Pepper Money restructures commercial lending team

The lender said it was investing in its business development managers (BDMs) to be “skilled at providing a holistic approach at understanding their brokers business, leveraging [Pepper’s] data and experience in specialist and SME lending”.

Pepper Money has also announced the creation of new commercial relationship manager roles, which will focus on supporting the growing number of brokers writing commercial loans. The new positions have been created following “broker feedback”, the lender said.

Pepper Money’s general manager, mortgages and commercial lending, Barry Saoud commented: “Momentum for brokers eager to diversify into business and commercial property lending continues to build”, flagging recent stats from the Mortgage & Finance Association of Australia (MFAA) that showed a record level of commercial loans are being written by brokers.

Mr Saoud suggested that diversifying into commercial also helped brokers, as its “builds stronger ties with the customer, certainly a longer-term relationship with the customer who’s reliant on them not just for their home loan but also the success of their business.

“We want to grow this channel and support brokers more than ever … These investments are a direct reflection of our continued focus on increasing broker support as we continue to grow and help more Australian business owners achieve their financial goals with commercial lending options,” Mr Saoud said.

“Fundamental to that is ensuring our BDMs are cross-skilled and experienced to support brokers across the whole lifetime and spectrum of diverse customer needs,” he continued. 

Mal Withers to depart, Ben McKell promoted

The change comes as the lender’s inaugural head of commercial, Malcolm Withers, moves to take on a new role as chief commercial officer at Prime Capital next month.

Speaking of Mr Withers’ legacy after being with the lender for the past three-and-a-half years, Pepper Money’s general manager, mortgages and commercial lending stated: “We brought Mal Withers on board to help Pepper establish the commercial business with great passion and drive. 

“We thank Mal for his commitment and contribution over the last three-and-a-half years, and we wish him all the best for his next opportunity.” 

Confirming his departure, Mr Withers commented: “After three-and-a-half incredible years, it is time to bid farewell to my Pepper Money family. 

“I have had the opportunity to work with wonderful and talented people, and would like to thank Mario Rehayem, Barry Saoud, and the wider team for the support and guidance during my time at Pepper Money.” 

Ben McKell, Pepper Money’s senior commercial business development manager (BDM), will be stepping into the new position of national sales manager, commercial. 

In his new position, Mr McKell will focus on continued growth in commercial lending and building strong broker and aggregator partnerships.

Prior to joining Pepper Money in 2021, Mr McKell had been a BDM for SME lending at Liberty Financial and had worked in business banking at Westpac for more than five years before that.

Mr Saoud said: “I’d like to congratulate Ben on his new appointment. 

“It’s encouraging that we can promote from within and support our people to succeed,” he added.

Mr McKell commented: “I’m excited about the growth opportunities and building our investment in the commercial space. 

“Commercial lending gives brokers more opportunities to diversify and help their customers succeed, building stronger customer relationships and becoming their go-to person, not just for their home loan but also for business solutions.” 

“With these new appointments and promotions, we can do more for brokers by continuing to provide the first-class level service Pepper Money is known for,” Mr Saoud added.

In conclusion, Pepper Money’s general manager, mortgages and commercial lending said the lender had “significant plans to grow commercial lending through new partnerships, product innovation, and digital advancement” moving forward.

[Related: Brokers help deliver record half for Pepper]