New figures from a non-bank finance group in the commercial property market, Chifley Securities
, shows it has experienced rapid growth since its launch last November.
The group’s initial lending pool has grown from $480 million to $700 million and now has 2000 accredited brokers, with more than $2 million generated in broker fees, which have been passed on to the referrers.
“We have written a wide range of to date in the commercial property sector, ranging from $2 million to $36.6 million. Our borrowers want to access a quick and a hassle free process and we have provided funds for projects, from land banks to both small and large commercial centres,” Chifley Securities’ director Joe Morello said.
Morello said Chifley was carving itself a niche in the finance market by picking up deals with brokers’ clients who do not fit into the loan criteria of the major banks, basing its lending decisions on the existing asset values, risk profile and prospects on individual commercial property projects.
The non-bank lender is also introducing a range of professional development programs into the broker market, in conjunction with the FBAA.