Lend has integrated vehicle fleet leasing and fleet management provider FleetPartners into its platform.
FleetPartners offers vehicle leasing solutions for SME clients that have one to 20 vehicles. The company has extended an initial credit facility of up to $150,000 per customer for brokers on the Lend platform.
It has also promised a credit decision within hours.
Brokers on Lend will be able to access a new product, Fully Maintained Operating Leases, which has no requirement for a deposit or the upfront cash to purchase the vehicle outright.
The loan makes a vehicle available to an SME, over a three to five-year lease term, with monthly payments adjusted to vehicle usage.
Andrew Moulds, head of asset finance at Lend, commented: “We are extremely excited to be the first fintech to introduce the Fully Maintained Operating Lease product to our stable of lenders.
“The collaboration with FleetPartners now enables brokers to have direct access to a previously unavailable product class, expanding the vehicle finance product portfolio beyond the traditional chattel mortgage and finance lease products.”
Lend has also completed a number of platform upgrades using artificial intelligence technology, to include an asset finance product-lender matching engine, as well as a full asset finance application tool.
Sarah Simpkins is the news editor across Mortgage Business and The Adviser.
Previously, she reported on banking, financial services and wealth management for InvestorDaily and ifa.
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