With a background steeped in commercial banking, new broker Nick Ash joined the team at Entourage focusing on commercial lending.
Why have you chosen to specialise in commercial lending?
I spent about nine years at ANZ Bank in the small-business and business banking teams.
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Coming into broking, I didn’t have as much experience in residential lending, so I used the commercial side as my specialty and went from there.
I gravitated towards commercial mainly because I found it quite interesting. Every client’s situation was quite different from the next, their life cycle, their goals.
How has specialising in commercial lending helped you as a new broker?
I think being able to understand more complex scenario structures and requirements certainly helps.
Going into residential and dealing with more straightforward PAYG-type clients was quite easy to learn and embrace.
Not only can I deal with a self-employed residential buyer, I can look at commercial, private, and all sorts of things.
What are some of the complexities with commercial lending?
With the PAYG earner, things are quite consistent. You’re really looking at their experience, income, bonuses, commissions, part-time/full-time earnings.
As soon as you start looking at commercial or someone who is self-employed, you have to understand the volatility of their particular industry and business. You need to comprehend what’s going on and if they’re truly in a position to borrow and buy a property.
Every industry and business is different. It’s important to understand that and be able to dissect each situation using the same fundamentals as with a residential loan. However, you really need to understand the numbers and effectively communicate that to the bank.
Why did you decide to become a broker?
In 2009, I joined ANZ, worked in various roles, and started climbing the ladder. In 2015, a broker I worked closely with offered me a role in his family business. I moved there for two years and learned a lot about the skill of broking.
I returned to ANZ in their broker space, working with higher performing brokers to write commercial loans.
Over three years, I moved through different roles until Damien, my current boss, offered me an opportunity I couldn’t refuse. I liked the fact that as an independent broker, you’re more on the client side than the bank side of the transaction, enabling a more honest approach in guiding them through different types of transactions and businesses.
How do you find your clients?
Initially, I leaned on my colleagues and Damien and contacted our existing client base – reaching out to those we hadn’t spoken with in the last 12 months.
I was just trying to get my name out there, see where I could help, and book appointments.
As opportunities started to come in, I focused on doing a good job, learning along the way, and delivering results. Looking back, most of my business now comes through word of mouth.
What’s your advice for new brokers entering the industry?
There are different personality types, ages, and backgrounds. Getting exposed to various people and their ways of conducting business and dealing with clients is important.
The more exposure you get, the broader your understanding and appreciation of the role becomes.
