Ormond resurfaces to take last dig at banking 'sharks'

  • feed
  • Google+
by |

Business Review Weekly recently published a contribution from former Refund Home Loans boss Wayne Ormond, outlining his advice to businesses dealing with bank lenders.

Ormond, who was at the helm of Refund when it was put into voluntary administration leaving its brokers hanging for months, wrote in BRW that dealing with the banks was like 'swimming with sharks'.

"I recently had the opportunity to swim with sharks at a water park on the Gold Coast," Ormond writes.

He goes on to conclude. "Why I am talking about swimming with sharks? Well it’s the closest analogy I have to my experience in dealing with Australian banks in the business sector."

Ormond partially blamed Refund's 'restrictive banking facility' and a 'poor relationship' with his bank for the company's downfall, and gives tips to business owners so others can avoid his fate.

Refund Home Loans was eventually sold to Homeloans, which picked up only 54 brokers after sending out 170 contracts, as well as a loan book worth more than $1.9bn.

Ormond warns business borrowers to do adequate preparation, and does say that if he had his time over again, he would engage an experienced commercial loan broker.

"I hate to say it but, everything comes to an end, sometimes for the better sometimes for the worse. When it comes to the banks, make sure you’re prepared for both," Ormond wrote.

Related stories:

Non-bank gets free kick with franchise acquisition

  • Todd on 23/11/2012 12:49:50 PM

    Oh Wayne... maybe if you had put more effort into your own business and stopped worrying about the baks and just got on with the job, your company would have not gone under ... a loan book of $1.9b is pretty ordinary given the time you were in the industry. The big players are almost doing this a month...

  • Former Broker on 22/11/2012 10:06:49 PM

    Wayne, crawl back under your rock and stop reminding everyone about the dismal failure that was Refund. Former franchisees don't need you to keep popping up and reminding us of the mistake we made when buying into your ego-driven system. Move on, and let us do the same - you've done enough damage already.

  • tall_poppy on 22/11/2012 7:30:13 PM

    Way to kick a guy when he is down. Mr John Symond from Aussie carries on with the same guff when it comes to banks, but you aren't having a go old Aussie go at him are you? I'm sure you have all had clients who have dealt with a similar situation. I'm also sure you have all made an error or two when it comes to your business, so I would suggest you all be a little nicer when it comes it throwing stones, I'm sure part of your house is made of glass.

  • Broke broker on 22/11/2012 12:15:18 PM

    The utter gall to be calling the Banks policies into question. Ormond if only you had looked after the business that was bringing in the money instead of dreaming of being bigger than Aussie John you might still be in business, the model and the hook were good, you were the problem.

  • Bris Broker on 22/11/2012 11:31:01 AM

    Oh so still blaming the banks Wayne. I am sure your 'Restrictive banking facility' had nothing to do with an unprofitable business model, business practices and the fact that the bank did not want to lose money when Refund went down!

  • Stop it on 22/11/2012 10:52:31 AM

    Still believeing his own press...

  • Positive Broker on 22/11/2012 10:50:29 AM

    The problem is Wayne, that your model was cannabalising the industry so you would eventually have had trouble finding a Commercial Broker.

Australian Broker forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Name (required)
Comment (required)
By submitting, I agree to the Terms & Conditions