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The new product allows brokers to write commercial property loans of up to $1.3 million, with lending of up to 80 per cent loan-to-value ratio (LVR), loan terms of up to 30 years, and documentation options including full doc, alt doc, and lease doc.
Available for metropolitan commercial properties, the product can be used for both owner-occupied and investment purchases and supports lending to individuals, non-trading companies, and trusts.
According to the Sydney-based non-bank lender, the launch is intended to help brokers pursue commercial lending opportunities within their existing client bases by providing more flexible assessment options and longer loan terms than are typically available in the sector.
Wave Money founder and managing director John Flavell said many brokers already had commercial lending opportunities within their customer databases, but often lacked the confidence or support to pursue the leads.
“Commercial lending has traditionally been viewed as more complex than residential lending, so we’ve deliberately designed a solution that removes unnecessary complexity and gives brokers the confidence to have those conversations with their clients,” he said.
“By offering loan terms of up to 30 years, eligible borrowers can structure repayments over the longer term, improving cash flow and providing the confidence of a genuine ’set and forget’ lending solution.
“Combined with lending of up to 80 per cent LVR, borrowers can also leverage their capital more effectively, preserving cash for working capital, business growth or future investment opportunities.”
According to Wave Money, the product is intended to support brokers who are looking to broaden conversations with existing residential clients, particularly business owners leasing commercial premises or investors considering commercial property.
Flavell said Wave Money’s broker relationship managers and credit decision-makers would work with brokers to assess commercial scenarios, rather than requiring them to become commercial lending specialists.
“Many of the best commercial opportunities aren’t coming from new clients, they’re already sitting within a broker’s existing database,” he said.
“Whether a client is applying under Full Doc, Alt Doc or Lease Doc, we’ve developed flexible assessment pathways to support a wide range of commercial lending scenarios while maintaining a straightforward broker experience.”
[Related: The latest lender changes at a glance]
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