Lend introduces asset finance quoting tool

According to Lend, the new product integrates with Equifax credit verification and DocuSign and utilises data validation software and artificial intelligence (AI)  to “quickly and easily assess a business holistically” to check its funding eligibility. 

The tool is also said to be able to “instantaneously search a myriad of variations when determining the most aligned product” (which includes the sale type, property ownership, asset class, risk loadings and tenure in business) when determining the most aligned product and provides a quote based on the lender’s policy and pricing.

Lend chief executive Bill Baker said that the commercial asset finance quoting tool was “game-changing”, particularly emphasising its accuracy and “depth of asset classes, entity validations and detailed lender policy requirements built into the system”. 

Mr Baker added: “In real terms, sourcing eligible lenders and aligned products has never been easier as the platform does the ‘heavy lifting.’ This is achieved through its sophisticated product-lender matching technology, data validation software, and in-depth credit decision analysis, supported by AI, integrated API, and credit check functionality.”

Lend’s head of asset finance, Andrew Moulds, noted that this new addition could assess “over 500 product variations and over 120 different types of assets from over 30 asset finance lenders”. 

“The outcome is mutually beneficial for all stakeholders: there’s an increased probability of the lender writing the deal, a greater expectation of the broker converting the deal, and much more likelihood of the business obtaining the right source of funding,” Mr Moulds explained. 

The new addition reflects a recent period of growth for Lend’s direction into asset finance following its expansion into the space in May.

In July, the platform announced it would expand its asset finance panel and has also recently updated its application process module to accommodate complex and full asset finance submissions online. 

Looking forward, the platform said it was focused on “strategically continuing its product, class and lender expansion” to broaden its range of commercial products from mainstream and specialist lenders. 

“It has always been Lend’s vision to remove the barriers to business funding by creating a commercial finance hub that can holistically service all SME clients’ needs,” Mr Baker concluded. 

[Related: Recruit now, pay later product launched for brokers]