Offer includes prescribed interest rate and rebate
FINSTREET has expanded its offering to include short-term bridging finance for businesses requiring funding for growth, or to release equity from property.
FINSTAR Blue, available under FINSTREET sub-brand FINSTAR Capital, is a short-term business bridging loan designed for Australian businesses, including self-employed business owners and tradespeople, and business owners looking to downsize to release equity.
Available for a limited time through FINSTREET brokers and business partners, FINSTAR Blue provides additional funding on a short-term basis.
FINSTREET executive director and chief strategy officer Darren Liu (pictured above) said that the business had grown and transformed from a mortgage manager into a broker-centric fintech platform, designed to help brokers and borrowers gain access to loan solutions that are fast, flexible and simple.
“Under our key sub-brand FINSTAR Capital, FINSTREET Group is supporting Australian business owners, trades people, self-employed customers, and downsizers with a short-term business bridging loan to provide a quick cash injection or equity release under a special limited time only offer,” Liu said.
The FINSTAR Blue Special offer is available for a term-period of three months and can only be accessed through brokers and business partners within the FINSTREET network, he said.
“By providing brokers with the right products and offers such as our FINSTAR Blue Special, we can enable them to better serve their business owner, trades, self-employed, and downsizer clients with a short-term business bridging loan to provide a quick cash injection or equity release,” Liu said.
“This in turn will help these borrowers continue to help grow their businesses during a challenging economic environment.”
Liu said that the fintech was proactively responding to challenging market conditions, including rising interest rates and higher inflation and the changing employment profiles of borrowers following COVID-19. These factors have led to changes in lending conditions and business requirements for funding.
“By offering solutions for start-ups, self-employed individuals and borrowers with equity, we are addressing the specific needs of these customer segments,” Liu said.
Set interest rate, interest rate rebate offered
The FINSTAR Blue product is currently available at an interest rate of 8.99%, with a 3% per annum interest-rate rebate for a period of three months and closes on 31 December 2023.
For loan amounts from $250,000 to $5 million with a loan-to-value ratio (LVR) of up to 70%, a 3% per annum interest-rate rebate applies.
“This means the current rate special offer will be 5.99% p.a. for 3 months,” Liu said.
One of the advantages of FINSTREET Group is its transparent fee structure, he said. Under the FINSTAR Capital Blue product range, the application fee of $3,300 is refundable at the settlement date.
“Additionally, we do not charge a Risk Fee against our LVR settings … this is welcome news for business owners, trades, self-employed, and downsizer borrowers, as this provides additional cashflow relief back into their business,” Liu said.
In addition to short-term bridging lending, FINSTREET would continue to offer more complex transactions, such as construction loans, commercial loans and self-managed super fund (SMSF) lending, he said.
“FINSTREET Group is investing in the third-party channel by developing good products to partner with brokers, which also aligns with the collaborative nature of the mortgage industry,” Liu said.
“Our key goal is to help brokers enhance their customer proposition and improve customer retention efforts.”
Brokers could find out more about the FINSTAR Capital Blue special cash rebate offer by submitting a scenario via its specific FINSTAR Blue campaign landing page or by getting in touch by phone or email, he said.
What changes are you seeing in business lending, from a business and lender perspective? Share your thoughts in the comments section below.