It also raises the borrowing limit for certain loans
Non-bank lender Thinktank has launched two new short-term loan products and increased limits for its Commercial Max and SMSF Commercial Max loans.
The new offerings, Business Loan and Residual Stock Loan, are designed to provide brokers with options to support various business requirements. These products feature flexible terms ranging from three months to three years, a loan limit of $5 million, and flexible servicing parameters.
Key features include no minimum interest coverage ratio (ICR) requirement, no lenders mortgage insurance (LMI), and no title insurance.
Business Loan is available under Mid Doc and Quick Doc options, and can be secured against residential, commercial, or specialised properties. It is suitable for business or property investment, business equipment purchase, working capital, line of credit, or refinance and debt consolidation.
Residual Stock Loan is also offering Mid Doc and Quick Doc options, and is tailored for property developers wishing to borrow against a recently completed development of five to 35 units with less than 50% retained by the developer.
Thinktank has also raised the borrowing limits for its Commercial Max and SMSF Commercial Max loans to $8 million, providing borrowers with greater financial flexibility to support their growth.
“At Thinktank, we work exclusively with mortgage brokers, so we’re committed to continuing to innovate with new products and offerings to help them deliver the best journey and outcomes for their clients,” said Belinda Wright (pictured above), head of partnerships and distribution at Thinktank, and a winner for Female Leaders in the Mortgage Industry.
“Many brokers want to be able to offer a range of solutions to their clients, as this typically leads to stronger and deeper relationships, new advocates, and potential new revenue streams.
“We take pride in listening to broker feedback and providing straightforward solutions. This approach has driven numerous recent changes to our product offerings, and we remain dedicated to adapting to the evolving market to meet the diverse needs of brokers and borrowers.”
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, X (formerly Twitter), and LinkedIn.
