A nonbank lender has launched into the Australian market following a restructuring that enables it to bring personalised lending solutions to an even wider range of borrowers.
Strive Financial has brought together the bridging finance formerly provided by Crown and Gleeson Business Finance and the medium-term loans from the former Australian Mortgage Fund into one company.
“The two products now sit underneath Strive Financial,” explained executive director, Cameron Garnham.
“The short-term loans we turn around in 24 hours with no financials, no tax returns, no back statements. It’s a pure security loan, anywhere from one week to three to six months.”
According to Garnham, the key to the speedy turnaround is an in-house law firm, which handles all of the documentation from beginning to end.
Strive Law is headed by Kasey Lee whose blend of experience and qualification expedites the loan process for clients and provides a unique point of difference from other lenders in the space.
“If somebody rings up today and wants to pay their loan out, we can have it settled with no further interest charged easy, because our in-house law firm handles everything,” explained Garnham.
While the mortgages also don't require financials or tax statements, the lender does require an evaluation to be done, so it takes two weeks to turn those around. The mortgages are from six months through to three years, and the lender handles first mortgages only.
Strive Financial is a national sponsor of the Finance Brokers Association of Australia (FBAA), and Garnham travels the country to present at its Professional Development days.
“Brokers are our number one originators. Truly, 95% of our enquiries come through the channel,” said Garnham.
