Broker accreditations a key driver, says fintech
Homeowners buying a new property before they sell their existing one is driving increased demand for short-term bridging finance, Funding.com.au says.
The non-bank, digital-only lender, which specialises in bridging loans, business loans and building loans, said application and settlement numbers were at record levels. Additionally, monthly broker accreditations were in double digit growth, it said.
Funding.com.au chief revenue officer Lee Slattery (pictured above) said its model was built for brokers, providing fast approval and settlement for their clients.
Clients were able to receive a credit decision within two hours and loan settlement within three days, he said.
Read next: Funding launches dedicated broker portal
”Broker accreditation has now been at double digit growth every month, leading to a record number of new brokers offering funding.com.au to their clients,” Slattery said.
Brokers can be accredited within an hour, and Funding.com.au is able to approve deals in two hours. There is also no clawback on commission, he said.
Using Funding’s dedicated portal, Slattery said brokers could lodge deals, access tools, and view their applications and loan portfolio.
“Our ability to offer code and non-code bridging, business and building loans up to $10 million for up to 36 months, with prepaid and interest and no ongoing fees and charges has given brokers a unique product offer to their clients,” Slattery said.
While the property market had entered a downturn, properties are still bought and sold. For homeowners who buy a home before selling their current home, speed and ease of securing funding is a key driver, he said.
Read next: When will house prices find their floor?
To continue to meet the two-hour turnaround time on loan approvals, the non-bank lender said it had expanded its team of BDMs in Queensland, NSW and Victoria, and its local Brisbane and Gold Coast credit team.
Funding said staff also assisted with direct access to quote deals, credit advice, broker support, deal workshopping and product training, if required.
In April 2022, Funding secured $37.5 million in a debt and equity capital raise, through which a new debt facility was secured through MA Financial Group Limited.
Funding is planning a major brand campaign, that it anticipates will continue to raise awareness of its bridging finance product among customers, and drive enquiries to brokers.