Just days after announcing a $600 million RMBS placement non-bank lender FirstMac is gearing up to challenge the banks with a new product range.
James Austin, FirstMac chief financial officer, told Mortgage Business the lender would be launching the new range within the coming week.
“It is designed to take the competition to the banks,” he said.
Mr Austin said the new products will be available to brokers as well as mortgage managers and originators, with equal distribution between the two industry sectors.
“We have traditionally split our funding fifty-fifty between the channels and we will look to maintain that,” he said.
According to Mr Austin FirstMac will also dedicate part of the new funding generated via its recent RMBS towards existing products.
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