An Australian non-major lender has established a specialist commercial property team to help brokers meet the increasing demand for commercial real estate.
ING Direct believes that low interest rates, soaring house prices and tighter residential investor lending conditions have created a strong appetite for commercial property.
Mark Woolnough, ING Direct's head of third-party distribution, said the growing investor appetite for commercial property was a great opportunity for brokers looking to build a sustainable and diversified business.
“With investors increasingly turning to commercial property there will likely be a complementary surge in demand for professional support to help navigate the market and negotiate on commercial loans,” Mr Woolnough said.
“There is huge scope for brokers to meet this demand – they have relationships with lenders, access to market insights and are knowledgeable about the nuances of commercial loans.”
To support brokers to capitalise on this growing opportunity the non-major lender has established a specialist commercial property team.
Leading the team, as national partnership manager, is John Kolyvas. Mr Kolyvas has more than 25 years’ experience, most recently with Bank of Queensland, and has worked as a broker with Aussie.
The former loan writer will be joined by Richard Bennett as commercial sales manager for NSW, Adrian Lee as commercial sales manager for Victoria, and Donald Jamieson as commercial sales manager for Queensland.
Andrew Lim, who has been with ING Direct’s mortgage team for more than 10 years, will join the new commercial team as senior partnership associate.
“In the past 12 months our commercial business has grown strongly through supporting residential brokers who have been actively looking for opportunities to diversify,” Mr Woolnough said.
“By building a specialist team we are confident that we will able to support not only residential brokers looking to diversify but also those brokers who focus more of their business on commercial deals, accelerating the growth of the commercial aspect of our business.
“The experience of John and the team will be invaluable in providing tailored and specialist support to brokers and their clients, helping them to capitalise on the growing opportunities presented by commercial,” he said.
Mr Kolyvas said the new team was committed to providing a winning experience for brokers.
“Commercial property is becoming increasingly attractive to private investors, particularly simple-term lending, and anecdotally we know that these investors rely on their advisers, be they brokers or accountants, to help them navigate the commercial market,” he said.
“We want to make the finance process as smooth and efficient as possible, with a team of specialists who understand the varied complexities of commercial deals.”
ING Direct has also established a new credit specialist team to support brokers with more challenging submissions, workshop deals and to ensure a smooth credit experience.
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James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.
He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.
He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.
James holds a BA (Hons) in English Literature and an MA in Journalism.
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