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The aggregator has partnered with a finance brokerage to add a commercial referral offering to its white label program.
Choice Aggregation Services – which is part of the Loan Market Group – has announced that it has formed a new partnership with finance brokerage Simplicity Loans & Advisory to allow Choice brokers to offer white label products to their commercial customers through a digital commercial finance referral program.
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Simplicity owns and operates the commercial loans portal, Marketplace.finance, which enables accredited referrers such as brokers to find commercial finance solutions for their clients.
According to Choice, while its brokers focus largely on their core residential finance businesses, the newly launched Choice Partnerships Commercial would allow its brokers to access the commercial finance referral program and diversify their revenue streams and expand their value proposition.
The partnerships model is based on a purpose-built IT platform, which will provide brokers with real-time access to data and communications to service their commercial clients, Choice said.
The Choice Partnerships Commercial offering has already reportedly seen brokers refer over $250 million in the opening weeks of the partnerships.
Commenting on the partnership and the commercial white label offering, Choice Aggregation Services CEO Stephen Moore said: “We are exceptionally pleased to be partnering with such a reputable and innovative group as Simplicity Loans Group for our newest white label offering.
“Choice members can expect highly professional service for their commercial customers while continuing to honour the integrity and value of their existing relationships.
“Significant time and resources have been invested into building this formalised referral model for commercial lending. Choice Partnerships Commercial will help our brokers expand their product and service offering to include complex commercial lending.”
Simplicity Loans & Advisory co-managing director Jean-Pierre Gortan said that the commercial market is currently “going through the roof”.
“Demand from clients and competition from lenders is creating a perfect storm, and for brokers, it represents a wonderful opportunity to participate in this booming market,” Mr Gortan said.
The finance brokerage’s co-managing director, Matthew Johnson, said: “The Choice business is so well respected in the residential market, and we believe there is a great opportunity to assist Choice members to build on that reputation in the commercial space.
“Our team couldn’t be more excited to partner with Choice.”
Choice Partnerships Commercial represents the aggregator’s fourth white label offering after the launch of partnerships with Pepper Money and Thinktank, as well as its ChoiceLend product funded by Advantedge Financial Services.
Choice Aggregation Services officially joined the Loan Market Group in March 2021 along with FAST and PLAN Australia, following the completion of their sale from National Australia Bank.
[Related: Choice loan book tops $80bn]
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