Acquisition to provide great efficiencies for commercial brokers
Australia and New Zealand’s largest broker aggregator LMG has acquired Commercial Lending Excellence (CLE), a specialist commercial lending technology platform designed by commercial brokers for commercial brokers.
The acquisition is part of LMG's strategy to support commercial and asset finance brokers, and further support its residential brokers, looking to diversify. The aggregator is already a major player in commercial broking, boasting 40% market share.
The deal sees LMG progress substantially through the CLE integration with MyCRM and is designed to give commercial brokers a significant efficiency advantage so they can swiftly process client applications with strong accuracy in calculations and financial ratios.
“It facilitates quicker deal submissions, lifts the quality of applications, and delivers higher conversion rates,” LMG said in a statement on Wednesday.
“Brokers can not only accelerate client approvals but also present themselves with polished, professional submissions, to delight their clients.”
LMG said the integration of CLE into LMG’s operations would equip brokers with specialist technology, insights, tools and resources to uplift the commercial processes.
Group executive LMG Commercial Stephen Scahill (pictured above) said LMG was thrilled to announce the acquisition of CLE.
“With this new platform, we are doubling down on our investment in commercial finance,” Scahill said. “This is just a glimpse of our vigorous growth trajectory and unwavering commitment to pioneering our industry.”
“CLE’s features are transformative for our brokers. This platform streamlines processes, deepens client understanding, and will ultimately provide our lender partners with a higher quality, more consistent credit submission."
Co-founder and Developer of CLE Drago Mitkov said his company had built a platform “we are very proud of, and we feel there is more we can do”.
“By partnering with LMG and leveraging their extensive technology team we can take the CLE platform to new heights,” he said.
The CLE platform is currently being embedded into LMG’s technology stack with some functions to be released later this year with a full-scale launch scheduled for February 2024.
LMG, which appointed Nicole Ferguson to the new role of general manager, broker solutions last month, currently works with 6,000 brokers and advisers across Australia and New Zealand.
In recognition of figures showing mental health concerns among Australian men are rising, it recently launched a new forum, `Best Interest Mates’ to encourage brokers to support each other.
Is there a demand for better technology to support commercial brokers? Please comment below
