In a bid to grow its commercial business, one lender has significantly enhanced its distribution footprint.
From today onwards, ING DIRECT will create more opportunities for brokers to write commercial loans in regional areas including Wollongong, Geelong and the greater Hobart and Darwin areas.
According to a statement by the bank, this change reflects ING DIRECT’s growing appetite for commercial loans which has seen strong growth in recent months, and is a flow on effect from the broker partner program announced earlier in the year.
"We’ve seen the rate of growth of our commercial loans double over the past four months,” ING DIRECT head of broker distribution Mark Woolnough said.
“There are several reasons for this growth, but it has a lot to do with the impact our BDMs are having, as part of the Broker Partner Program, in growing our distribution footprint, reaching new areas and finding real opportunity.
“We are seeing the benefits from our product and pricing changes and also a focus on our commercial credit policy and assessment.”
Mr Woolnough said ING DIRECT will consider commercial mortgage applications from any area in Australia where the security is located in a designated industrial or retail commercial area.