Non-bank lender Resimac has strengthened its proposition to SME brokers by acquiring an interest in Sonder Equipment Finance.
It has bought a substantial part of the existing business, and it is expected that Resimac will increase it in the coming years, with the end goal of owning it outright.
The purchase of Sonder improves its offering to the commercial and asset broker channel, as brokers will now be able to route their equipment finance deals through Resimac and thus streamline their options for borrowers and SME clients.
“Equipment finance is an important segment in Australia, with many SMEs needing to utilise business-critical assets that don’t have the cashflow to purchase that equipment outright,” said Michael Moloney, General Manager of Resimac Asset Finance.
“It’s these business-critical assets that lenders like Resimac Asset Finance and Sonder want to assist with.”
Resimac Asset Finance is a critical part of the wider Resimac Group offering that has gone from strength to strength in 2021, largely buoyed by the ongoing boom in the housing market.
On the mortgage lending side of the business, they announced a $1 billion RMBS deal in May, fresh on the back of a $1.5 billion deal that was struck in March.
“Resimac Asset Finance provides loans for various asset classes across both commercial and consumer sectors. With Sonder’s expertise in equipment finance within the commercial sector, this deal broadens Resimac Asset Finance’s footprint in that space.”
“Additionally, Resimac Asset Finance’s existing BDM network means we provide deeper coverage to more commercial brokers across Australia, with quicker decision-making ensuring that customers can get their hands on business-critical assets faster.”
“This deal provides Sonder Equipment Finance customers with more certainty around funding. The immediate next steps following this deal are to increase brokerage coverage and increase the volume of our Auto and Equipment Finance loans.”
