Non-bank reports rapid growth

by Julia Corderoy09 Dec 2015

Non-bank commercial lender, Chifley Securities, has reported more than $400 million worth of loan settlements in just its first year of business.

Launched in November 2014, the non-bank lender now has a pipeline of $110 million worth of loans, almost double the $60 million pipeline six months ago.

Chifley Securities now has 2,000 accredited brokers and has paid an average of 1.1% in fees over the last year to brokers.

“We have achieved a range of milestones in our first year, in particular we have formed strategic alliances with major banks, brokers, aggregator groups and some 60 private lenders,” Director of Chifley, Joe Morello said.

“From starting with commercial property projects in Sydney’s North Shore and city-fringes, we have provided loans for commercial property projects across all mainland capital cities.”

According to Morello, the specialist commercial lender has serious growth plans for the year ahead.

“There are no signs of any slowdown in our growth, especially as the banks have tightened their lending criteria for a wide range of projects, including the development of Greenfield and Brownfield properties, special purpose assets and commercial office centres,” he said.

In September, Chifley reported an 86% growth in commercial property finance to Chinese investors in the three months from July to September, compared to the first six months of 2015.