Diversification gives early wins to finance broker N1
ASX-listed mortgage broking and financial services provider N1 Holdings has reported "significant" quarter-on-quarter revenue growth from all its property investment and lending-related businesses. The company, which listed on the ASX in March, wants to be seen as an alternative to a bank. Its quarterly update yesterday claimed that diversifying into non-home loan revenue sources, along with the "successful execution" of its product and service cross-selling strategy, "is proving effective and successful" in terms of revenue growth.Current businesses under the N1 Holdings banner are: N1 Loans (home, commercial, car and personal lending), N1 Realty (property sales and management) and N1 Migration (migration services), as well as the provision of financial advice and insurance broking.The company noted that revenue from its core home loan business was A$908,000, equating to a 25 per cent growth rate compared to the previous quarter. The company has begun further diversifying its revenue from loans. According to a statement released yesterday, N1 Loans has submitted more than $10 million in commercial loan applications to "a diverse range of private funders to fill demand, as major banks reduce their exposure to property development finance".Another property-related N1 business line, N1 Realty, commenced operation in July 2016, looking to add recurring annual revenue from property management services to commissions from property sales. N1 is in the process of acquiring Sydney Boutique Property in a deal it said would add a further 162 rental management agreements to its existing property management portfolio.N1 Migration, another recently established business providing migration services, earned $80,000 in revenue during the September quarter.