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ISCOVER
Staff Reporter
In a push to make the commercial mortgage space a more viable area for brokers to diversify into, Sintex has launched a new competitively priced product.
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The X8 product is a commercial full doc loan with a fixed rate of 7.99 per cent.
The fixed rate term is available from one to three years, with all loans required to settle before 27 February 2012.
Sintex's general manager Cathy Dimarchos said the non-bank launched the product in a bid to stimulate the commercial space.
"We're giving originators and aggregators the chance to drive their businesses forward by offering quality commercial loans under their own brand name and logo," Ms Dimarchos said.
"We have just recently extended the programme by offering our products to the broker network, who have their own ACLs. By doing this, customers who utilise the broker network can gain access to our products instead of being driven back to the banks with short term funding."
"We provide the competitive wholesale funding and the expertise, together with a seamless approval process from application to settlement."
Ms Dimarchos said that, in the past, many originators have been wary of commercial lending because of the perceived complexities involved.
"This tended to be the case when commercial lending was dominated by the banks and a handful of institutions. The application and approval process was tedious and laboriously slow, and commercial customers had to go through costly annual reviews and put up with a raft of onerous terms and conditions.
"However Sintex has ensured that this situation has changed. We believe commercial property loans should be as straightforward as home loans and the approval time much the same. We have no annual reviews and no ongoing fees – making the whole process easier for our originators and their customers."
