Yellow Brick Road (YBR) has revealed its ambitious growth plans which includes acquiring 10 new broker groups every month.
YBR outlined its lending strategy in a recent update, which includes a target loan book of $100 billion by 2020.
The group’s current loan book is valued at $32 billion, up 24 per cent on the first half of 2015.
YBR-owned aggregator Vow Financial will form a key part of the group’s lending drive going forward.
In the group’s half-year profit results, released last week, YBR mapped out its plans to increase the Vow network by 50 per cent over three years, by acquiring “nine to 10 new groups monthly”.
Vow has recruited 400 new brokers over the last 12 months and welcomed its 1,000th broker in October last year.
Meanwhile, YBR aims to grow its number of branches to 300 over three years by adding “four to five new franchisees monthly”.
YBR recorded $8.4 billion in settlements in the first half of the 2016 financial year, up 40 per cent on the prior corresponding period.
The results follow the group’s recent decision to restructure its leadership team, which saw Vow Financial CEO Tim Brown assume the role of CEO – Lending for the YBR group.
“Tim has significantly grown the Vow Financial network and turned the business into an aggregator powerhouse since joining the business,” YBR executive chairman Mark Bouris said.
“He will lead the charge in sales and distribution of products and branch/broker productivity across the Yellow Brick Road group of companies including RESI, Vow Financial and Yellow Brick Road.”
[Related: YBR announces major restructure]
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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