Understanding Bigstone Finance: An Australian SME Lending Specialist
In the vibrant landscape of Australian business finance, Bigstone Finance stands out as a significant player, particularly for small to medium-sized enterprises (SMEs) seeking asset and equipment funding. Operating under the legal entity Metrics Business Finance Pty Ltd, and formerly known as Bigstone Capital Pty Ltd, this company has carved a niche by connecting businesses with crucial capital through both direct lending and a marketplace model.
A Brief History and Evolution
Bigstone Finance was established in 2014 by a trio of experienced banking executives: Boyd Pederson, Robert Morgan, and Liam McLagan, all hailing from Australia's prominent 'Big Four' banks. Their collective vision was to simplify and accelerate access to finance for SMEs. The company initially operated as Bigstone Capital, building a reputation for its innovative digital approach. A pivotal moment in its journey occurred in late 2021 when it was acquired by Metrics Credit Partners, a leading Australian non-bank corporate lender boasting over $30 billion in assets under management. This acquisition led to the company's rebranding as Metrics Business Finance, bolstering its funding capacity and market reach significantly.
Institutional Backing and Leadership
The acquisition by Metrics Credit Partners transformed Bigstone Finance, merging its agile SME lending expertise with the robust financial backing of an institutional powerhouse. This synergy provides a stable foundation for Bigstone's operations. The leadership team, comprising its co-founders and key executives like Tom Kellaway (Managing Director) and Robert Spano (Executive Chairman), brings a blend of deep banking experience, technological innovation, and legal acumen. This leadership ensures a forward-thinking yet prudently managed approach to lending, a critical factor for businesses relying on consistent and reliable financial partners.
Products and Services: Tailored Financing for Australian Businesses
Bigstone Finance specialises in asset-backed commercial lending, offering a suite of products designed to meet the diverse needs of Australian SMEs. Their focus on securing loans against tangible assets provides a clear framework for their financing solutions.
Equipment Finance
This category is central to Bigstone's offerings, providing funding for a wide array of new and used business equipment. This includes essential items such as medical devices, construction machinery, and technology equipment. Whether a business needs to upgrade its fleet of vehicles, acquire new manufacturing machinery, or invest in specialised instruments, Bigstone Finance aims to facilitate these purchases.
Asset Finance
Beyond traditional equipment, Bigstone's asset finance covers a broader spectrum of business assets. This can range from smaller items like modern coffee machines for a cafe to substantial commercial vehicles for logistics, crucial office fit-outs and general equipment, and heavy industrial machinery. This flexibility allows businesses across various sectors to secure funding for almost any depreciable asset that supports their operations.
Commercial Real Estate Finance
Bigstone Finance also extends its services to commercial real estate, offering financing solutions for property development funding, investment property acquisition, and pre-development or construction facilities. This provides a comprehensive financial toolkit for businesses looking to expand their physical footprint or invest in commercial properties within Australia.
Loan Amounts, Terms, and Structure
Bigstone Finance offers a broad range of loan sizes to accommodate different business scales. The minimum loan amount available is $10,000 AUD, extending up to a maximum of $2,000,000 AUD. Loan terms are flexible, typically ranging from 12 to 60 months, allowing businesses to structure repayments that align with their cash flow. Additionally, residual payment options are available, with refinancing possibilities extending for up to an additional 24 months, providing further flexibility for asset management.
Understanding Rates, Fees, and Collateral
Interest rates offered by Bigstone Finance are variable. They are determined through a comprehensive business assessment, taking into account factors such as loan size, term, and the specific type of asset being financed. Transparency in fees is a key aspect of their offering. Borrowers will encounter a one-time upfront "Market Access Fee" charged for accessing their lending marketplace. Crucially, Bigstone Finance does not levy ongoing monthly maintenance or management fees, nor does it impose early repayment penalties, allowing businesses to pay off their loans ahead of schedule without extra charges. However, it is important to note that daily fees and penalty interest will apply in the event of a loan default.
All loans provided by Bigstone Finance are secured against the financed assets. In addition to this, the company requires comprehensive insurance on the financed assets, directors' guarantees, and property ownership by at least one company director, although a mortgage on the property is not required. These measures collectively aim to mitigate risk and provide security for the lending arrangement.
The Application Journey: Digital Efficiency and Requirements
Bigstone Finance leverages a fully digital platform to streamline the application process, making it efficient and accessible for Australian businesses. While the company operates primarily through its website, it is important for potential applicants to note that there is no dedicated mobile application for customer use; all interactions are managed through their robust online portal.
