LeBruin, the Dublin-based corporate finance and debt advisory provider, has launched a new online lending platform specialising in providing loans between €1m and €3m.

Called Profunder, the platform 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 will contact the borrower to finalise their loan.

The loan terms offered through Profunder range from 12 to 36 months and interest rates are typically 8% and over, depending on the loan. The platform lends to companies only, through Special Purpose Vehicles.

LeBruin liaised with financial services and technology professionals to create its new platform, including Aleksandra Ljubinkovic, a former Google executive. LeBruin previously launched Origin Capital, a senior debt fund for commercial real estate loans in excess of €3m, in April 2015.

Since its launch, Origin Capital has lent over €70m, and has recently secured funding capacity from Morgan Stanley which will allow the company to provide higher LTV funding for CRE projects across a range of asset classes, and to compete for significantly larger transactions.

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Commenting on the launch of Profunder, director Cathal Fitzgerald said: “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.

“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.”

Le Bruin Private was set up by former Anglo Irish Bank executives Tom Browne and Cathal Fitzgerald. Fitzgerald is the majority shareholder of the company; other shareholders include Dundrum Town Centre developer Joe O’Reilly.

The company said that it has raised over €10bn in new debt and equity funding for clients since 2008. In the 12 months to April 2016, Le Bruin Private booked a profit of €607,000, closing the year out with net worth of €2.2m