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The boutique aggregator has announced its partnership with Funding.com.au, giving members access to its bridging loan products.
Funding.com.au (Funding) was founded in 2015 by chief executive and founder, Jack O'Reilly, after he “identified a gap in the market” in regard to major banks serving short-term mortgages to customers.
Purple Circle Financial Services director, Frank Paratore, stated that it’s essential, as an aggregator, to partner with providers “who offer a range of products and services” to suit the evolving lending landscape and that it’s important for its brokers to “have a say” in partnership.
Mr Paratore added that lending is not a “one-size-fits-all situation” and that clients have different needs depending on their circumstances.
“… We are continuing to provide our members with a diverse panel of lenders to assist with attending to those clients’ different requirements,” Mr Paratore stated.
“Funding.com.au offers an online digital process, a dedicated broker portal, and there’s no need for full documentation.
“They continue to accredit Brokers within an hour and can get conditional approval in two hours and achieve settlement within three to five days.”
Funding chief revenue officer, Lee Slattery, said they continue to see increased demand that has “led to outstanding growth in applications and broker accreditations”.
“The demand for bridging loans has never been stronger, the changing mortgage market and customers looking for shorter term lending solutions to their funding needs are seeing more customers seek new solutions from their broker,” Mr Slattery stated.
Aggregator launches white label loans suite
Earlier this year, Purple Circle partnered with non-bank lender Brighten Home Loans to offer a new suite of white label loans.
Allium Money, which is funded by the non-bank lender, includes a suite of full doc and alt doc loan products available to prime, near prime, non-resident, and expatriate or resident borrowers with non-Australian-sourced income.
Greg Pennells, Purple Circle’s managing director, said at the time: “This innovative funder with expanded offering certainly enables our broker members to further bolster their relationship with not only their clients but also broader referral partnership groups.”
Brighten’s national sales manager, Chris Meaker, commented that both companies “share the same vision to lead the way in challenging the status quo by focusing on new ideas to provide our customers with innovative and effective lending solutions.”
“Purple Circle’s brokers will enjoy full access to Brighten’s competitive product offering, superior service proposition and market-leading SLA powered by our proprietary technology platform,” Mr Meaker said.
[RELATED: Purple Circle launches white label loans suite]
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