Resi broker cracks commercial market

“With anything new or unknown you are always a bit apprehensive but having a good network of BDMs that are accessible makes things a lot easier,” Mr Steele said.

“We have some really good commercial BDMs at Westpac and NAB. They have been more than willing to come out to our office and go through things with us.

“If all you do is mum-and-dad home loans you are missing out on a big portion of business, particularly asset finance and commercial loans.”

Mr Steele began mining his existing client base and found a fair portion of self-employed business owners.

“I was doing a needs analysis and my business partner and I realised that it would be a great opportunity to get into the commercial space,” he explained. “We have a double shopfront in Ivanhoe and all the walk-ins have been for home loans. Nobody has walked in looking for a commercial loan. You need to ask more questions of your existing clients.”

Mr Steele has just settled a $1.5 million commercial deal for one of his existing clients, a doctor who was looking to build a new surgery.

“There is definitely a lot of money out there in the commercial space,” he said.

“All of our advertising indicates that we now write business loans, asset finance, and commercial loans.

“If you want to push yourself and upskill yourself you can. But it’s not something you can float in and out of. You need to give it 100 per cent.”

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[Related: Brokers would be 'mad' not to consider commercial lending]