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One of the most common areas that mortgage brokers look to diversify into is asset finance. But for many, asset finance just means car loans. In the second instalment of the ‘Broking beyond home loans’ series, Annie Kane takes a deeper look into what asset finance involves and what home loan writers need to know before breaking into this area.
If you talk to a mortgage broker about asset finance, the first thing that usually springs to mind is car loans. It’s an easily accessible and lucrative business, says Bernie Campbell, CEO of asset finance at Pepper Finance Services Group: “We’re only in the second year of operation since we started our asset finance business from scratch, but in two years we’ve hired 130 people, we’ve invested heavily in systems, and lent over $1 billion dollars to 40,000 customers – all through a national network of dealers and brokers. Although we’re currently doing between $60 and $70 million a month, we’ll grow that to $100 million a month over the next couple of years. And we’ll do that because brokers will be doing more of this.”
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