RateSetter reported that more than 600 loans worth a total of $10 million have now been facilitated through the platform since it was launched in November 2014, with SMSFs providing the funds for 25 per cent of these loans.
The lending platform said it is experiencing increased interest from lenders, with registrations up 50 per cent over the past three months, especially among SMSF investors.
RateSetter chief executive Daniel Foggo said that in just 10 months, the platform has received $220 million in loan enquires and has attracted over 1,500 Australian investors.
“We think with interest rates at record lows, and returns on our platform of up to 10 per cent, RateSetter is an attractive option for everyday investors looking for better yield,” said Mr Foggo.
“We have benefited from being the only P2P platform licensed by ASIC to accept retail investors. Our investment in forging the path with ASIC towards opening up P2P lending to all Australians has paid off.”
Not an issue Norm if the SMSF sets it up correctly. There are a number of different ways that a SMSF can legally borrow.
Confused! I assume SMSF’s are the lenders on this platform. Given high returns ‘of up to 10 per cent’ … is it fair to say these SMSF’s are taking risks higher than they would with ‘corporate’ debt? These SMSF trustees should remind themselves that there are no free lunches here … However, in the unlikely event that SMSF’s are the borrowers … they are surely in breach of the superannuation laws?