Resimac Group is pushing ahead with its plan to diversify its business beyond mortgages and into asset finance, with the announcement yesterday that it will acquire a stake in equipment finance company Sonder Equipment Finance – its third investment in the asset finance market.

Resimac will acquire a 15 per cent of Sonder, which will give it access to Sonder’s commercial broker network. Sonder will offer Resimac and Sonder branded equipment finance products.

Resimac Asset Finance general manager Michael Moloney said Resimac expects to move to full ownership of Sonder over the next three to five years.

In January, Resimac exercised an option to acquire the 40 per cent of International Acceptance Group it did not already own. It acquired its initial stake in IA Group last year.

It paid A$8 million for the remaining 40 per cent of IA Group, a Sydney-based finance company involved in asset finance, secured business loans, personal loans and care loans. IA Group has around $80 million of assets.

It also has a 15 per cent investment in Positive Group.

Moloney said: “Asset finance nicely complements the long-standing Resimac mortgage business, particularly because of the secured nature of the lending and the fact it can be offered to both consumers and SMEs.

“Asset finance is readily securitisable and this fits in very well with Resimac’s funding strength.”