A non-conforming lender has extended its push to grow beyond low-doc lending with a move into vehicle finance.
Pepper has acquired a $150m auto and equipment finance portfolio from Suncorp. The portfolio includes loans for passenger cars, commercial vehicles and equipment finance, which the company said would enable it to diversify outside of specialised mortgage lending.
Pepper chief executive Patrick Tuttle said the purchase would allow the company to originate vehicle and equipment finance under its own brand.
"By diversifying into auto and equipment financing, Pepper is further extending its product suite to small business owners, self-employed borrowers and other consumers. This also complements our existing strengths as a specialise residential mortgage lender and third-party loan servicer," Tuttle said.