Login
ISCOVER
Non-bank lender Prime Capital has created a national centre to assist brokers in expanding their businesses into commercial lending.
Prime Capital has created a national Broker Growth Centre to enable mortgage brokers to expand their businesses and serve clients by meeting rising demand for commercial loans.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
The Broker Growth Centre has conducted accreditations and education sessions for more than 600 mortgage brokers since its “soft launch” in October.
The centre is staffed by a team that trains and supports brokers to help them expand into commercial lending, with recently appointed Sean Wheatley as the national manager.
Mr Wheatley and his team are onboarding and supporting brokers through training, research insights, and strategic guidance, which are all delivered digitally.
Mr Wheatley said given the interest to date, he expects to onboard several hundred more brokers before the end of this year.
“I’m very excited to be part of this timely initiative,” Mr Wheatley said.
“The Broker Growth Centre has only been around three months, yet we’ve already accredited hundreds of brokers.”
Prime Capital said a growing number of small and medium-sized enterprises (SMEs) are looking for loans to fund expansion or overcome cash flow constraints, yet only a minority of brokers are comfortable writing commercial deals, having preferred to focus exclusively on residential mortgages in recent years.
Prime Capital’s incoming chief executive, Steve Sampson, said he had witnessed many brokers “leave money on the table by not writing commercial deals,” encouraging diversification into commercial lending.
“There’s a lot of lost opportunity. So, through the new Broker Growth Centre, we hope to show them how fast and simple it is to settle commercial loans and how branching out into this area can accelerate their business expansion,” Mr Sampson said.
“Some banks have confessed publicly that they do not have an interest in growing their residential loan books, that will affect brokers distribution. There’s no better time to upskill and fill the gap.
“Our core value proposition to brokers is to help them write commercial loans.”
The non-band lender has also recently welcomed two new business development managers (BDMs) to its team, as it continues to build its sales capabilities to meet rising demand for residential and commercial lending from small and medium-sized enterprises (SMEs).
Meanwhile, Sydney-based Luke Goaley — a former commercial BDM at Pepper who was most recently executive director of the consulting practice AHL Commercial — will support brokers in NSW.
[Related: Prime Capital expands BDM team]
JOIN THE DISCUSSION