- Consumer lender Wisr (WZR) has upped its warehouse loan funding facilities to $350 million following a boost in new loan originations
- It follows the company's 35 per cent quarter on quarter increase in new loans, which totalled $83.8 million for the recent December quarter
- WZR says the increased facility limit reflects strong support from its incumbent senior bank and mezzanine funders
- The facility is set to be formally increased subject to the finalisation of certain legal requirements
- Wisr shares are up 5.26 per cent following the announcement, trading at 20 cents
Consumer lender Wisr (WZR) has upped its warehouse loan funding facilities to $350 million following a boost of new loan originations.
It follows a period of "accelerated" growth for the company over Q2FY21, which brought in $83.8 million worth of new loans for the period, marking a 35 per cent quarter-on-quarter increase and a 165 per cent increase compared to the same period last year.
WZR says the increased facility limit reflects the strong support from Wisr’s incumbent senior bank and mezzanine funders, on the back of strong credit performance.
The facility is set to be enacted once certain legal requirements have been met.
According to the company, the warehouse funding model delivered an increase in revenue by improving loan unit economics over the second quarter of FY21, resulting in a 350 per cent jump on the prior corresponding period to $5.9 million
Wisr's Chief Finance Officer Andrew Goodwin said revenue performance had been exceptional.
"The outstanding performance of the Wisr loan book, and our market leading ability to attract Australia’s most creditworthy customers," he explained.
"The superior loan unit economics underpinned by the Wisr Warehouse, is delivering significant operating leverage as revenue continues to grow strongly in-line with the growth of our loan book," he concluded.
Wisr shares are up 5.26 per cent following the announcement, trading at 20 cents at 12:34 pm AEDT.