Mortgage lender secures $500m funding

by Rebecca Pike14 Sep 2018

A mortgage lender is about to kick-start a campaign to grow its loan book to more than $2million, after it received $500million in funding.

Brighten Home Loans secured the additional funding through a warehouse facility with a global investment bank.

With this and a scalable operational platform in place it plans to “aggressively” grow its loan book over the next two years.

The lender is targeting non-resident borrowers, especially those in Asia, as well as Australian residents who have been orphaned by Australian banks due to tightening lending rules and credit restrictions.

At a time when other banks are increasing rates, Brighten has lowered theirs to launch its growth campaign. It offers a 4.99% interest rate to non-resident borrowers, with an LVR of up to 80%.

Brighten Home Loans business development manager Mikai Ning said the firm was working to extensively increase its broker network and was hiring more staff, including those with North Asian and other language skills to manage significantly increased demand.

She said, “One of the key benefits we offer to brokers, apart from great rates, the highest LVR and superb service, is reliability.

“We advertise our borrowing criteria and stick to it. We can be relied on to lend to broker customers who meet our criteria and we will never suddenly turn around to a broker and say sorry, we now can’t fund your loan.

“We also accept self-employed borrowers and are proud to be the only Australian-owned and regulated lender to non-residents here.”

Brighten Home Loans benefits from a diversified funding base, supported by international banks, institutional investors and parent company Real Asset Management, a fully independent Australian-owned wealth and asset management firm with offices across Australia and in Hong Kong.

Ning said Brighten would lend up to $2 million to non-residents for a 30 years home loan at a maximum 80% LVR, on a principal and interest (P&I) or interest only (IO) basis.

The introductory variable rate for a non-resident P&I loan on completed property is 4.99% p.a. and 5.39% p.a. for an IO loan.

Brighten also provides house and land construction loans to non-residents with its ‘Easy Builder’ product.

This is available at an introductory rate of 4.99% p.a. IO.