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New non-bank breaks into broking

by Staff Reporter3 minute read

A new non-bank with a focus on commercial lending has entered the third-party channel with an initial lending pool of $480 million.

EasyBiz Finance managing director Dominic Lambrinos and Nationwide Capital principals Domenic and Joe Morello have established Chifley Securities to provide a viable commercial lending alternative to the major banks.

Mr Lambrinos said the lender is now offering loans in the commercial property market from $2 million to $30 million.

"Unfortunately the major banks are proving to be too difficult to work with, as their lending covenants and red tape is holding back the commercial property sector in Australia", he said.

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Chifley Securities said it would deliver brokers and their clients a timely and efficient loan facility.

The company said it would offer attractive commissions to brokers who bring deals to them, while financing costs will range from 8.5 per cent to 12 per cent a year.

It also said most of its funding would come from Australian private investors, with the balance made up by European and Chinese investors.

Chifley Securities will base its lending decisions on the existing asset values, risk profile and prospects of the commercial property projects.

"We have developed a strong track record of backing winners and our panel of private investors will issue funds on a single project basis, based on our filtering," Domenic Morello said.

Joe Morello said property developers and investors are aware of the tough terms imposed on them by the major banks since the GFC and are seeking alternatives to the traditional funding route.

Chifley Securities has developed a simplified single application process for financing commercial property loans; it then uses its pool of investors to complete the loan.

Domenic Morello said: "We have seen many solid business opportunities who have struggled to gain finance or re-finance because of minor compliance breaches; we look through these imposts and lend on the strength of the assets and the transaction."

[Related: EasyBiz targets joint ventures with star brokers]

New non-bank breaks into broking
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