Purple Circle Financial Services has welcomed digital mortgage provider 86 400 to its lender panel.
Neobank 86 400 (named for the number of seconds in a day) first launched its home loan products in November 2019 exclusively via the broker channel and revealed earlier this year that it had since written $40 million of loans.
The lender has now been brought onto the panel of boutique aggregator Purple Circle Financial Services.
Speaking of the new addition, Purple Circle’s chief operating officer, Frank Paratore, commented: “As an aggregator, it is essential we partner with innovative lenders who offer a wide range of products and services to suit the ever-changing lending landscape. This further ensures our broker members are both equipped for diversity and engaged for market change.
“Lending isn’t a one-size-fits-all situation. Clients have different requirements depending on their circumstances, and we are providing our members with a diverse panel of lenders to assist with attending to those client’s different requirements.
“This innovative lender also enables our broker members to further bolster their relationship with not only their clients, but also broader referral partnership groups.”
George Srbinovski, national manager broker distribution of 86 400, added: “Signing this strategic partnership will help give Purple Circle and its customers access to the first and only digital home loan for mortgage brokers.
“Brokers and customers want access to an application process which is straightforward, and we’ve done just that with approvals being turned around in just hours.”
The move marks the neo-lender’s sixth broker aggregation partnership since it launched last year.
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Annie Kane is the editor of The Adviser and Mortgage Business.
As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts.
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