Loanpower Tech Support

Sometimes it’s hard for Brokers to get a range of competitive offers for their client’s commercial mortgage loan applications.  This Marketplace allows brokers to easily and efficiently submit anonymised details of their applications, from which approved commercial Lenders can make bids.  Brokers will then review the bids, and accept one (only).  The Marketplace will then match the winning bidder (Lender) with that Broker so the Lender and Broker can complete the loan application and settlement process together.

By agreeing to use this Marketplace, each Lender agrees to our Code of Conduct as follows:

• Be fair and transparent with Brokers and Borrowers;
• Not place caveats or seek to recover any fees or costs from Brokers or Borrowers if loans do not settle after their bid is accepted;
• Be a responsible Lender.

We aim to enforce this Code of Conduct, but please we not represent any lenders, and makes no representation about their suitability, financial status or conduct.  The Marketplace is an introduction matching service.

Approved Brokers submit anonymised scenario details to the Marketplace.  Approved Lenders are then notified of each new scenario so that they can make a bid.  Their bid will include all relevant terms, including interest rates, fees, commissions and terms.  The Brooker will review all bids, and accept one (only).  The Marketplace will then match you with that winning bidder (Lender) so you and the Lender can complete the loan application.

• Nothing for a Broker.  When Lenders make a bid they will include the amount (%) of Commission that will be deducted from the loan establishment fee for the loan.  Lenders chose this amount, and you will know how much Commission is on offer when you review all bids for the loan scenario.
• The stated Commission cannot be less than 0.2%.  That is because the Marketplace retains 0.2% (for the marketplace and aggregators).  Anything above 0.2% is what you will receive.  For example, if you a Lender sets the Commission rate at 1%, then 0.8% will be paid to you as the Broker and the Marketplace will retain 0.2% (split between Marketplace and aggregator).
• When a Lender’s winning bid is accepted by you they will be asked to pay the Commission to the Marketplace so it can be held in escrow.  Lenders will not be connected with you until the Commission is paid into escrow.  If the loan does not settle for any reason, the Commission in escrow will be released back to the Lender.  If the loan does settle, then any Commission above 0.2% will be paid to you when both you and the Lender authorise the Marketplace to pay and release those funds.

• The Marketplace will notify the winning bidder (Lender) when you accept a bid.  The Lender will then be asked to pay the Commission into escrow in the Marketplace.  Once that is paid, the Marketplace will connect you with the Lender so you can complete and settle the loan application together.
• Once the loan is settled, then you and the Lender will need to jointly authorise the Marketplace to release the Commission to you (excludinng 0.2% which is shared between the Marketplace and aggregator).
• If the loan does not settle for any reason, the Commission paid will be released back to the Lender.

No. The scenarios are anonymised so the Lender will not know any details about you.  They will only have the scenario details you submit to review and make their bid

No. You will review all available bids and then select one.  Once you select an offer, the scenario is closed for bidding.

If you accept a bid from a Lender, then that Lender will be asked to pay the Commission to the Marketplace to be held in escrow.  When that is paid, you will be connected with the Lender to complete and settle the loan scenario.  If the loan does not settle for any reason after being connected with the Lender, then the Commission paid will be returned to the Lender.

No. Only authorised Brokers can submit scenarios for bidding into the Marketplace.

If you need help at anytime, please do not hesitate to contact us at info@loanpower.com.au

Sometimes it’s hard for Brokers to know who to contact for commercial mortgage loan applications. This Marketplace allows brokers to submit anonymised details of their applications, from which approved commercial Lenders can make bids. The Broker will review the bids, and accept one (only). The Marketplace will then match the winning bidder (Lender) with that Broker so the Lender and Broker can complete the loan application and settlement process together.

By agreeing to use this marketplace, you agree to our Code of Conduct.  Under that Code of Conduct you agree to:

• Be fair and transparent with Brokers and Borrowers;
• Not place caveats or seek to recover any fees or costs from Brokers or Borrowers if loans do not settle after your bid is accepted (you can charge upfront fees in your approvals which do not need to be refunded);
• Be a responsible Lender.

If you breach this Code of Conduct, we reserve the right to remove your access to this Marketplace at any time.

Approved Brokers submit anonymised scenario details to the Marketplace.  You are then notified of each new scenario so that you can make a bid.  Your bid will include all relevant terms, including interest rates, fees, commissions and terms.  The Broker will review all bids, and accept one (only).  The Marketplace will then match that winning bidder (Lender) with the Broker so the Lender and Broker can complete the loan application.

• When you make a bid, you will include the amount (%) of Commission that will be deducted from your loan establishment fee for the loan.  You chose this amount, and Brokers will know how much Commission you are paying when they review all bids for the loan scenario.
• Your stated Commission cannot be less than 0.2%.  That is because the Marketplace retains 0.2% (for the marketplace and aggregators).  Anything above 0.2% is what a Broker will receive.  Therefore if you chose 0.2% as commission, then the Broker Commission is $nil.  As another example, if you chose 0.5% as Commission then the Marketplace will retain 0.2% and the Broker will receive 0.3% Commission.
• When your winning bid is accepted by a Broker you will be asked to pay the Commission to the Marketplace so it can be held in escrow.  You will not be connected with a Broker until the Commission is paid into escrow.  If the loan does not settle for any reason, the Commission paid will be released back to you.  If the loan does settle, then any Commission above 0.2% will be paid to the Broker when both you and the Broker authorise the Marketplace to pay and release those funds.

• The Marketplace will notify you if your bid is accepted.  You will then be asked to pay the Commission into escrow in the Marketplace.  Once that is paid, the Marketplace will connect you with the Broker so you can complete and settle the loan application together.
• Once the loan is settled, then you and the Broker will need to jointly authorise the Marketplace to release the Commission to the Broker (including 0.2% which is shared between the Marketplace and aggregator).
• If the loan does not settle for any reason, the Commission paid will be released back to you.

No. The bids are anonymised so the Broker will not know any details about the Lender. They will only have the terms you submit to review and select bids.

No. The Broker will review all available bids and select one.  Once a bid is selected, the scenario is closed for bidding.

Yes. The Marketplace will notify you if bidding is completed and you were unsuccessful in your bid.  Your bid for that scenario will then be automatically closed.

If your bid is accepted by a Broker, you will be asked to pay the Commission to the Marketplace to be held in escrow.  When that is paid, you will be connected with the Broker to complete and settle the loan scenario.  If the loan does not settle for any reason after being connected with the Broker, then the Commission paid will be returned to you.

No. Only authorised Brokers can submit scenarios for bidding into the Marketplace.

If you need help at anytime, please do not hesitate to contact us at info@loanpower.com.au