Secures additional $500 million bank warehouse funding facility
Sydney, 13 September 2018 – Australian non-bank lender Brighten Home Loans has secured an additional $500 million in funding though a warehouse facility with a global Investment Bank.
The Sydney-based full-service mortgage company announced today that with this funding facility and a scalable operational platform in place, it would launch a campaign to aggressively grow its loan book to more than $2bn over the next two years.
The lender is targeting non-resident borrowers, especially those in Asia, as well as Australian residents who have been orphaned by Australian banks due to tightening lending rules and credit restrictions.
At a time when major banks are increasing rates, Brighten has lowered theirs as it launches its growth campaign by offering a low 4.99% interest rate to non-resident borrowers, at a market-leading LVR of up to 80%. Brighten is already the market leader in providing house and land construction loans to non-residents, with its popular “Easy Builder” construction loan offering assurance of funding to buyers and home builders.
Brighten Home Loans Business Development Manager Mikai Ning said the firm was working to extensively increase its broker network and was hiring more staff, including those with North Asian and other language skills to manage significantly increased demand.
“One of the key benefits we offer to brokers, apart from great rates, the highest LVR and superb service, is reliability. We advertise our borrowing criteria and stick to it. We can be relied on to lend to broker customers who meet our criteria and we will never suddenly turn around to a broker and say sorry, we now can’t fund your loan.
“We also accept self-employed borrowers and are proud to be the only Australian-owned and regulated lender to non-residents here,” she said.
Brighten Home Loans benefits from a diversified funding base, supported by international banks, institutional investors and parent company Real Asset Management, a fully independent Australian-owned wealth and asset management firm with offices across Australia and in Hong Kong.
Real Asset Management’s Australian-led multinational management team has more than 150 years of experience working in senior global and regional management positions in the world’s largest financial services firms. Members of the company’s management team have also led mortgage operations for global banks in eight countries.
Ms Ning said Brighten would lend up to $2 million to non-residents for a 30 years home loan at a maximum 80% LVR, on a principal and interest (P&I) or interest only (IO) basis. The introductory variable rate for a non-resident P&I loan on completed property is 4.99% p.a. and 5.39% p.a. for an IO loan.
The popular “Easy Builder” Home Loan is available for House and Land construction loans with a very attractive introductory rate at 4.99% p.a. Interest Only.
For all media enquiries regarding Brighten, please contact Financial & Corporate Relations (FCR):
D: +61 2 8264 1007
M: +61 466 871 520
E: [email protected]