A niche financial services lender has surpassed the $5 billion mark for loans under administration in just five years.
Book Buyers Brokerage Services Australasia (BBBSA) has announced that in the fifth year of business, it has surpassed the $5 billion milestone mark.
The business, which started out buying and selling mortgage books and performing valuations, has since expanded to provide tailored loans to financial and real estate groups who want to expand their business, as well as a financial advisory service.
Managing director Jeff Zulman credits the business’ success with providing “a niche and alternative service within the brokerage and financial services industries”, and its commended due diligence process.
Mr Zulman commented: “I am very pleased to have hit $5 billion in loans under administration in five years. It's an important stage in BBBSA’s lifespan. I would like to thank the industry for entrusting their faith and business in us, and look forward to assisting more within this great industry over the coming years.”
According to the managing director, the company can now offer loans ranging between $30,000 and $600,000 and has an average loan book size of about $42 million under management from mortgage brokers.
He added that the company has also seen a substantial increase in enquiries in recent months, particularly into loan book valuations, which has seen a 45 per cent increase in enquiries over the last three months.