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LMG has launched a new marketplace that connects mortgage brokers and other finance professionals with asset finance brokers.
Aggregation group LMG has launched a new asset finance marketplace, Asset Finance Exchange (AFX), which sends referrals from mortgage brokers and other finance professionals to asset finance brokers.
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The Asset Finance Exchange is now available to all Australian-based brokers, with a future white label referral portal in the pipeline for early 2025.
The new platform is headed up by Jordan Mutton, who said the AFX aims to provide brokers more choice when it comes to placing their asset finance referrals with a referral partner.
Mutton said: “The Asset Finance Exchange places control in the hands of brokers, providing them the opportunity to connect with a range of asset finance specialists, not just one.
“State-based and national referral hubs are available, with the platform showcasing each asset finance brokerage’s specialities – such as business funding, commercial or consumer asset – making it even easier for a referring broker to place their deal.
“But it’s more than that, regular marketing tools and resources are provided to help unlock more opportunities, adding greater value to brokers and their respective business. An in-platform reviews system is also being scoped, a system that’ll provide referring brokers with even greater transparency on the experience other brokers have had with the referral partners.”
He said that the group recently obtained ISO 27001 certification as it doubles down on its infosec protocols.
“Keeping brokers and their respective clients’ data secure has never been more important than in today’s landscape. Obtaining ISO 27001 certification and our pursuit of SOC2 Type2 certification are just a couple examples of our commitment to keep our partners safe, something that has been a key focus ahead of taking AFX to market,” Mutton said.
LMG is the latest aggregator to launch an asset finance referral platform, following on from AFG's in-house referral platform, Partner Connect, which launched earlier this year and Connective's QuickAF referral system, among others.
Asset finance has been in hot demand from small businesses and consumers in the past few years, with both AFG and Connective having revealed that commercial and asset finance lending grew much faster than residential home lending (albeit from a lower base) in FY24, while the Commonwealth Bank of Australia (CBA) recently revealing that business appetite for assets has continued to grow strongly, despite economic conditions,
Several other lenders have been focusing on SME lending growth in recent months, with NAB – Australia’s largest lender to SMEs – having recently said it had seen credit rise by almost 9 per cent in the year to April 2024. It also reportedly saw its strongest pipeline on record in the business bank in March.
[Related: LMG announces CEO changes]
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