Grow announces new low doc balloon refinance facility

Grow announces new low doc balloon refinance facility

Leading non-bank business lender Grow Finance (Grow) announces the launch of its new low doc balloon refinance facility for Tier 1 assets.

SMEs will now be able to access up to $150,000 to refinance balloon payments on cars, vans or utes for up to five years with minimal financial information.

“We’ve created this product to release SMEs from the cash flow pressure created by residual payments at the end of the loan term – which are often quite substantial. We expect it will be tremendously appealing to SMEs to have the best of both worlds: to retain the asset whilst freeing up working capital and maintaining cash flow certainty,” said Brett Cheal (pictured), Managing Partner, Grow Finance.

“The product is fully amortising and available to property and non-property owners. The lending criteria is in line with our low doc policy that doesn’t require bank statements or onsite valuations for standard assets – meaning your typical cars, vans, or utes. In addition, the one per cent uplift previously charged for refinances has been removed,” continued Cheal.

“We’re heavily invested in R&D. The new balloon facility is the first of our next-generation product development, supported by our recent capital raise and new warehouse facility. In addition, we’re working on a suite of new product development, extensions and enhancements that will be rolled out throughout the year,” said Co-CEO, David Verschoor.

Co-CEO, Greg Woszczalski concurred, “We’re focussed on being recognised as the ‘non-bank of choice’ for businesses borrowing up to $5M by providing SMEs greater access to aligned funding solutions. Our growth rate continues to exceed aggressive targets. We expect the new balloon refinance facility to contribute to our uplift.”

Grow was recently recognised as the #1 fastest-growing company in the 2021 AFR Fast 100! following a 549% YOY increase in revenue. In addition to product development, growth is sustained through continual platform enhancements and progressive team extension, as supported by the company’s recent capital raise and new warehouse facility.