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Self-employed specialist Rate Money has expanded its service offering to include commercial property finance.
Mortgage manager Rate Money has made a “strategic move” to “tap into the non-bank commercial lending market” for the first time.
The new offering includes both Alt Doc (up to $6 million) and Full Doc loans (up to $8 million) with loan-to-value ratios (LVR) of up to 80 per cent.
It includes options for off-the-plan purchases, vacant land, self-managed super fund, and cashout options.
While rates have not been disclosed, Rate Money has said it will offer “competitive rates” with no ongoing fees, no clawbacks, and no annual reviews or revaluation requirements.
The company has traditionally focused on residential home loans for the self-employed but said it has now moved into also offering commercial property lending to meet growing market demand and drive business growth for self-employed borrowers.
Indeed, it said that the value of Australian commercial loans written by mortgage brokers reached a record $20.31 billion in the period between October 2023 and March 2024, up 23.12 per cent year on year.
More mortgage brokers are also writing commercial loans.
Rate Money CEO Ryan Gair said: “Our primary focus has always been on empowering self-employed borrowers with flexible and competitive residential home loan solutions. However, we recognise a significant opportunity to further support our franchisees, customers and referral partners by providing access to commercial property lending options that align with broader financial needs of the self-employed.
“We are seeing real appetite from accountants, real estate agents, developers, mortgage brokers, and direct self-employed customers who are actively seeking alternative investment opportunities and wealth-building strategies.
“By expanding into commercial loans, we are positioning ourselves to meet this increasing demand with tailored solutions.”
The mortgage manager has also added to its team with a national business development manager (NSW-based Mebin Babu) and a commercial lending manager (Victoria-based Reshma Rahman).
“These additions are designed to drive innovation and provide enhanced support to our franchisees, referral partners, and customers,” Gair said.
“We are committed to equipping our franchisees with the tools and expertise needed to succeed in today’s dynamic lending environment. By adding commercial property loans to our portfolio, we’re ensuring they have the ability to service a wider range of customer needs while enhancing long-term referral partner relationships.”
[Related: Rate Money opens Qld footprint]
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