The brokerage has been acquired by broker and Cliff & Moss founder Johnathon Reeves, as it ramps up to expand into commercial and business finance.
Brisbane-based brokerage Time Home Loans (Time) has welcomed a new owner after its founder and director, Ruan Burger, sold the company to Cliff & Moss owner and broker Johnathon Reeves.
The sum of the acquisition for the company – whose loan book sat at just over $1 billion as at the end of January 2021 – has not been disclosed.
Mr Burger, who set up the company in 2013 and built it into one of Australia’s leading brokerages (ranking 21st in The Adviser’s Top 25 Brokerages ranking 2021), told The Adviser that he made the decision to sell the company in order to spend more time with his family.
He said that while “decision was not an easy one”, given that “so much time, love and effort has gone into building a close Time Home Loans family”, he added that he believed that it was the right decision for his personal circumstances.
Mr Burger elaborated: “When Kylie [Burger] and I make huge life choices, it is for one benefit: us. In this instance, the ‘us’ is our family. We made our family our number one priority. The ability to reset after over seven years in Brisbane was alluring, and ultimately the freedom of choice for our family was even more alluring.
“Time has reached adulthood; the wings are out, ready to soar, but it takes an awful lot of momentum to maintain the altitude, and the cost would have been our family time... not a price we were willing to pay,” Mr Burger said.
He continued: “Our goal of being a leader in the residential market has been reached. Our goal of having the best team in the market has been reached – not many can compare themselves to the high calibre of brokers and support staff within THL. This is our legacy.”
The former Time Home Loans director told The Adviser that he believed Mr Reeves – a fellow AFG broker – was the ideal choice to continue steering the brokerage forward and make it a “powerhouse in the finance market”.
He particularly noted Mr Reeves’ success in managing existing brokerage businesses: Cliff & Moss and Healthy Loans (Healthy Loans East Coast and Healthy Loans Professional).
Mr Burger concluded: “Our goal for Time Home Loans in 2021 was to step up a level and introduce commercial and equipment finance. That’s the direction we saw our business taking, and that is the direction Jonathon will take, with his background in both areas.
“These goals for business expansion are an ideal we shared, making him the right choice for Time Home Loans ownership.”
The changing of hands took place on Monday (1 March), coinciding with Time Home Loans’ eighth anniversary.
The new Time Home Loans owner said the opportunity to buy the brokerage was “part luck and part right place, right time (pardon the pun)”.
“I have been actively growing my existing businesses, both organically and via acquisition, and this was an opportunity I couldn’t ignore,” Mr Reeves told The Adviser.
“Time is a great business with amazing staff, an enviable reputation in the industry, a proven ability to perform and has almost 700 5-star Google reviews from very happy clients…
“In addition to being sought after by clients, we will work to ensure Time becomes the workplace of choice in the industry,” he said.
Mr Reeves noted that while a brand refresh had already been rolled out, the staff, structure and “fundamentals that built Time Home Loans [into what it is] remain”.
“One of the great strengths of Time is the staff and the passion they have for providing exceptional service,” Mr Reeves said.
Looking to the future, Mr Reeves told The Adviser that part of his “big plans” for Time included adding business and commercial finance to the offering.
[Related: Time Home Loans welcomes new appointment]
Annie Kane is the editor of The Adviser and Mortgage Business.
As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts.
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