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One broker has already written $105 million of loans in 2014, thanks in part to a record month and a record loan.
Mortgage Choice South Yarra principal Marshall Condon told The Adviser he had booked $84 million of commercial finance and $21 million of residential finance this year.
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More than half the volume came in April, he said, when he wrote $55 million of loans, shattering his previous record for a month of $25 million.
That result was driven by a $32 million commercial loan for a developer client and doubled his previous best of $16 million, achieved while he worked at Bankwest, Mr Condon said.
He said he was relieved when he finally sealed the record deal, which had been eight months in the making.
“You’re dealing with an institutional bank, so the due diligence is far greater than a normal transaction because the level of credit has to be signed off at a national level,” he said.
“There was a lot of work up front with the development team to make sure we could provide what they needed and to make sure it could make it through the bank’s parameters.”
Mr Condon said he had also arranged a $15 million loan and a $5 million loan for the same developer earlier this week.
He added that more big deals were in the pipeline because the client had just bought two more sites on which to build another 760 apartments.
Mr Condon told The Adviser that he had focused on the off-the-plan market since opening the South Yarra franchise in January 2013.
The strategy is to provide finance for the developer and to then target the apartment buyers, he said.
