One of the major names in commercial finance, Lend.com.au, has added four more lenders to their asset finance panel.
Earlypay, Group & General Finance, Drive Financial Solutions and Finance One will all be available to Lend brokers, giving them far wider options to service SME and other commercial clients.
These new lenders really strength our asset finance capabilities for our brokers,” said Andrew Moulds, Head of Asset Finance at Lend. “They broaden the product and asset classes beyond what is a typically narrow view of automotive assets.”
“Our platform is continuing to do that heavy lifting and identify the right lender, but now for a wider range of asset types. It enables brokers to truly expand into asset finance rather than just playing on the edges.”
Diversity is particularly vital in the asset finance space, as lenders need to be as varied as their wide-ranging client base.
“There’s a huge range of equipment out on the marketplace and that diversity is critical for brokers because their clients are equally diverse, both in their credit profiles and in the assets that they wish to acquire’” said Moulds.
“Beyond the motor vehicles, the classic trucks and trailers, through to things like materials handling, construction, plant and equipment, office equipment, even demountable office buildings.”
“Once we set the asset part aside, there’s a great diversity in borrower profile. There’s a great range in terms of how long businesses have been operating, their asset position and their credit history.”
“Specialist lenders have a key role to play in the market. They bring really specific skills, they’ll help brokers find solutions in niche areas where the banks are unable to assist. Of these lenders that we’re put on panel, a key example would be where we have a transport operator who might need to fund an engine rebuild.”
“A traditional bank lender is probably not going to do that, but a specialist lender will look at capital ratings against asset to provide that funding and extend the life of that asset. It’s a absolutely key role that they play to provide additional options that solve the problem for the client and make sure that the broker is able to access finance.”