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The non-bank will now offer individual deals on big-ticket assets up to $1 million after doubling its loan capacities.
Auto and equipment finance lender Metro Finance has doubled the borrowing capacity for commercial customers going through the broker channel.
Under the move, individual deals on big-ticket assets have grown to $1 million, with a total loan exposure of $2 million.
Metro’s previous big-ticket asset commercial offering was up to $500,000 on single assets with a total exposure of $1.5 million.
The lender said that the move would help customers finance a range of larger assets like medium and heavy commercial vehicles, earthmoving and civil construction equipment, as well as agricultural and industrial equipment.
Commenting on increasing borrowing capacity, Metro Finance CEO David Albest said: “The increase in Metro’s loan offering is yet another example of the business listening to its brokers and customers, and delivering.
“With this enhanced offering, we will also bring the same depth of knowledge and high levels of service that we already provide to small ticket commercial lending. Additionally, as part of the increase we will offer discounted pricing on larger transactions to further provide a competitive alternative to traditional lenders.”
Commercial and asset finance is a significant growth area in Australia, with aggregators noting annual volume growth of 20 per cent or more, according to February research from the Mortgage and Finance Association of Australia (MFAA).
Metro has also been working on other asset finance offerings and in January, saw its funding from the government-owned ‘green’ bank, the Clean Energy Finance Corporation (CEFC), doubled to $100 million.
The MetroEco green lending program offers broker clients discounts on green asset finance loans. At the time, Metro said it had supported 4,000 electric vehicles in hitting the road, along with funding energy-efficient equipment and battery technology.
[Related: Metro Finance receives $50m green loan funding boost]
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