How Do I Get Funding Under MyBrix?
For property owners there are four stages to the Funding Process including:
This blog describes the process of listing a property on MyBrix, with details on each stage of the process.
The initial assessment is an automated process with the outcome a report delivered to the property owner by email along with a full Information Disclosure Statement (PDS). The property owner reviews the assessment report to decide if they want to make an application to list on MyBrix.
The property assessment report includes the Investment Attractiveness Rating (IAR) which is a score out of 1000 to provide guidance to investors on the potential return on investment possible from the property. The assessment report also includes the estimated market value range of the property (based on data available on the property) and the potential funding range possible. At this stage, no guarantee of funding is made.
All estimated values in the Assessment Report are generated:
- By a computer driven mathematical model in reliance on available data.
- Without the physical inspection of the subject property.
- Without taking into account any market conditions (including building, planning, or economic).
- Without identifying observable features or risks (including adverse environmental issues, state of repair, improvements, renovations, aesthetics, views or aspect) which may, together or separately, affect the value.
Any estimated values are current only at the date of publication or supply and MyBrix can’t guarantee that an estimated value is an accurate representation as to the market value of the property. If you are not satisfied with the estimates provided in the automated Assessment Report, you can request a more detailed manual assessment by a licensed valuer and a manual report will be compiled. Please note this option will have additional fees and charges and there are NO REFUNDS for either the automated assessment or the manual assessment.
The Disclaimer (sorry, we have to have one): The information provided in the report is of a general nature and should not be construed as specific advice or relied upon in lieu of appropriate professional advice. While MyBrix uses commercially reasonable efforts to ensure the data provided is current, MyBrix does not warrant the accuracy, currency or completeness of the Report and to the full extent permitted by law excludes all loss or damage howsoever arising (including through negligence) in connection with the report which is compiled from other 3rd parties for presentation to you by MyBrix.
Property application includes Know Your Customer (KYC), ie, full identification of the applicant and Anti Money Laundering and Counter Terrorism (AML) compliance checks. All people on property title must undergo KYC/AML checks.
In addition, it is important that you read the Product Disclosure Statement (PDS) and acknowledge you have read and understood the (PDS).
As part of the Application process a detailed manual valuation of the property is undertaken by an independent licensed valuer (approx. 2 to 4 weeks) with a full report sent to the property owner.
The valuation report is sent to the property owner for consideration along with the market valuation and maximum funding possible under MyBrix. At this stage, no guarantee of funding is made.
Pro-forma mortgage documents are also provided at this stage.
All parties on the property deed need to seek independent legal advice regarding the product and the associated documentation provided by MyBrix. It is a MyBrix requirement that a Solicitors certificate is obtained and provided by the Property Owner to MyBrix acknowledging they have sort independent legal advice.
Once the application process is complete and the amount of funding to be secured from investors is agreed, the property will be listed to undertake an Initial Brix Offer (IBO).
An IBO is where the investors are informed about the property on offer, how many Brix and type of Brix on offer as well as the price of Brix. The high-level details of the property, the Property Assessment Report and the valuer report will also be available for the investors to review. Specific address details are not disclosed only Street Name, Suburb, and State.
Once the IBO is fully subscribed funding is guaranteed and the property can move to the Settlement stage.
Property settlement is the final step in the process. The mortgage documents are signed and a licensed conveyancer will finalise all the details with your outgoing bank and you as the property owner.
In this part of the process there is typically a number of parties involved so that no minor details are overlooked and all monies that are part of the settlement are accounted for during the final transaction.
Once all items are completed by all parties the conveyancer will book in the settlement and discharge your current mortgage as well as establish the MyBrix mortgager as security for all Brix holders.
MyBrix does not provide any financial, Tax or other advice, you must obtain your own independent financial, legal and tax advice regarding the appropriateness of using any MyBrix Services, having regard to your personal objectives, financial situation and needs. You should not make any decision, financial, investment, trading or otherwise, based on any of the information presented in this blog, any and all information presented in this blog is provided for information only and any action you take as a result is at your own risk.