“Prosperity is a great teacher, adversity is greater”
This past year, I learnt a great deal about business, about risk and about humanity. I have always had a keen interest in the human story behind business, so it has been most interesting seeing the many responses to the same fears from so many businesses that we have the privilege of working with. Some insulated themselves, other saw opportunity and took risks, and others still did not change fast enough. Such testing market conditions is when we do our best work. It allows us to really demonstrate our expertise and deliver great value to our clients. We have been recognised (again) at a national level as the Best Commercial Finance Broker by magazines, Industry associations, aggregators and even the Robb Report being named amongst the winners in their Property, Finance and Investment Awards. Robb Report https://robbreport.com.au/homes/ is Australia and New Zealand’s leading voice in modern luxury – a brand synonymous with acute and elevated notions of craftsmanship, creativity and the very ‘best of the best.
Those that were in a position to take risks and did so, will be rewarded into the future. Borrowing costs have never been cheaper, and even non bank and private money are more competitive than I’ve ever seen. There is a plethora of liquidity in the market and it is competing aggressively for quality transactions. Particularly with private construction loans, we are successfully converting applications at higher loan to value ratio’s at cheaper rates than we were pre Covid with low/no presales. The non-bank sector has regained it’s appetite for market risk. The Bank’s are doing deals once again and their appetite is increasing once again, albeit slowly. Some will no doubt go a little ahead of others but generally, they will all follow in this direction before too long.
As we say ‘adios’, ‘cheerio’, ‘ciao’ and see you later to 2020 and leap forward with joy into 2021 we thought we would take this opportunity to look back with joy at all the amazing things BF Money has achieved during a very trying year. This year has been a validation for the business practices and experienced staff that we have been investing in. It validated our uncompromising and unwavering operating values and beliefs to provide expert debt placement, which is expertly delivered that is not at the expense of others. It is this expertise and refinement that has enabled us to grow and to enable the ambitions and aspirations of the risk takers. Those brave soles that stared down the adversity and inspired us to do the same. It was truly uplifting.
1 January 2021 sees the introduction of Best Interest Duty (BID) which is a higher duty than responsible lending. Under the BID, all consumers obtaining credit assistance through a broker will benefit from the protection of an unrivalled higher duty to act in the interests of the customer, providing yet another compelling reason to use a broker. Our main priority when recommending a product is to ensure that “the loan will leave the applicant in a better financial situation than before”, therefore you will see no difference in the way we operate. Because this benchmark is the way we have always operated. Interestingly, this duty will not apply to Bank or Bank employees so while they can continue to work in the best interest of their shareholders, we will work in your best interest.
2021 will also see further enhancements and implementation of our new custom designed and built CRM. This will enable us to be better informed about your financial position and help us develop an even closer more meaningful relationship which will then mean a more efficient process with Lenders and a more valuable outcome. This is being built with best of breed technology that will give us a real competitive advantage in identifying and providing you with cheaper, better structured capital into your business. It is a system built for the future of our business, and yours.
Welcome to our Latest Team Member
Anne Marie Wahbe
Anne Marie comes from a banking background having previously worked for Westpac and will be assisting our Commercial Team with administration post settlement.
Anne Marie will be in contact with our Commercial customers to update their details, A&L’s and assist with annual reviews and loan renewals.
2020 also saw BF Money recognised among our peers with a string of awards
Australian Mortgage Awards
Brokerage of the Year 6 – 20 Staff – Winner, National
Commercial Broker of the Year – Excellence Award
Connective Excellence Awards
NSW Commercial Broker of the Year – Winner, National
NSW State Brokerage of the Year <5 – Finalist
NSW Mercury Hero – Finalist
MFAA (Mortgage & Finance Association of Australia)
Commercial Finance Broker – Winner, National
The Adviser Magazine
Commercial Broker of the Year- Finalist
Better Business Awards
Best Finance Broker – Finalist
My Business Awards
Finance Business of the Year – Finalist
Robb Report – Property, Finance and Investment Awards
Property Agencies, Agents & Advisors – Winner
I am sincerely humbled to work with such dedicated colleagues. To work with the best bankers and investment managers; and to work with our ambitious and aspirational clients who provide so much inspiration, most of whom are now friends. Thank you to you all.
Please note that our office will be closed from Tuesday 22nd December 2020 and we will re-open on Thursday 7th Jan 2021
We would like to take this opportunity to wish you and your families a very Merry Christmas and we look forward to your continued support in 2021