“Everything is up front, honest, open. And that's the way that we plan to build and grow the business,” said Matthew Porch, head of third party distribution at Aquamore.
Read more: A new phase in commercial lending
Founded in 2016, Aquamore is committed to providing a service that counters negative practices in the market, including sudden interest rate hikes or throwing in extra fees.
Another of the Sydney-based boutique lender’s selling points is its fast turnaround times, given the long waits common at major lenders.
“[This] has led to a growth in our sector where clients aren’t just interested in the cheaper rates, they just want a service and… a product that they can rely upon,” Porch said.
Around 95% of Aquamore’s business comes from finance brokers. Business started accelerating following the removal of various COVID-related restrictions, but the market is very different to what it was pre-pandemic.
Porch said local councils are now investing in small businesses, while hospitality is seeing an uptick as people show a preference for regional getaways over international given testing requirements and the unstable geopolitical situation.
“Aquamore has seen exponential growth over the last 12 to 18 months,” he said.
The company's balance sheet is now close to $100 million, which is impressive considering that its $120-million warehouse facility only came online in September 2021.
“We have had very little negative feedback,” Porch said. “Our strongest referrals are guys that didn't even know we existed six months ago.”
The past few months saw Aquamore adding to its sales team and investing in its credit department.
“We're adapting to the growth that we are seeing,” Porch said. “If it makes sense, if it's judgmental credit requirements, we'll come in, we'll give you a fast answer, and we'll give you a flexible response.”
Aquamore is 100% focused on commercial funding for company borrowers, with finance for residential, commercial, and land projects.
Porch said the non-bank will soon venture into construction funding with plans to launch a sub-$5 million traditional construction finance product.
