Pepper Money announces commercial mortgage policy changes

Pepper Money confirmed that these policy changes are effective as of today (31 October).

The “smart” commercial policy enhancements include a range of prime and near prime commercial property loans (full and alt doc included) for customers seeking commercial lending solutions of up to a loan size of $5 million.

Additionally, the non-bank lender has introduced more loan options for clients such as increased LVRs to 80 per cent across the board and a reduced minimum loan size to $100,000.

Pepper Money general manager, mortgages and commercial Barry Saoud highlighted the non-bank lender’s commitment to brokers.

“As the financial landscape continues to evolve, these enhancements represent another step forward in enhancing the arsenal of options that brokers can provide, enabling them to deliver more tailored and effective solutions to their clients,” Mr Saoud said.

“Now, by expanding and enhancing our commercial credit policies, we’re poised to open up more opportunities for brokers and more customers nationwide.”

Mr Saoud added that these policy changes are an extension of the non-bank lender’s “smart” approach to support brokers in their “pivotal role of helping their commercial clients succeed”.

“With more than 20 years of specialist and SME knowledge, dedicated BDMs around Australia and a ‘real-life approach to making deals happen,’ these collective enhancements and changes make Pepper Money the obvious choice for commercial lending,” he stated.

This announcement followed Pepper Money recently launching a new “super smart” SMSF loan earlier this month in order to address “the gap in the market” amid a resurgence of potential buyers’ searching for investment properties and as the major banks exist this niche market.

According to the non-bank lender, the new SMSF loan was developed in collaboration with brokers and is designed for SMSFs looking to purchase or refinance an existing property and offers brokers direct access to Pepper Money’s credit team.

The SMSF loan is available for both residential and commercial properties with lending of up to $3 million for each.

Mr Saoud further stated: “This year alone, Pepper Money has delivered over 15 policy enhancements to provide greater options for brokers and their clients. Our commitment to being the ‘home of loan options’ is unwavering; and we are continually dialled into the market, looking for ways to make doing business easier.”

[RELATED: Pepper Money unveils SMSF loan offering]