Fintech lender 86 400 has hired a WA-based BDM, and is expected to bring in two more BDMs to support brokers as it expands its lending operations.
Neobank 86 400 has welcomed Sarah Madigan to its broker support team as its business development manager (BDM) based in Perth.
Ms Madigan was most recently a BOQ branch manager in Perth. She has more than seven years experience as a BDM, having managed more than 200 brokers while a BDM for Suncorp between 2008-2010 and for Macquarie between 2003-2008.
She started her new role as BDM, the sixth to join 86 400, in November 2020.
Speaking of the new appointment, George Srbinovski, 86 400’s national manager of broker distribution, commented: “As we accelerate our growth, it is important we can continue to get in front of brokers to deliver on our purpose.
“Sarah joining the team will help supercharge growth with our Western Australian brokers. Her entrepreneurial experience and relentless focus on service will make her an invaluable member of our distribution team.”
The neobank also revealed that it would soon bring on another two BDMs, one in NSW and one in Victoria, to grow its total broker support team to eight.
It has doubled its broker BDM team and expanded its lending operations this year in order to “maintain its high service quality and approval speed” as it sees increasing demand, the lender stated.
Neobank eyes $200m in settlements
It said it expects to have over $200m in home loans settled and awaiting settlement by the end of the year
The bank’s CEO, Robert Bell, said: “2020 has certainly been a different kind of year, but through the unwavering dedication of our team and widespread support from the mortgage industry, we’ve achieved some great wins, both for our brokers and their customers.
“With the foundations we’ve set in place and momentum we’ve built in our first year, we’re heading into 2021 on solid footing and are incredibly excited for the year ahead.”
Mr Bell highlighted that the lender had expanded its product and feature offering this year and invested heavily in technology to “continue to refine its application and approval processes to further speed up its market-leading decision times”.
He concluded: “Our commitment to innovation in both the application and approval processes has meant we’ve been able to maintain and even accelerate our decision times, and the response from brokers and their clients has just been amazing.
“Those who have tried us have been genuinely shocked at the ease and speed of the process and the repeat deals are absolutely flowing, with November breaking records and December set to eclipse that,” Mr Bell said.
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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