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European lender working with brokers

European lender working with brokers

A European lender has revealed plans to grow its business in the specialist commercial finance market.

Online lender Spotcap offers business loans of up to $150,000 through a paperless process and is now working with the FBAA and the MFAA to engage brokers.

The lender says it has already originated a number of loans through the third-party channel. 

“Brokers can be as hands on or as hands off as they want and we’ll take care of everything,” Michael Dean, Spotcap sales and partnerships manager, told Mortgage Business.

“Spotcap works with all kinds of brokers,” Mr Dean said. “They don’t necessarily have to be commercial brokers and we’re finding that residential brokers may have a client who has a business and needs to borrow. However in the past they may not have been approved by traditional lenders,” he said. 

“The ease of the application enables brokers to dabble in the commercial broking space without too much trouble.”

Over the next 12 months Spotcap will look to boost its broker partnerships and plans to increase its maximum loan value from $150,000 to $300,000.

Managing director Lachlan Heussler said the online lender’s key point of difference is that it doesn’t ask for any property securities.

“We don’t ask for any director’s guarantees or personal guarantees,” Mr Heussler.

“We ask for some business information and we ask them to connect their online accounting software or they can upload their financials if they don’t use cloud accounting software.”

Since the company’s launch in Australia in May, Spotcap has lent more than a million dollars in credit to small businesses with the majority of loans going to Queensland (33 per cent), Victoria (28 per cent), NSW (22 per cent) and the other states the remainder.

European lender working with brokers
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