Australasia’s largest network of brokers will now have access to 80 asset finance support specialists, as well as the fintech’s innovative application and compliance platform, under the new partnership.
In addition to consumer and commercial asset finance solutions, the network of more than 5,000 brokers will also be able to support their customers with new unsecured business lending and personal loans markets through the partnership.
The merger comes as the marketplace seeks out quality solutions for asset finance. National auction house Pickles said a global shortage of microchips, supply chain challenges and record low interest rates delivered premiums of 30-40% above valuation for some commercial vehicles and equipment at auction.
LMG Executive Chairman Sam White and Nodifi Chief Executive Officer, Tom Caesar, stated the merger was a great win for brokers and the industry as it looks to set new benchmarks.
Mr White said: “Last year, Loan Market Group committed to achieving our vision of delivering a world-class asset finance solution for all brokers and their clients”.
“Asset finance for mortgage brokers requires a fully-integrated service offering. Bringing together our specialists with Nodifi’s market-leading tech platform and highly-experienced asset finance personnel cements Loan Market Group as the home for all good brokers.”
Experienced asset finance writers will increase efficiencies via the Nodifi platform, delivering enhanced outcomes to clients. Mortgage brokers who occasionally lodge asset finance, business and personal loan applications would benefit from support services, education and Nodifi’s deep expertise in this increasingly complicated market.
The merger also represents a partnership of two family-owned businesses with no bank ownership.
Mr Caesar said Nodifi shared LMG’s goal to simplify the way brokers run their businesses, unlock greater opportunities through tech innovations, and strengthen broker-client relationships.
The demand for quality asset finance solutions over the last 18 months has resulted in Nodifi recording a 686% increase in loan originations over the period.
“Nodifi is going from strength to strength, and partnering with LMG – Australasia’s largest broker network – is a major milestone from which we will grow this offering,” he said.
The merger between Loan Market Group and Nodifi settles on 1 July 2022.
When is this all happening?
Settlement will be happening on 1 July 2022. Due to the complexities of the transaction it will encompass multiple steps.
What does this mean for existing Nodifi partners?
There will be no disruption or changes to existing Nodifi partners, it will be BAU.
I aggregate through Loan Market, PLAN, Choice or FAST – what does this mean for me?
There will be greater synergy across the brands with greater integration across systems. In particular is myCRM, which already has a direct integration with the Nodifi platform. Future tech releases will also have similar integrations considered.
Is anything changing with the Nodifi support team?
We will be supercharging the growth meaning there will be additional support resources in the near future. All current points of contact remain the same.