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The 1,600 brokers aggregating under PLAN Australia can now access loans from non-bank lender Oak Capital.
PLAN Australia (PLAN) has added non-bank SME lender Oak Capital to its lender panel, with it becoming the only private lender (“non-bank alternative lender”) on PLAN’s panel.
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Oak Capital, which rebranded recently following its merger with Resicom, specialises in business finance.
By joining PLAN’s panel, the 1,600 brokers aggregating under the group can now access the lender’s products, which include commercial and residential mortgage products and business loans.
Oak Capital chief executive Stephen Mitchell commented: “Our newly formed partnership with PLAN Australia is a huge move for us and opens up a completely new line of funding for PLAN brokers...
“Oak Capital is the only non-bank alternative lender currently available on PLAN Australia’s panel, making our offering completely unique to their network of members. It will allow them more options than ever before to help their SME clients get the funding they need.”
Oak Capital’s head of distribution, Nick Green, added: “This is an extremely exciting opportunity and a fantastic milestone for our business.
“Partnering with PLAN Australia – one of Australia’s leading providers in premium aggregation services and one of the most respected broking groups across the country – will help extend Oak’s reach even further and support our continued growth into the broker market as we look toward the 2022 financial year and beyond.”
Welcoming the new addition, PLAN Australia CEO Anja Pannek stated: “Oak Capital has developed an important offering in the niche SME space that our brokers can now offer existing and new clients.
“PLAN Australia is always looking for strategic solutions that better the client experience.
“Oak Capital has established itself as a genuine challenger in alternative lending. It uniquely understands the diverse needs and challenges of SME clients.”
PLAN Australia, part of the Loan Market Group (also including aggregators Loan Market, Choice and FAST), currently has a loan book of around $80 billion.
[Related: PLAN brokers can now access 86 400]
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