Powered by MOMENTUM MEDIA
Mortgage business logo

Assetline expands SME offering

Short-term lender Assetline has launched a new company after identifying a “massively untapped area” in the market.

365 Capital is designed to provide short-term, unsecured loans between $5,000 and $100,000 in less than 48 hours to small businesses that lack hard assets but have strong cash flow.

Nick Raphaely, director of Assetline, sees 365 Capital as a flexible alternative to the banks that significantly reduces the time it takes for SMEs to receive funding.

“What these sorts of businesses don’t have is time,” he told Mortgage Business. “We’re offering finance that can be applied for and approved very quickly and efficiently by submitting an application form online or downloading it and sending it to us.”

“We are already well-entrenched in the SME market for secured lending, but there is a big opportunity lending to the same customers who don’t have security but have good cash flow to support the loans.

“With the two offerings, it almost covers the spectrum. If you’re a strong cash flow business, you can talk to 365 Capital and if you’re a well asset-backed business, then Assetline can look after you.”

Kevin Heydt will head up 365 Capital as managing director. He brings to the role more than 20 years of global finance experience, having worked in Sydney, London and New York for Rand Merchant Bank, EDF Trading and Allco Finance Group.

md discover

Mr Heydt said he is looking forward to growing the new company to become a significant player in the short-term SME lending space.

“I’ve known the guys at Assetline for some time, and I’ve admired the way they built that business and we see this as just a massively untapped area,” he told Mortgage Business.

“We’re not doing this as a pure fintech play – we see the technology as an enabler. We’re using technology to streamline the business. We’re using technology to automate decisions.

“But at its core, it is a lending business, and as a result, we’ve really gone for experience. The head of risk and credit in this business is a guy called Jim Drake, who has been in SME lending for over 20 years, having worked at GE and Westpac.”

[Related: SMEs reliant on personal finances for funding]

Share this article
brokerpulse

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

brokerpulse graph

What are the main barriers to securing a mortgage at the moment?