Business lender FRL takes major stake in Quik Rent
(18 November 2005 – Australia) SME focussed commercial lender Financial Resource Limited (FRL) is set to take a 75 percent stake in leasing and lending business Quik Rent.
Quik Rent specialises in commercial equipment leasing and lending in the high volume/high margin part of the Australian lending market.
"The Quik Rent agreement allows us to expand our customer base significantly, with this agreement acting as the platform for the introduction of a range of branded financial products and ongoing cross selling opportunities," FRL managing director Barry Samuels said.
FRL, which was established just over 10 year ago, said it expected Quik Rent to be writing up to 1500 lending contracts each month by June next year. These would be generated through strategic alliances held with commercial and retail companies throughout Australia.
FRL said Quik Rent’s platform would be entirely web based, enabling instant approvals and subscription to its range of products.
Samuels said Quik Rent branded products such as general and credit card insurance would be rolled out soon.
"For FRL this is a key milestone that will signify a period of exciting growth," Samuels said.
"The Quik Rent agreement allows us to expand our customer base significantly, with this agreement acting as the platform for the introduction of a range of branded financial products and ongoing cross selling opportunities," FRL managing director Barry Samuels said.
FRL, which was established just over 10 year ago, said it expected Quik Rent to be writing up to 1500 lending contracts each month by June next year. These would be generated through strategic alliances held with commercial and retail companies throughout Australia.
FRL said Quik Rent’s platform would be entirely web based, enabling instant approvals and subscription to its range of products.
Samuels said Quik Rent branded products such as general and credit card insurance would be rolled out soon.
"For FRL this is a key milestone that will signify a period of exciting growth," Samuels said.
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