Online lender launches new broker portal

Zagga is an online marketplace lender that uses a custom-built algorithm to match wholesale/sophisticated investors with creditworthy borrowers for loans secured by a registered, first mortgage over real property.

Zagga CEO Alan Greenstein said that as the lending landscape shifts and the banks continue to tighten credit criteria, there is a huge opportunity for trusted intermediaries, such as brokers, to help borrowers access loans through alternative lenders.

“Intermediaries play a vital role in helping to educate creditworthy consumers about the alternative options available to them and helping to find a finance solution that meets their needs,” he said.

“Through our new portal, we want to support our intermediary partners in providing easier access to finance for this growing, underserviced market.”

The portal is tailored to provide client registration and credit assessment via an online application process, which is transparent to the introducer.

“We understand the day-to-day challenges many brokers and financial advisers are facing with lengthy and complex loan applications from large lenders in the market,” Mr Greenstein said.

“We wanted to take the pain out of the process, providing the introducer with a streamlined application process and a fast response, helping to improve their service to their clients.”

Brokers are able to manage all of their client applications within a central dashboard. Once registered on the Zagga platform, a borrower’s application is assessed, and once approved, matched to potential investors.

“Each loan application is individually assessed by our credit team, meaning we can offer greater flexibility in our criteria and process, ensuring we’re able to support a range of different borrowers,” Mr Greenstein said.

“Zagga has processed a loan from initial enquiry to settlement in as little as four business days, so we know that our process works and that we can operate very quickly when circumstances require.”