Australian non-bank lender Brighten Home Loans has secured a $250 million tranche of funding through a warehouse facility with Goldman Sachs.
This funding comes a little more than a year after securing its first $500 million warehouse facility from another global financial institution, as Brighten continues to rapidly scale up its lending business.
The Sydney-based lender secured the second tranche of funding following a period of strong lending growth.
“The Brighten team is very pleased to have secured this additional funding that will be used to further expand our lending business,” Brighten head of securitisation and funding Adam Moore said.
Moore added that Brighten was also in active discussions with a range of additional potential funding partners to further fund its growth ambitions.
The emerging non-bank lender believes it is an ideal time to expand its lending business into the growing Prime and Near Prime loan segments.
“Based on our research and feedback from brokers and industry groups we believe we will be able to compete through a combination of a streamlined product offering, simple and competitive pricing structure, along with a superior service proposition assisted through our enhanced technology platform,” Brighten head of lending operations Jason Ford said.
Brighten has made substantial progress since it commenced operations in 2017, with extensive investment undertaken in building a platform for growth.
Given the existing infrastructure and distribution networks in place, along with the introduction of new lending products tailored to specific client demand, Brighten said it expected continued strong growth in 2020.
The company also continues to actively recruit and invest into the growth of its broker network including aggregator channels, in support of achieving the target of a $2 billion loan book in two years.
A bit about Brighten:
- Brighten Home Loans is an Australian non-bank lender founded in 2017, with an initial product offering including home loans to non-residents of Australia and Australian residents with income from abroad.
- Brighten is now expanding into the Prime, Near Prime and Alt Doc lending segments for its next stage of rapid growth. It expects to launch these loan products in the next quarter.
- Brighten currently has a network of 400 brokers is expected to make an announcement regarding aggregator partnerships in coming weeks that will further expand its distribution networks.
- Brighten continues to invest in its firm-wide headcount of more than 50 staff, with offices in Sydney, Melbourne and Brisbane.