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Funding has increased its maximum loan size, hired two BDMs, and dropped its headline rate, in a move to meet demand.
Non-bank lender Funding.com.au (Funding) has announced a range of changes to give brokers and their clients more options.
Effective immediately, Funding has increased its maximum loan size from $10 million to $15 million.
The non-bank lender – which offers bridging loans, business loans, and construction loans – said the move to increase its maximum loan size by 50 per cent would give brokers more flexibility to support a wider range of deals and was a reaction to growing demand.
The lender has also reduced its headline rate to 7.99 per cent per annum (p.a) – or 8.35 per cent p.a. comparison rate – from an 8.45 per cent rate previously.
The move to lower Funding’s rates comes despite the Reserve Bank of Australia’s (RBA) decision earlier this month to leave the cash rate unchanged at 3.85 per cent.
According to the lender, the product changes are part of a broader push by Funding to support brokers and their clients amid tighter lending conditions with traditional lenders.
As well as tweaking its product offering, Funding has also appointed two new business development managers (BDM), expanding its BDM team to nine.
The latest hiring comes after the company added two BDMs in March.
“We want to help brokers deliver a great experience for their clients needing short-term finance, particularly when timing is critical,” said Jack O’Reilly, CEO and founder of Funding.
“Reducing our rate to 7.99 per cent, increasing our loan limit and expanding our BDM team all demonstrate our dedication to fast, fair and accessible finance when it matters most.”
Chris Maamoun, head of sales and partnerships at Funding, added: “We know brokers value fast answers, clear communication and people who understand how they work.
“That’s why we’re continuing to invest in experienced BDMs who can step in and make a real impact.”
[Related: Funding names 2 new BDMs to boost broker partnerships]
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