NAB-owned aggregator FAST
has achieved record growth, as its network of brokers captured almost half of the $3 billion of commercial settlements originated by the channel in the first quarter of 2016.
The aggregator has announced the value of its loan book has hit $60 billion, after business lending origination doubled over the past two years, rising from $3 billion in FY14 to $6 billion this year.
According to data from Comparator FAST’s 1,200 brokers captured 45% of the $3 billion of commercial lending loans originated by brokers in the first quarter of this year. Growth in residential lending has also remained strong, with settlements topping $1 billion a month for the 15th month in a row.
“Commercial and business lending expertise is part of our DNA. This phenomenal growth speaks to the strength of our brokers, as well as FAST’s network of partnership managers, dedicated to supporting our brokers with business lending opportunities,” FAST CEO Brendan Wright said.
Wright said FAST brokers are now settling an average of $500 million in commercial and business loans every month with 60% now offering an additional service outside of residential finance.
It is a trend he expects to continue as small businesses are increasingly attracted to the third party channel.
“Clients are turning to brokers with a much broader set of needs and more complex queries. This is something we expect to see more of as the market continues to evolve and mature. There is enormous opportunity for brokers to guide clients through more sophisticated residential finance options as well as broader business and commercial finance solutions,” Wright said.
“Our focus has always been on providing the best possible products and support to help our brokers grow their businesses across multiple revenue streams. FAST is committed to empowering our brokers to excel in a dynamic and changing industry both now and into the future.”