An ASX-listed mortgage firm has added an online small business lender to its panel in a bid to “better cater to the growing commercial needs of its customers”.
Broking firm Mortgage Choice has announced that it has partnered with online lender Prospa in a move to give its brokers “a broader range of commercial lending and cash flow financing solutions [for their] customers”.
The partnership will enable Mortgage Choice brokers to access Propsa’s online platform, which provides customers with unsecured loans of between $5,000 to $250,000. Prospa will also offer brokers best practice tools and education.
Mortgage Choice’s general manager of product Emma Dupont-Brown said that the company was “very excited” by the partnership, adding: “A significant proportion of our customers are small business owners who have very specific commercial lending and cash flow financing needs.
“Prospa specifically services this particular customer segment with quick-to-market, innovative cash flow solutions.”
Highlighting that the online lender was chosen because it was a “leader in the field”, Ms Dupont-Brown said that the platform was useful in that it was all online, thus negating the need for “cumbersome paperwork”.
“For these reasons and more, I am confident that Prospa will be a great addition to the Mortgage Choice commercial offering,” she said.
Prospa’s head of sales and business development, Matt Bauld, added that both companies have “shared values”.
He said: “Mortgage Choice shares our values – they care about customers, they’re forward thinking and there's a strong focus on learning and development for their people.”
Mr Bauld added that Propsa will “continue to invest in [its] partnerships and find smarter ways to improve the way people experience finance.”
The partnership marks the latest steps the broking industry has taken to take advantage of the "underserved" SME market, only a fifth of which currently uses a finance broker (according to a My Business SME Insight survey).
[Related: Fintech lender launches unique broker portal]
Annie Kane is the editor of The Adviser magazine, Australia’s leading magazine for mortgage brokers. As well as writing news and features on the Australian mortgage market, financial regulation, fintechs and the wider lending market – Annie is also the host of the Elite Broker podcast and regulator contributor to the Mortgage Business Uncut podcast.
Before joining The Adviser team at Momentum Media in 2016, Annie wrote for a range of business and consumer titles, including The Guardian (Australia), BBC Music Magazine, Elle (Australia), BBC Countryfile, BBC Homes & Antiques, and Resource magazine.
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