Finance tool expands to new asset class

by Madison Utley11 Mar 2020

Second-hand asset finance verifier Verimoto has announced it is integrating marine vessels into its platform, enabling brokers and lenders to speed up and automate the verification process with a new asset class. 

Verimoto has already “garnered praise from the broker industry” given its ability to significantly reduce the labour intensive and manual process of chasing documents to complete the sale of second-hand assets.

The app provides automated verification of the sellers’ banking details via a single click; they can instantaneously upload all documentation necessary to meet the lending criteria for marine assets, such as HIN, trailer registration and engine serial numbers. 

By eliminating the need for physical inspections and digitising the entire process, the new update brings “unparalleled efficiencies” for marine financing.

Verimoto estimates it saves brokers an average of 10 days per loan application as there is no longer a need to send a third party to inspect the asset.

“Boats differ from cars in more ways than just floating versus  sinking, with all those variations now verified by Verimoto – enabling lenders to speed up their marine loan fulfilments, while broadening brokers’ lending portfolios," said Peter Hewett, CEO of Verimoto.

Marty Bear, broker and Australian Motorcycle & Marine Finance national manager for Australia and New Zealand, has tried out the expanded platform.

“A report was delivered within 30 minutes, once the inspection is processed. We are happy to recommend Verimoto to anyone looking to improve efficiencies,” he said.