new debt facilities, particularly in the SMSF space. SMSFs can have a precise asset allocation to real property via DomaCom, including debt, without the need for a bare trust, limited borrowing and with all the additional administration and cost involved,” said Mr Naoumidis.
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates. Miranda has also directed SMSF Adviser's print publication for several years.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.