It now provides financing options of up to $5 million
Non-bank mortgage lender ORDE Financial has unveiled its new Prestige Loans program, designed to cater to the high-end residential lending market.
The initiative represents a significant expansion in ORDE’s product offerings, providing loan sizes up to $5 million for residential properties.
Key features of the Prestige Loans include flexible documentation options to suit various financial situations, loan offerings for high-value properties, and loan-to-value ratios of up to 70% in metropolitan areas of Sydney and Melbourne, and 60% in selected other postcodes.
Launched in late 2020, ORDE Financial was named one of the 10 best non-bank mortgage lenders in Australia as a result of MPA’s Brokers on Non-Banks 2023 survey.
“ORDE has listened attentively to our broker customers and identified an underrepresented segment in need of specialised lending solutions,” said Ryan Harkness, managing director at ORDE Financial.
According to ORDE’s director of distribution Lee Prior (pictured above), Prestige Loans is the first of many products slated for release in the coming months.
“Having established ourselves as a trusted solution partner for brokers in lending below $2 million, we look forward to continuing that ‘can-do’ approach with a broader segment of borrowers, as we extend our lending sizes to $5 million,” Prior said.
“Whether purchase, refinance or equity release, our experienced credit team are skilled to work in hand with our brokers to deliver an outcome.
“The reason behind introducing Prestige Loans for amounts up to $5 million is simple: there's demand there and the market is underserved.
“ORDE is all about giving brokers more tools to serve their clients better. Now, with more backing from financiers, we're broadening our range. And as we keep growing, we'll keep on bringing more options for our brokers.”
Prior said the demand for bridging finance had shown a consistent upward trajectory this year.
“We anticipate this trend to persist. Non-bank lenders like ORDE are increasingly relied upon to provide crucial support to brokers navigating the complexities of this often misunderstood product.
“As the need for bridging finance grows, our commitment to clarity and simplicity remains steadfast, ensuring brokers have the tools they need to effectively serve their clients.”
In February, ORDE Financial priced its first Residential Mortgage-Backed Securities (RMBS) public term issuance, amounting to $1 billion – setting a new record as the largest inaugural non-bank RMBS issuance in Australia.
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