Non-bank lender Chifley Securities has reported a massive growth in volumes, having written $300 million worth of loans in just six months since launching last November.
The commercial lender’s initial lending pool of $480 million has grown to $700 million, with the group now boasting 2,000 accredited brokers.
Chifley Securities said it has also generated more than $2 million in broker fees – all of which have been passed on to the referrers.
Joe Morello, director of Chifley Securities, said the lender has written a wide range of loans 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,” he said.
Mr Morello noted that Chifley Securities is achieving a strong niche in the finance market by picking up deals with brokers’ clients who do not fit the loan criteria of the major banks, as well as basing its lending decisions on existing asset values, risk profiles and prospects on individual commercial property projects.
The group has also expanded its footprint in the broker market by introducing a range of professional development programs in conjunction with the Finance Brokers Association of Australia.