The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Interested in a Corporate TUD+ Membership? Access premium content, site tours, event discounts and networking opportunities
Interested in a Corporate Membership? Access exclusive member benefits today
Enquire NowEnquire
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Partner Lab
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
4
print
Print
FinancePartner ContentThu 26 Aug 21

Wefund Pioneers New Way to Secure Non-Bank Lending

a9335d19-6b9e-4a8b-955a-07b66e55f415

In less than five years the non-bank lending sector in Australia has undergone massive expansion.

The popularity of this avenue for funding projects is undeniable, yet it is not without its disadvantages—and pitfalls.

In early 2019 two people working in the sector decided things needed shaking up; that there was a better way.

Marshall Condon, a commercial broker and property banker, and Roy Coughlan, a non-bank lender and corporate banker, could see time, energy and money was being wasted on both sides of the fence—borrowers and lenders.

The pair founded Wefund to end those disadvantages and to streamline the process.

The pair teamed up with the tech co-founder, Richard Owens, to lean on his extensive experience building tech platforms specifically for finance and property.

The core of the business was built around the proprietary Wefund platform developed specifically for property and development finance. Almost two years in development, it has facilitated quick, efficient and accurate finance between clients and lenders.

It means each project's individual needs and nuances are understood through algorithms and data solutions which enables Wefund to select the best suited lenders for the scenario.

Wefund’s proprietary algorithms are at the heart of this to instantly know where the market sits at any time.

It also means a project’s details are available to a range of lenders in one place, saving developers time and adding a competitive edge for lenders to meet.

It’s a change to the sector that’s has more than once been labelled a game-changer.

▲ Wefund co-founders Marshall Condon, Richard Owens and Roy Coughlan.

Condon said Wefund had now been in business for almost two years, during which period the process and software had been honed even further, creating a service without equal.

In that time Wefund has processed in excess of $2 billion in loans.

“Based on the data we capture daily from our lenders, we can quote accurate, indicative rates instantly—no-one else is offering that,” he said.

“For a term sheet for straight-forward land transactions it can be 24 hours, while for construction deals it can be between one and two weeks, depending on the complexity of the transaction.

“For anyone in the sector, these timelines are a revelation.”

Wefund is suitable for a wide range of property and development lending, including construction, site acquisition, land subdivision, bridging finance, second mortgage, residual stock and refinance-equity release.

“We value or lenders as well as our clients,” Condon said.

“We are in the business of forming partnerships—we want to see developers and projects succeed and facilitating that is a huge part of why we’re doing what we’re doing.

“Roy and I knew there was a better way for projects to land funding, a way that would bring efficiencies to everyone involved in the deals, so that’s what we set out to do.

“That we have return customers and positive feedback across the deals we’ve helped facilitate is testament to its success.”

As always, time is money

Reducing the time to secure funding has been one of the biggest advantages to being a Wefund client, according to YourLand commercial manager Robbie Kissane.

One of Victoria’s leading private property developers, YourLand Developments was established in 2009 and has completed significant projects across Melbourne, Bendigo and the Surf Coast.

▲ Victoria-based YourLand has developed projects across across Melbourne, Bendigo and the Surf Coast.


Kissane said the shorter timelines for responses had been a revelation, while Wefund’s scope of lenders meant sourcing the right funding was also less time consuming and simpler.

“As well, the team are good to work with—they ‘get it’,” he said.

“They understand a project more readily and easily so the funding options they present are right for the individual nuances of that project.”

YourLand had also found using Wefund meant landing the best deal.

“Wefund is a total game-changer for us,” Kissane said.

Submit a scenario and get indicative rates in 24 hours.

Click here and tell us about your development project.


The Urban Developer is proud to partner with Wefund to deliver this article to you. In doing so, we can continue to publish our daily news, information, insights and opinion to you, our valued readers.

IndustrialResidentialAustraliaFinanceSector
AUTHOR
Partner Content
More articles by this author
ADVERTISEMENT
TOP STORIES
Anthony and Paul Mancini HERO TEMP
Exclusive

Adapt or Die: How Mancini Pulled Back from the Brink

Leon Della Bosca
8 Min
Elanor Investors Tweed Mall masterplan
Exclusive

Tweed Marks Time as $900m Mall Redevelopment Goes Quiet

Renee McKeown
6 Min
High-density residential construction in Melbourne
Exclusive

Stabilising Conditions in Melbourne Bring Hopes of Improved Feasibility

Leon Della Bosca
6 Min
QBCC project trust accounts hero
Exclusive

Developers Warned as Commission Cracks Down on Subbie Pay Scheme

Clare Burnett
7 Min
Urban Infill site at Tonsley SA
Exclusive

SA Grapples with ‘Development Killer’ Carparking Law Changes

Leon Della Bosca
7 Min
View All >
the view to Victor Harbor in Greater Adelaide.
Residential

Bill Unlocking 61,000 Home Sites Passes in South Australia

Renee McKeown
GPT/QuadReal First Partnership EDM
Industrial

GPT, QuadReal’s $1bn Deal Joins Rush for Aussie Logistics

Clare Burnett
Anthony and Paul Mancini HERO TEMP
Exclusive

Adapt or Die: How Mancini Pulled Back from the Brink

Leon Della Bosca
A father’s advice inspired a pivot that not only saved two brothers’ construction firm but drove it to new heights…
LATEST
the view to Victor Harbor in Greater Adelaide.
Residential

Bill Unlocking 61,000 Home Sites Passes in South Australia

Renee McKeown
2 Min
GPT/QuadReal First Partnership EDM
Industrial

GPT, QuadReal’s $1bn Deal Joins Rush for Aussie Logistics

Clare Burnett
3 Min
Anthony and Paul Mancini HERO TEMP
Exclusive

Adapt or Die: How Mancini Pulled Back from the Brink

Leon Della Bosca
8 Min
Coliving Chippendale EDM
Residential

Plans for $31m Co-Living PBSA in Sydney CBD Revealed

Clare Burnett
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/why-wefund-says-its-revolutionised-non-bank-lending