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Non-bank lender Resicom has credited brokers for its significant share of a major aggregator’s commercial lending volumes as it continues to grow its third-party footprint.
According to Vow Financial’s annualised settlement figures for the 2016-16 financial year that were revealed at its Commercial Conference in June, Resicom held the fourth-highest volume of any lender at $57 million, with ANZ ($220 million), Westpac ($132.5 million) and CBA ($60 million) filling the top three spots.
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Resicom CEO Stephen Mitchell attributed the results to the group’s service proposition and the quality relationships with its broker partners, with approximately 90 per cent of its commercial settlements generated through the third-party channel.
“Being a specialist mortgage manager, and pretty much the only specialist mortgage manager on Vow’s panel, puts us in a strong position to be able to obtain loans that we do,” Mr Mitchell told The Adviser.
“We have a strong footprint now with some quality BDMs in Sydney as well as Melbourne, and we’ve been able to outsell our funders and competitors.
“In the first six calendar months of this year, we settled as much as we did in the whole year of 2014 and the goal for the next six months is to settle as much as we did in the 2015 calendar year.”
Resicom has also bolstered its team with the appointment of Norman Vancuylenberg as its BDM for NSW, who has “a wealth of knowledge in the second-tier space”, according to Mr Mitchell.
“He’s hit the ground running in Sydney and has had sensational pick-up from the brokers there, not only with Vow, but with eChoice.
“We’re looking to appoint another BDM in Sydney over the next couple of months, but even our own credit analysts have the ability to workshop deals with brokers so they’re really an extension of our sales team and give us more scope.”
The lender recently appointed La Trobe Financial’s former national sales manager, Craig Robertson, as its chief operating officer, and doubled its office space.
“After being located in Melbourne’s eastern suburbs for the last 10 years, we moved the office about a month ago to Collins Street in the CBD, which is great,” Mr Mitchell said.
He said that with the mortgage market turning and prime lenders “finding it tougher”, more brokers are looking at commercial lending in order to grow their revenue.
“The way we explain commercial lending to our brokers, whether it be full-doc or low-doc, is that it’s as easy as writing a home loan, except you don’t have all the compliance.”
[Related: ‘Pro-broker’ big four bank dominating third-party flows]
