Resimac reaches $1bn in asset finance AUM

While Resimac Group has been in operation since 1987, Resimac Asset Finance was officially launched after the group acquired Sydney-based lender International Acceptance Group, which was rebranded to Resimac Asset Finance in February 2021.

The non-bank asset lender began with a loan book of $80 million and seven staff. The division has since expanded its loan book significantly (having settled $482 million in the financial year ending 31 June) and now employs over 60 people, with relationships with 2,400 accredited brokers and 14 aggregators.

The group attributed some of its success to support from aggregator partners, which it said allowed them to “reach more brokers at scale”.

Michael Moloney, general manager of asset finance with Resimac, commented: “We’re grateful to have the support of our aggregator partners, which has really helped us reach more brokers at scale.

“Brokers come to us because they want the security of a lender with a reliable funding source, namely warehouse facilities from the major banks, along with the capital markets.”

Mr Moloney said that the company’s relationship with brokers was “crucial” to its business dealings. He suggested that the lender’s new originations portal would offer brokers a better experience when submitting loans.

He added that Resimac was “always on the lookout for new opportunities to equip [brokers] with the best solutions for their commercial clients”.

“Our success demonstrates a real hunger in the market for a flexible and fast-moving commercial lender that’s backed by a stable institutional funding platform. This unique combination gives brokers and their commercial clients the reassurance that we’re in this for the long haul,” Mr Moloney commented.

The general manager said RAF expects to achieve $1 billion in asset finance settlements by the end of FY24 (ending 30 June).

He added: “We’re aiming to more than double our FY23 settlements. It’s a lofty goal, with only a few more months in the financial year to get there, but we’ve made sound investments in people, technology and partnerships to drive us forward.”

The division will soon launch an “aggressive rate reduction offer” into the auto market before the end of 2024 to accelerate its growth.

The non-bank lender recently expanded its loan portfolio in late December 2023 to offer short-term secured business loans but stated that its main focus will continue to be increasing its portfolio in auto and equipment loans.

[Related: Resimac launches new lending division]