Navigating the Application Process
The journey begins with an instant pre-qualification tool available online, providing indicative pricing to give businesses a quick estimate. Following this, the document collection phase varies based on the loan amount. For loans under $100,000, applicants typically need to submit an application form along with an asset invoice or quote. For larger loans exceeding $100,000, additional financial statements and access to ATO (Australian Taxation Office) portals are generally required for a more thorough assessment. Identity verification, involving photo identification and company documentation, is a standard step, culminating in a comprehensive credit assessment that evaluates both the business and its directors.
Key Eligibility Criteria
To qualify for finance with Bigstone, businesses generally need to meet specific criteria. This includes a minimum of two years of trading history with current GST registration. Both the business and its directors must demonstrate a satisfactory credit score. Bigstone caters to various entity types, including registered companies, trusts, sole traders, and partnerships. A critical requirement is that directors must not have any prior bankruptcy history, ensuring a baseline of financial responsibility.
Digital Platform and User Experience
Bigstone Finance's online platform is designed for efficiency, offering features such as instant pre-qualification estimates, easy document upload capabilities, and real-time application tracking. The integrated credit assessment tools aim to provide same-day quotes for most applications, significantly speeding up the financing process compared to traditional lenders. This digital-first approach means that businesses nationwide, from Sydney to Perth, can access their services with ease, supported by a broker network and direct phone and email support for personalised assistance.
Regulatory Compliance, Market Standing, and Borrower Considerations
Operating within Australia's stringent financial regulatory environment, Bigstone Finance maintains a strong commitment to compliance and consumer protection. This framework underpins its market position and offers assurances to its clientele.
Regulatory Framework and Consumer Safeguards
Bigstone Finance operates under an Australian Credit License, specifically License #603 289 658, demonstrating its adherence to national standards. It falls under the direct supervision of the Australian Securities and Investments Commission (ASIC) and is a member of the Australian Financial Complaints Authority (AFCA). This membership provides an independent dispute resolution service for customers, ensuring a clear pathway for addressing concerns. The company also complies with key legislation such as the National Consumer Credit Protection Act 2009 and the Corporations Act 2001, alongside maintaining robust internal dispute resolution procedures and professional indemnity insurance, all designed to protect consumer interests.
Customer Feedback and Market Position
Customer satisfaction is a key indicator of a lender's performance. Bigstone Finance generally receives positive feedback, with a Trustpilot rating of 4.5 out of 5 stars from 17 reviews. Customers frequently commend the fast approval and funding processes, responsive customer service, clear communication, and competitive rates and terms. While overall feedback is strong, some minor areas for improvement occasionally surface, such as the upfront fee structure, the need for extensive documentation for larger loans, and response times during peak periods. In the competitive Australian lending landscape, Bigstone positions itself as a specialist non-bank lender, differentiating itself through speed, flexibility, and a technology-driven approach, all strengthened by the institutional backing of Metrics Credit Partners.
Bigstone Finance in the Australian Lending Landscape
Bigstone Finance operates in a dynamic sector alongside other non-bank lenders like Moula, Capify, Lumi, and ScotPac, as well as the equipment finance divisions of traditional banks. Its key differentiators include rapid approval times, often as quickly as one hour for loans under $100,000, and a willingness to finance a wide array of assets and business types. The fully digital application platform further enhances its appeal to modern businesses seeking efficiency. Its specialist focus on asset-backed lending, combined with the significant funding capacity from Metrics Credit Partners, positions it as a robust and reliable alternative to traditional banking channels for Australian SMEs.
Practical Advice for Prospective Borrowers
For Australian businesses considering Bigstone Finance, here is some practical advice:
- Understand the Product Focus: Bigstone specialises in asset-backed lending. Ensure your financing needs align with equipment, asset, or commercial real estate acquisition.
- Review Eligibility Criteria Carefully: Confirm your business meets the minimum two years of trading, GST registration, and satisfactory credit history for both the business and its directors.
- Prepare Documentation: While the process is digital, having your financial statements, ATO portal access, and asset invoices ready can significantly speed up the assessment for larger loans.
- Factor in the Market Access Fee: Be aware of the one-time upfront fee. Understand how this impacts the total cost of your loan, even with no ongoing or early repayment penalties.
- Leverage the Digital Platform: Utilise the online pre-qualification tool for quick estimates and manage your application through their digital portal for efficiency.
- Engage with Customer Service: Should you have questions, their phone and email support, as well as their broker network, are available to provide clarification.
- Compare Wisely: While Bigstone offers speed and flexibility, always compare their rates and terms against other non-bank lenders and traditional banks to ensure it's the most suitable option for your specific business needs.
- Note the Absence of a Customer App: All digital interactions are web-based, so plan accordingly.
By carefully considering these aspects, Australian businesses can make an informed decision when evaluating Bigstone Finance as a potential funding partner for their growth and operational needs.
