The non-bank finance group has launched a new aggregation division to provide brokers with a wider group of lenders and “a greater chance of placing loans for their clients”.
Targeting brokers and their clients, Chifley Aggregation aims to deliver finance to “those who do not have access to private lending volumes of up to $50 million at reasonable interest rates”.
The division reportedly provides brokers with access to more than 100 private lenders.
According to the non-bank, this wide access to private lenders would provide brokers with “more choice in the private loan market than previously available in Australia” as well as access to rewards and training programs.
While Chifley Securities will continue to provide loans from its existing high-private-net-worth individuals, Chifley Aggregation will access a wider group of lenders across the country in a bid to provide brokers with “a greater chance of placing loans for their clients”.
Chifley Securities’ principal, Joe Morello, commented: “We are very confident that Chifley Aggregation will find strong demand from brokers seeking to find their clients loans with very attractive interest rates, without stringent criteria normally associated with these sorts of facilities.
“There is a vast pool of well-qualified loans that simply cannot be filled by the big banks and larger private lenders. Brokers can now find the financing required to keep their clients’ projects moving forward.”
He added that the group is attracting record volumes as many in the property industry's developers no longer fit the banks’ current lending criteria, which have recently been tightened by the Australian Prudential Regulation Authority (APRA).
“Many developers we are funding are backed by strong equity and balance sheets, but are still finding trouble with the banks when it comes to construction and other property loans,” Mr Morello concluded.
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