A new non-bank lender is making waves in the commercial mortgage space after writing more than $400 million worth of deals in its first year.
Launched in November 2014, Chifley Securities now has a pipeline of $110 million worth of loans, almost double the $60 million pipeline six months ago.
Chifley Securities has 2,000 accredited brokers and has paid an average of 1.1 per cent 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,” Chifley director 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.
“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.
Chifley Securities is now delivering a range of education, training and professional development programs in partnership with the FBAA.
“We have created these training programs as the level of the scrutiny and regulation of the finance broking industry is expected to be raised over the next year,” Mr Morello said.
The non-bank entered the third-party channel earlier this year with an initial lending pool of $480 million. The group offer commercial property loans from $2 million to $30 million.