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A new loan product has been launched by the non-bank to help brokers leverage their trail book income to fund business growth.
Non-bank lender TruePillars has introduced a trail book loan for mortgage brokers, which enables them to utilise their trail assets as a security to fund business growth.
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The trail book loan offers brokers up to $400,000 on terms of up to five years on a principal and interest basis with monthly repayments.
Brokers must be ABN and GST registered in order to qualify for the loans and have a current membership with the Mortgage & Finance Association of Australasia (MFAA) or the Finance Brokers Association of Australasia (FBAA).
TruePillars has said that the loan could help brokers buy another trail book, move premises, buy out a business partner, hire staff, pay for marketing or refinance debt, among other business uses.
Equipment finance offering enhanced
As well as launching the new trail book loan, TruePillars has also implemented several updates to its equipment and rideshare vehicle finance products.
These include:
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Financing additional assets: including prime movers and long-haul vehicles in equipment finance, as well as all passenger vehicles with a preference for electric and hybrid options in rideshare vehicle finance.
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Expanding eligibility: now including food delivery drivers, as well as enabling older vehicles to be financed (all vehicles can now be up to 10 years old at the end of loan term).
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Increasing loan limits: The maximum limit for equipment finance has increased to $300,000 with a borrower concentration limit extended to $450,000.
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Increasing loan terms: Both equipment finance and rideshare products can now extend up to 84 months.
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Lowering documentation requirements: A low doc product has been launched for equipment finance.
TruePillars said that the changes reflect its commitment to offering “tailored financing solutions for SME business owners, supporting scenarios often overlooked by other lenders”.
Launching the new products and enhancements on Thursday (7 November), Ben Lamb, the lender’s chief commercial officer, said: “We’re committed to evolving our finance offerings to meet the changing needs of brokers and their clients, delivering more flexible and accessible options.
“Our aim is to make financing more accessible and more tailored to clients’ individual needs.”
[Related: TruePillars partners with aggregator]
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