Ramp up all Little lending
The A$20 million loan book of Little Lease Pty is a foothold for a trio of finance executives aiming high at the edges of the lending market.Patrick Tuttle, Philip Sullivan and David Holmes are the consortium setting out a new direction for Little lease, an entity with roots in Metway Bank. Tuttle is the former co-CEO of Pepper Group, Sullivan the former Group Treasurer of Virgin Australia and Holmes was Pepper's Group COO for more than 16 years, and an operator with a Citi UK heritage.This book, Tuttle said, is "split across small-ticket asset-backed chattel mortgage and finance lease receivables, and larger facilities of up to $200,000 for consumer finance rental businesses acquiring white goods, electrical goods and furniture (who then rent or lease the equipment to their end customers)."We will be seeking to ramp up the scale and presence of the business, principally by expanding existing relationships, increasing the company's finance broker network, and further developing its small-ticket vendor financing and SME cash flow financing capabilities."In an email he wrote that "David, Phil and I will be seeking to leverage our collective experience in much larger financial services and commercial businesses, including Pepper Group, Macquarie and Virgin Australia. "The business has been exceptionally well run over the past 20 years and provides us with a great platform from which to build a much larger business, scaled via the introduction of more traditional structured warehouse facilities utilised by the larger non-bank financial institutions - with a deliberate specialist focus on flexible financing solutions for the small business sector which is now massively underserved by traditional banks and finance companies."