Thu Oct 07, 2021
BRISBANE - Even as COVID19 lockdowns were shutting down states, a new collaboration between two fintech systems, integratedCAPITAL's E2EFiPLATFORM™ and Purcell Partners' LEXTECH platform, was able to seamlessly complete a private lending transaction which had to bring together parties from Melbourne, Port Macquarie, Surfers Paradise and Brisbane.
integratedCAPITAL Director Richard McKeon, said that the experience was only made possible by using both private lending technology platforms together.
Without all parties to the $9,300,000 settlement transaction being able to collaborate securely and safely online this would not have happened. In fact, it would have been near impossible to organise all parties to attend a physical private lending settlement, to have documents executed and to bring together all the moving parts necessary to complete whilst lockdowns were starting and ending.
The true potential of the cutting edge LEXTECH system is only realised with a law firm partner such as Purcell Partners, being not only a legal partner, but a partner who works with us to resolve difficulties in a common sense, practical and commercially viable manner.
Jade Peace and Jack Meredith from Purcell Partners provided excellent service throughout. Richard McKeon from integratedCAPITAL met with Jade and Jack only once whilst he was in Melbourne attending a Fintech Australia Conference. Furthermore, that meeting was just for a face to face introduction and a cup of coffee at a time when that was possible. All other aspects of the transaction happened on online with the two fintech systems.
All of the legal Due Diligence was able to be undertaken on the LEXTECH platform which made it simple to keep track on which conditions precedent were complete and which were still outstanding.
Additionally, there is a great notification system built into the LEXTECH platform which integratedCAPITAL used in the lead in to the settlement.
With the marked increase in cybercrime and, in particular, attacks on emails containing financial information, it was reassuring to know that exchanges of sensitive transaction information was taking place behind the combined security of the LEXTECH and E2EFi™ platforms.
Similarly, facility document preparation, tracking and editing during the Due Diligence phase was a breeze on LEXTECH's platform. The need for paper exchanges was kept to an absolute minimum.
Lastly and perhaps most importantly, the funding of the loan facility completed as planned on settlement day – Friday 30th July via PEXA with parties attending electronically from their respective States.
All this occurred whilst the state of New South Wales extended its lockdowns (which had been in place from the 14th July) and Victoria was deep into its fifth lockdown at the same time.
A triumph of fintech systems over COVID19 lockdowns, a collaboration certainly worth shouting about.
We welcome all Proposal enquiries - big or small. Our dedicated team is always ready to discuss lending opportunities as we continue to build our technology platforms to cope with a post COVID19 environment.