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Finance Executives Establish Major Non-Bank Lender
Three experienced finance executives have formed a new non-bank finance group in the commercial property market, with an initial lending pool of $480 million.
Finance veteran Dominic Lambrinos and the principals of Nationwide Capital - Domenic and Joe Morello - have established Chifley Securities to provide a viable commercial lending alternative to the major banks.
Mr Lambrinos, who has about 32 years of experience in finance and also the owner of EasyBiz Finance Pty Ltd, said, “We are now offering loans in the commercial property market from $2 million to $30 million to borrowers, who want to access a quick and a hassle free process".
“Unfortunately the major banks are proving to be too difficult to work with, as their lending covenants and red tape are holding back the commercial property sector in Australia”, he added.
Chifley Securities intends to work closely with the estimated 12,000 plus mortgage brokers in Australia, delivering them and their clients a timely and efficient loan facility.
The company is offering attractive commissions to brokers who bring deals to them, while financing costs will range from 8.5% to 12% a year.
Chief Executive of the Finance Brokers Association of Australia, Mr Peter White, said “I am delighted that Chifley Securities has been established to shake-up the commercial property lending sector. Chifley Securities will fill a niche in the market by basing 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”, said Domenic Morello.
Joe Morello said, “Property developers and investors are aware of the very tough terms now imposed on them by the major banks since the Global Financial Crisis and they are seeking alternatives to the traditional funding route.”
Chifley Securities has developed a simplified single application process for financing commercial property loans which 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”.
Mr Morello said “The majority of our funding is coming more from Australian private investors with the balance made up of European and Chinese investors, who we see as a major growth driver for property finance in the future”
Visit Chifley Securities website to find out more.