Basecorp gets more funding for short-term mortgages
Basecorp Finance secures additional $50m funding for short-term mortgages, reduces rates
Tuesday, October 15th 2024, 7:02PM
Basecorp Finance has secured $50 million of additional funding capacity for its short-term mortgage programme with one of its key funding partners, with future appetite of up to $100 million.
“This facility sits alongside our existing short-term funding sources, and enhances our ability to continue to meet demand in this segment”, chief financial officer John Moody says.
“We have experienced a strong correlation between moves in interest rates and the demand for our products, and the programme positions the business to meet anticipated adviser demand for short-term loans over the next few years as interest rates fall and the cycle normalises.”
The facility builds upon recent tweaks to its products as Basecorp continues to widen the range of the products it offers to advisers, with commercial properties, bridging finance, and vacant land all seeing tweaks in 2024.
“While long-term residential mortgages remain our core focus and we’re continuing to deliver solutions and lower rates to advisers in this space, the funding diversification offered by this programme has allowed us to materially lower our short-term rates to 9.95%.
"We think the combination of consistent credit appetite, funding headroom, and rates at this level will appeal to advisers as they look for 24-hour solutions for their customers and a trusted longstanding partner in the non-bank space,” he says.
| « Banks slash floating rates after 50bp OCR cut | AI forecast to take care of majority of advisor loan deals » |
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