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Businesses can now borrow up to $25 million in business finance from the non-bank, as the lender identifies “significant gap” in market.
Non-bank lender Prime Capital has launched a new commercial lending solution for businesses seeking funding between $5 million and $25 million over terms of between six months and three years.
The Business Jumbo Loan, available immediately, is a new property-backed loan that aims to help Australian businesses with their growth plans.
The interest-only repayment loan has rates starting from 8.64 per cent (for residential-backed loans of $5 million to $10 million and a loan-to-value ratio [LVR] of up to 65 per cent), while commercial-backed loans start from 9.96 per cent (for property between $5 million and $14 million with a loan-to-value ratio of up to 65 per cent).
Additional costs and fees apply, including a 1.50 per cent establishment fee and a 0.1 per cent commercial line fee.
The product covers metro capital cities and some non-capital city locations with a population over 150,000.
According to the lender, the product fills “a crucial gap” in the market, particularly for investment in larger residential and property financing.
Steve Sampson, CEO of Prime Capital, said: “We’ve identified a significant gap in the market for loans of this size. By aligning pricing with our headline product, Business Basics, and offering up to 75 per cent LVR, we’re making large-scale funding more accessible.”
According to the commercial lender, approvals can take “as little as 24 hours”, helping businesses “move forward with confidence”.
Sampson said that the new Business Jumbo Loan was one of several new commercial loan products set to be rolled out by the lender this year: “2025 is shaping up to be a stellar year for commercial finance, and we are primed to help our brokers seize the opportunity and grow their share of the market”
[Related: Prime Capital launches Prime Approve for instant online loan approvals]
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