The June release of Broker Pulse: Commercial Lending highlighted some positive trends in the non-bank business lending space.
Here, commercial and asset finance brokers recorded their experience when dealing with these lenders, with many scoring a perfect 100 per cent.
For BDMs, Westlawn Finance, Pallas Capital, and OnDeck all scored 100 per cent, with others trailing in the 90 per cent range.
For the application process, 100 per cent of brokers were satisfied with Westlawn Finance and Autopay.
Westlawn Finance, Pallas Capital, and Autopay continued to dominate with 100 per cent experience scores for credit assessment.
And finally, Pallas Capital and OnDeck scored 100 per cent for settlement experience among brokers, with plenty of other lenders trailing in the 80–90 per cent range.
The results highlighted strong support from these specialist lenders. Brokers are resonating with the systems in place.
Non-bank business lenders also boasted quick turnaround times.
For commercial mortgages, ORDE Financial reported a median turnaround time of 4.9 days.
For business loans, Prospa, Moula, and Bizcap each provided median turnaround times of 1.4 days, performing far stronger than other lenders.
The median turnaround time for business loans among all non-bank business lenders was 2.9 days, far lower than the other lender segments.
Asset finance turnaround times were also very strong among these specialist lenders, with Autopay, Westlawn Finance, and Metro Finance each recording median turnaround times of under a day, at 0.7, 0.7, and 0.8 days respectively.
The median asset finance turnaround time among non-bank business lenders was lower than other lender segments, sitting at 1.4 days.
The correlation between fast turnaround times and broker satisfaction was previously discussed in the April Broker Pulse: Commercial Lending.
Agile Market Intelligence’s commercial director Oliver Stofka said fast turnaround times are invaluable for brokers.
“Turnaround times are one of the most immediate and visible ways brokers assess lender performance. When a lender can get quick approval, this helps brokers meet the needs and expectations of their clients,” he said.
In the April edition, ANZ topped broker usage for commercial mortgages, as 33 per cent of brokers used ANZ throughout April and topped business loan usage, with 27 per cent turning to the major.
Turnaround times at ANZ were the lowest of the majors for commercial mortgages (6.9 days) and for business loans (6.5 days).
Lenders that are able to assist brokers in a timely manner are leaving a lasting impression on satisfaction.
[Related: ANZ, Westpac lead in commercial broker usage with quick turnarounds]