Powered by MOMENTUM MEDIA
subscribe to our newsletter

Plenti reports record loan originations

The non-bank lender has marked its sixth month of record loan originations, after reporting strong automotive lending growth in December.

Listed lender Plenti (formerly known as RateSetter) has provided a trading update for the December quarter – outlining that it has recorded its sixth month of record originations.

According to a trading update, in the final three months of the calendar year, the group originated $130 million in loans, 58 per cent above the prior corresponding period and 22 per cent above the prior quarter.  

The lender’s total loan portfolio increased to $508 million (as at 31 December 2020), having grown by 46 per cent since 31 December 2019.

According to the group, it has now seen six consecutive months of record loan originations.

Advertisement
Advertisement

The consumer lender’s growth has reportedly been led by automotive lending, which was up 273 per cent on the prior comparative period and 24 per cent up on the prior quarter.

During the final quarter of the calendar year, the lender also upsized its secured automotive loan warehouse facility to $275 million from $150 million. 

The lender also attributed its growth to its renewable energy loans, which were found to be up 19 per cent on the prior comparative period. There had been a “solid recovery” in Victorian volumes following the easing of lockdown restrictions, the lender noted.

Plenti also recently established a new $100-million warehouse funding facility to support growth in renewable energy and personal loan originations.

However, the update outlined that its personal loans were still in recovery mode due to “COVID-19-induced lows”. While these originations were up 31 per cent on the prior quarter, they were 8 per cent down on the prior corresponding period.

PROMOTED CONTENT


Touching on its COVID-19 loan deferrals, the lender notes that they had reverted to pre-COVID-19 levels, representing 0.44 per cent of the loan portfolio at 31 December, down from 0.78 per cent reported at 30 September.

Plenti CEO Daniel Foggo commented: “We are successfully achieving scale in the large markets we address, while lowering our cost of funding through the expansion of our warehouse facilities.

“With our strong capital position, leading technology, market-leading credit and growing momentum across each part of our business, the outlook for the fourth quarter and rest of 2021 is very positive.” 

[Related: Plenti sets up $100m green warehouse facility]

Plenti reports record loan originations
Plenti reports record loan originations
mortgagebusiness

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Early bird tickets are on sale now. Work smarter, not harder, this year.

Latest News

The prudential regulator has written to ADIs to ensure that they are proactively managing lending risks and focusing on lending standards am...

As it waits for APRA to approve its acquisition of MyLife MyFinance, Challenger has flagged plans to expand the bank’s lending remit to co...

Australia has the second-highest mortgage debt as a proportion of GDP among OECD nations, according to a new report. ...

How long do you think it should take to discharge a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.