One of Melbourne’s top brokerages has forecast it will double in size within three years to become a billion-dollar business.
Managing director Jason Back said the Australian Lending & Investment Centre’s 12 writers would book about $500 million of loans in 2013/2014.
He also forecast the firm would hit $620 million in 2014/2015 and $1 billion in 2016/2017, with 60 per cent of the loans being residential.
Mr Back told The Adviser that the team would have to expand from nine mortgage brokers to 25 and three investment brokers to eight.
The firm, founded in 2009 by Mark Davis and Kevin Agent, wrote about $70 million of loans in its first year, he said. Staff numbers have since expanded from two to 26, he added.
The Australian Lending & Investment Centre starred last week at the Melbourne leg of the Better Business Awards with four gongs.
The firm claimed one of the two Best Independent Office awards. Mark Davis was named Broker of the Year and given the award for Best Integrated Offering, while Seuj Barua was named Best Newcomer. Mr Barua has been tipped to write $45 million of loans this financial year.
Mr Back attributed the firm’s success to hard work, great staff, loyal customers and excellent business partners such as Connective.
He added that the firm had benefitted from its business model, which involves outsourcing other financial services without charging commissions. The firm made 1,200 referrals last year, he said.
Mr Back told The Adviser the firm would open offices in Sydney and Brisbane within five years, although the $1 billion target was not dependent on this expansion.
“We know they’re extremely competitive markets, but we also love those places from a property perspective, but we’ve got to get our backyard right first,” he said.
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