Result a major success for lender since acquiring business in 2021
Non-bank lender Resimac Group is celebrating the achievements of its fast-growing asset finance business, which has now attained $1 billion in assets under management.
The milestone comes three years after Resimac’s full acquisition of Sydney-based lender International Acceptance Group (IA Group), which Resimac Group rebranded as Resimac Asset Finance in February 2021.
From its modest start, featuring a loan book of $80 million and seven staff, Resimac Asset Finance now employs more than 60 people throughout Australia, with 2,400 accredited brokers and 14 aggregator relationships.
At the time of IA Group’s acquisition in 2021, Resimac CEO Scott McWilliam said it was a natural step for the non-bank and part of its diversification strategy.
Speaking about the $1bn AUM milestone, Michael Moloney (pictured above), Resimac general manager asset finance, said the milestone reflected the Group’s recognition of the strong opportunities in this space.
“Our success demonstrates a real hunger in the market for a flexible and fast-moving commercial lender that’s backed by a stable institutional funding platform,” Moloney said.
“This unique combination gives brokers and their commercial clients the reassurance that we’re in this for the long haul.
“Over the last year, we’ve seen exponential growth, with $482 million in settlements for FY23. We’re grateful to have the support of our aggregator partners, which has really helped us reach more brokers at scale.”
In late December, Resimac Asset Finance expanded its loan portfolio to offer short-term secured business loans – a launch that was well-received by brokers.
Moloney said the lender’s number one focus continued to be on driving volume for its auto and equipment loans, with an aggressive rate reduction offer soon to be announced and plans to enter the consumer auto market before the end of the calendar year.
“Brokers come to us because they want the security of a lender with a reliable funding source, namely warehouse facilities from the major banks, along with the capital markets.”
The next milestone for Resimac Asset Finance is reaching $1 billion in settlements by the end of FY24.
“We’re aiming to more than double our FY23 settlements,” Moloney said. “It’s a lofty goal, with only have a few more months in the financial year to get there, but we’ve made sound investments in people, technology and partnerships to drive us forward.”
Moloney said Resimac’s relationships with its brokers were crucial.
“We recently launched a new originations portal to give brokers a better loan submission experience, and we’re always on the lookout for new opportunities to equip them with the best solutions for their commercial clients.”
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