Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Non-bank lender launches new loan product

liberty financial ta

Source: facebook.com/pg/liberty.social/photos

liberty financial ta
Malavika Santhebennur 1 minute read

A non-bank lender has announced that it is piloting a new loan product that will enable small businesses access to credit without needing a mortgage for security against the loan.

Non-bank lender Liberty Financial has announced it is piloting a new loan product for small business customers that will lend up to $1 million without requiring the use of the family home or any real estate as mortgage security. 

Liberty Lift offers loans from $25,000 to $1 million to businesses with strong credit profiles that have been in operation for three years or more.

Loan terms up to five years are secured by business cash flow and not a mortgage security.

The firm quoted data from the Reserve Bank of Australia, which showed credit approvals to business for $2 million and under has reduced by 13.6 per cent from June 2018 to June 2019. Recent surveys have also showed the percentage of small to medium enterprises (SMEs) reporting cash flow issues has doubled since March 2018, with 19.6 per cent saying it is worse or significantly worse.

Group sales manager John Mohnacheff said Liberty seeks to address this gap for small businesses that are well established but still developing.

“For your application we will need the businesses’ financial statements and completion of a streamlined application form,” Mr Mohnacheff said.

“We won’t require a mortgage for security against the loan, so the whole process is hassle-free and supported by Liberty’s leading service levels.”

Advertisement
Advertisement

PROMOTED FEATURES


[Related: Rise of the non-banks]

Non-bank lender launches new loan product
liberty financial ta
TheAdviser logo
liberty financial ta
Malavika Santhebennur

Malavika Santhebennur

Malavika Santhebennur is the features editor on the mortgages titles at Momentum Media.

Before joining the team in 2019, Malavika held roles with Money Management and Benchmark Media. She has been writing about financial services for the past six years.

 

more from the adviser
parliament Final clawback regulations released

The final regulations for mortgage brokers focusing on the new cl...

KAte Carnell ASBFEO ASBFEO reiterates call for more SME support

SME advisers – including brokers, accountants and financial pla...

loan application AMP lowers floor rate, updates HEM benchmark

The non-major has announced a number of changes to its credit pol...

FROM THE WEB