Fractional investment property firm DomaCom is suggesting that the election of a Labor Government may make its platform one of the few remaining legal ways to access debt for property investment.
The publicly-listed company announced this week that it had grown its funds under management (FUM) by 20 per cent to over $50 million, with its chief executive, Arthur Naoumidis saying that it had noted a marked acceleration in deals on the platform.
As well he said that as the company drew down on its $50 million debt facility from La Trobe Financial it looked forward to the acceleration continuing.
“DomaCom is in ongoing discussions with financial advisers that are looking to use our fractional investing platform and, now that we have a significant debt facility ‘at the ready’, they can utilise this property investment platform for their SMSF clients,” the company’s statement said. “The need for DomaCom’s platform has become particularly evident in the past few months as most large banks have pulled back their lending into the investment property market.”
“Furthermore, the potential for a change in Federal Government, and the changes that the Labor Party has already flagged for investment property, could result in DomaCom being one of the few remaining legal ways to access debt for property investment,” it said.