An SME lender has appointed Bank of Sydney’s former head of third party, Steve Sampson, as its first chief commercial officer.
Non-bank lender Prime Capital, which distributes specialist mortgage products for SMEs exclusively through the broker channel, has welcomed Bank of Sydney’s former head of third party, Steve Sampson, to the newly created role of chief commercial officer (CCO).
In the new position, which Mr Sampson started last month, he is charged with increasing the distribution of Prime’s low-doc, non-resident, investor, super and construction SME loans through aggregator partnerships.
The non-bank noted Mr Sampson’s 20 years of experience in the broker space, with Paul Scanlon, the CEO of Prime Capital, stating: “We are delighted to welcome Steve and excited with how his extensive industry and aggregator experience will help us assist more SMEs to find a loan where the banks can’t or won’t.”
Prior to being the head of third party distribution at the Bank of Sydney, Mr Sampson held roles in a range of third-party positions, including as head of distribution/general manager of Provident Capital/Cashflow and as general manager of Choice Home Loans between 1998-2006.
The new CCO commented: “I have taken careful consideration in my next career move and given the difficulties that SMEs experience in obtaining funding, particularly following the COVID-19 pandemic, the Prime offering was something that really excited me.
“After meeting the team and seeing their passion for this space, my decision was easy,” he said.
He continued: “Prime’s purpose is to provide SMEs with fast and simple loan solutions avoiding the bureaucracy and rigid lending policy of more traditional lenders.”
He added that the lender had recently increased the loan-to-value ratio (LVR) for its Business Basics product to 75 per cent (when secured against a residential properties in major capital cities).
“Accessing a higher percentage of equity will further enhance the growth opportunities for businesses, particularly those that are coming out of the post-pandemic period,” he said.
“While the LVR has increased on this product, the interest rate will be unchanged from 4.95 per cent p.a. – providing the property is in a major capital city,” he added.
Bank of Sydney has not announced a new head of third party since Mr Sampson’s departure in January 2021.
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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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