Prime Capital have announced a new campaign that will see their Loan-to-value ratio for their Business Basics product rise to 75% for residential properties.
The non bank and SME lender, who have over 20 years lending experience, will release the new product to the broker channel soon, and hope that it will help brokers to find solutions for their clients in the small business space.
“Prime’s purpose is to provide SMEs with fast and simple loan solutions avoiding the bureaucracy and rigid lending policy of more traditional lenders,” said Steve Sampson, who recent took over at Prime as their Chief Commercial Officer.
“Accessing a higher percentage of equity will further enhance the growth opportunities for businesses particularly those that are coming out of the post pandemic period. Whilst the LVR has increased on this product the interest rate will be unchanged from 4.95% pa providing the property is in a major capital city.”
Prime has established itself in the mortgage broker channel by working exclusively with brokers, building a reputation as a broker-friendly, fast-turnaround lender. They have lent over $2 billion since inception and pride themselves on their ability to approve loans quickly, marking themselves out in the specialist lender category.
Steve Sampson is the latest addition to the team at Prime, joining the non bank after a distinguished career that has taken in roles as a CEO, GM and Head of Third Party at a range of financial institutions, including Citibank, where he was Head of Third Party Corporate Distribution, Choice Home Loans, Bank of Sydney and his own start-up, Mosiac Financial Services.
Sampson was named Sales Manager of the Year at the Australian Mortgage Awards all the way back in 2004, showing just how long he has been involved at the top end of the mortgage broking industry.
