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MFAA Prosper : Mortgage and Finance Brief 06
T here are now more than 30 licensed, cashed-up second- tier and non-bank commercial lenders back in the market, wanting to do the deals that banks reject. Add to this an increasing number of private investors who are on the hunt for good distressed asset deals and business opportunities, and it’s not surprising that brokers are reporting that they are getting an increasing amount of smaller and mid-sized deals – and even some of the big ones – over the line. At good competitive prices, too. The big banks don’t seem to have heard the news about the improving outlook for business and property. Big bank business lending has been trending lower since March according to the Australian Bureau of Statistics; of the big four banks, only NAB increased its business lending in the last financial year. But, just in the last few months, commercial property sales volumes have bounced right back to monthly volumes not seen since before the global financial crisis, according to the third quarter report from CB Richard Ellis (CBRE). And the market of commercial lenders is also opening up. “There are now more than 30 lenders out there who have come back into commercial lending and that number is rising,” says John Macalyk, long-time commercial broker and partner at AAA Mortgages in Sydney. Big banks may still be ticking boxes rather than looking at deals commercially, say brokers, but borrowers now have options. A nd those new funding options are driving sales. Property coming back Commercial property sales leapt 268% in the three months to 30 September, compared with sales in the three months before that, according to research by CBRE. In a good signal for the broader Australian market, the important metropolitan Sydney office market is out of intensive care and doing very well Commercial lending and property deals are back after two years in the doldrums. And a growing number of second-tier and non-bank lenders are providing alternatives when the big banks say no. Words Jason Bryce Business mor tgages making good commercial sense “Commercial property sales leapt 268% in the three months to 30 September.” 268% John Macalyk: ‘Over 30 lenders back into commercial lending ’ Commercial Mor tgage & Finance brief | 35
Mortgage and Finance Brief 05
Mortgage and Finance Brief 07