New manager appointed to lead expanded commercial offering
Non-bank lender Resimac has entered the secured business loans (SBL) space with a bang.
It has launched a new SBL division in its asset finance business and appointed a new national distribution manager, Nick Loan (pictured above), to lead it.
With a proven track record spanning more than three decades in commercial, industrial and retail property, Loan brings significant skills and expertise in property transactions and funds management.
Secured business loans help commercial borrowers
“I’m excited to join Resimac at a time when secured business loans are an increasingly attractive and relevant solution for commercial borrowers,” Loan said.
“Challenging market conditions have seen many businesses take up different types of loans to get by, including unsecured loans, personal/business loans, and car finance, with interest rates that can run as high as 24% pa.”
Loan said a secured business loan, secured against residential property, gave commercial borrowers an opportunity to consolidate their loans and ATO debts at a much lower interest rate compared to unsecured loans, helping them free up cash flow for their business.
“There’s a massive opportunity here for brokers to grow their business and diversify into commercial finance if they’re not in this space already,” he said.
Resimac refines SBL product to meet broker, client needs
While the concept of secured business loans isn’t new, Resimac has refined the product to meet the needs of brokers and their clients in the current market.
“We spoke to a lot of brokers when developing this product, and the overriding consensus was clear,” Loan said.
“Brokers want to do business with a lender that offers certainty, consistency, quick decisioning speed, fast settlement, and the credibility of a trusted brand. These are all things that Resimac brings to the table.
“Brokers also told us their clients wanted the flexibility of longer loan terms, so we’re offering up to five years for P&I.
“Importantly, we’re not just ticking boxes when it comes to credit assessment. Whether it falls within our credit policy or not, we always look for ways to try and make the deal work.”
Loan said as a division within the larger Resimac Group, brokers received the assurance of working with an ASX-listed non-bank lender that had been in securitised lending for nearly 40 years, with over $14 billion in assets under management.
“We’re not getting into this game as a small player,” said Loan. “While other lenders in this space are typically privately funded, we have the advantage of a stable institutional funding platform via several warehouse lines.”
“When brokers do business with us, they can trust they’re partnering with a reputable lender that’s in it for the long haul, and who’s committed to delivering the best possible outcomes for their clients.”
Resimac Asset Finance recently recruited new BDMs for Queensland, Victoria and Western Australia and completed its acquisition of a $136 million equipment loan portfolio from Thorn Group.
Resimac has also made changes to its senor leadership team in an effort to become the non-conforming and asset lender of choice for brokers.
For more information about Resimac Asset Finance’s secured business loans, click here.
