ORDE Financial launches new product line

Non-bank lender ORDE Financial has launched a new product line that allows customers to borrow up to $5 million for residential properties.

The lender said that the Prestige Loan product would provide financing solutions to an “underserved high-end residential lending segment”, such as those looking to purchase more expensive homes (both owner-occupied homes and investment properties).

The new product line offers mortgages of between $2 and $5 million, with a loan-to-value ratio (LVR) of up to 70 per cent for those living in metropolitan Sydney and Melbourne, and up to 60 per cent for those living in category 1 and 2 postcodes outside of the two cities.

The product is only available at a variable rate but offers interest-only repayment options for up to five years. Terms are between 10 and 30 years.

ORDE Financial has made the product available to those who can provide full and alternative documentation, stating that this would provide “flexibility to borrowers with diverse financial circumstances”.

Ryan Harkness, managing director at ORDE, said that the product was launched due to broker feedback, stating: “ORDE has listened attentively to our broker customers and identified an under-represented segment in need of specialised lending solutions.”

ORDE’s director of distribution Lee Prior added: “Having established ourselves as a trusted solution partner for brokers in lending below $2 million, we look forward to continuing that ‘can-do’ approach with a broader segment of borrowers, as we extend our lending sizes to $5 million.

“Whether purchase, refinance or equity release, our experienced credit team are skilled to work in hand with our brokers to deliver an outcome.”

Prior said that the product launch was the “first of many” for the lender, with more products planned for release in the coming months.

ORDE Financial recently priced Australia’s largest inaugural residential mortgage-backed security (RMBS) issuance by a non-bank lender of $1 billion, which doubled the previous largest transaction.

[Related: Non-bank lender sets inaugural RMBS pricing record]