Vequip launches lending solution

Ability to diversify revenue

By Julie May
Thu 28 Jan 2010

Non-accredited finance brokers can now seek lending solutions through Vequip.

Lending solutions provider Vequip has launched an asset finance solution that gives finance brokers control over their transactions without needing accreditation.

Vequip director Graeme Porter said that in the past, lender accreditations have enabled brokers to write their own leasing transactions, but since the banks introduced individual volume targets on how many transactions brokers need to do, many have had their accreditations cancelled.

"Rather than brokers needing to keep up with a certain volume of transactions to keep their individual accreditations, Vequip holds the accreditation on behalf of numerous brokers, which enables it to meet the volume set by lenders," Porter told InvestorDaily.

Through Vequip, financial professionals such as brokers, financial planners, lawyers and accountants can therefore increase and diversify their revenue via an expanded value-add service, Porter said.

Brokers have the flexibility of being able to write their own loans, backed up by the support network of online systems access, marketing support, ongoing leasing training and a dedicated lending specialist and business development manager.

Porter said Vequip was not owned or operated by a bank and had a panel of financiers providing competitive quotes for all asset finance and leasing requirements.

"Previously, brokers were unable to keep their clients from moving to larger organisations that had a bigger set up and range of services," Porter said.

"Vequip now fills that void. We become the service provider for the sole trader mortgage broker, right through to a large accountancy firm or corporation, allowing our clients to keep their own client base separate."

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