Specialist financier NWC Finance has announced an increase in total loan volumes of 30% over the 2016/17 financial year.
A major contributor to this uptick has been demand from land owners and developers who are struggling under tighter lending criteria by the banks, NWC Finance director Joe Morello said.
“We are seeing record demand largely coming from owners seeking urgent finance after they have received a notice to complete from their banks, which have pulled the pin at the last minute before settlement of purchase.
“We are also finding more demand from finance brokers, lawyers and accountants, whose investor clients are failing to gain Tier 1 lender backing of their land banking, with volumes up 40% over the last year in this sector.”
There is strong demand from clients suffering from cash flow problems who are finding it difficult to refinance their existing banking facilities and pay the tax office and their creditors.
“Finance brokers are coming to us from around Australia as their clients have their finance pulled at the last minute by their banks. We are the alternative with a strong record and the ability to settle re-financing facilities within 24 hours.”
Morello expected that the increased growth will continue with tighter lending practices pushing more accountants, lawyers and finance brokers to NWC throughout the 2018 financial year.
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