How it works

1. SMEs apply for loans up to $2m via their own brokers or directly tyrough SANAFinance (licenced broker with and exclusive sponsor for loans listed on th ThinCats Australia platrom), who vet applications and prepare detailed credit submissions on behalf of the borrowers.

2. ThinCats Australia accepts applications and lists eligible loans for auction on the ThinCats Australia platform, with supporting documentation.

3. Registered lenders transfer funds to a trust account held with an Australian ADI, directly assess loans and bid for fractions of loans (minimum bid $1k) in an auction, on the ThinCats Australia platform.

4. On completion of a loan auction, the borrower executes security documentation certified by specialist lawyers, in favour of ThinCats Australia Nominess as Trustee for lenders, and funds are transferred from lender accounts to the borrower.

5. Borrower repays loans on a monthly basis. All transactions processed in the trust accounts with the ADI are reconciled daily to individual lender and borrower accounts on the ThinCats Australia platform.

6. The loan is repaid over the term and in the event of default, a lenders majority will approve remedial action including the appointment of an independent collection agent.

7. Potential to sell loans prior to maturity date on the secondary market, via the ThinCats Australia auction platflorm.