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Non-bank lender ORDE Financial has added a new Residential Construction product for borrowers looking to build new homes or undertake major renovations.
ORDE Financial has expanded its product range with the introduction of a new Residential Construction product for borrowers looking to build new homes or undertake major renovations to their owner-occupied or investment properties.
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Borrowers can take out a loan of up to $2 million, with owner-occupiers and investors able to borrow up to 80 per cent loan-to-value ratio for the construction of a single or duplex dwelling in category 1 or 2 locations.
The product caters for borrowers with alternative income documentation and specialist borrowers.
Ryan Harkness, managing director at ORDE, said: “We’ve heard over and over again from brokers that there was a need for a construction loan product that’s flexible, transparent, easy to manage, and delivered quickly by an experienced credit team.
“ORDE was created specifically to meet broker needs. That’s why we’re excited to offer our new Residential Construction loans as an extension to our broad product offering, delivered with the exceptional service standards that are a core tenet of ORDE’s value-add for brokers.”
Paul Wells, CEO and fellow managing director at ORDE, said the new Residential Construction product marks ORDE’s second major launch this year, following the introduction of its Prestige loans in April, which provided funding for residential properties up to $5 million.
Wells said that the non-bank lender has more value to add for brokers.
The non-bank has been expanding its support recently, having welcomed a new deputy head of credit Luke Jones, who has strong construction loans expertise. He joins Jason Gidman, ORDE’s head of credit, and the team of eight BDMs.
“ORDE is successfully pairing the determination and evolution of a vibrant young business with the exceptional experience and talent of a remarkable team,” Wells said.
“This has allowed us to develop a clarity of culture, singularly focused on bringing value for brokers and their customers. We are working on strong opportunities to extend solutions and set new service standard benchmarks for brokers.”
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