One non-bank lender has enhanced its broker proposition by cutting the interest on its commercial suite of products.
Yesterday, Liberty Financial announced it would trim its commercial loans to just 7.70 per cent for its Enterprise and SMSF offerings.
This starting rate also applies to Liberty’s LeaseStream loan, a product that allows property investors to secure finance on the merits of a high quality stand-alone lease.
The rate cuts follow Liberty’s decision to cut the interest on its home loans and residential SMSF offering a couple of weeks ago.
Suresh Pillai, general manager of commercial finance at Liberty, said the lender “has one of the widest ranges of commercial finance in the market with multiple verification options, the ability to consider standard and specialised securities and a diverse range of credit profiles”.
“These reductions just further our ongoing commitment to provide our customers with competitive products,” he said.
Liberty’s commercial loans offer full doc and lease doc rates from 7.70 per cent and low doc rates starting from 8.30 per cent. Liberty has also revised its bridging finance product, Boost, with rates starting at 10.50 per cent for applicants with clear credit, for terms of 1, 2 or 3 years.
“Boost, is a streamlined product that provides SMEs and property investors with rapid access to finance and is a strong alternative to private lending offerings,” said Mr Pillai.