LeBruin has launched a new online lending platform branded Profunder to specialize in providing loans of between €1m and €3m. Profunder allows borrowers to apply for a commercial real estate loan through a four-step online application process. Feedback is provided to borrowers at each stage, and if an application meets Profunder’s lending criteria, a representative contacts the borrower to finalise their loan.
“We’re very excited about the launch of Profunder. Over the last two years, we have seen through our experience with Origin Capital that there is an ongoing un-met need for alternative funding sources in the Irish market,” commented LeBruin Director Cathal FitzGerald. “At the same time, our extensive research has shown that there is a real opportunity to use financial technology to improve the loan fulfilment process for borrowers. We think there is a great opportunity for Profunder to become a leading provider for commercial real estate loans between €1m and €3m.”
Profunder aims to provide liquidity in the sub-€3m lending market, which according to the platform, continues to be underserved by traditional lenders. The online application form has also been designed to make the loan application and drawdown process less time consuming and more efficient for the borrower.
In developing Profunder, LeBruin liaised with experienced financial services and technology professionals including former Google executive, Aleksandra Ljubinkovic. The team researched a number of financial technology platforms to see how this growing area of financial services could be applied to the Irish market.