Updated: Feb 8
Congratulations to our residential loan manager Ollie Lum for recently settling a big residential deal! It was complicated and could have only been achieved by an expert loan broker like Ollie. His skills and deep understanding of the residential loan space and financial savvy-ness made him the perfect broker to strike this deal.
He wrote the following, which we have shared below:
“A Google enquiry I received turned into a home visit within two hours of receipt to go through the client’s scenario. After an initial conversation it became apparent the client could use a total review and restructure of his portfolio, not just a rate improvement on two of his securities, which he had reached out for. The client had 29 securities, all with ANZ. Two were combined with those of his adult son.
The client had tried Commonwealth Bank to move the $11.5m bullet loan and obtain a small equity release, but he hadn’t found any traction or the correct banker.
We quickly realized we needed to involve a private banker. Enter Nancy Ma from Westpac Private. She understood the complexities of the bullet loan and servicing piece to separate the loans to stand alone per security, and we worked out a split to include one $7m bullet loan secured by 12 securities, with the remaining 10 securities on residential term loans to 60% of the individual security value. All loans were interest-only terms for five to 10 years.
We slightly reduced the cash-out component, and thoroughly examined the security list to plan for what include and leave out of the bullet loan. The adult children’s input increased here to ensure that the sell-down strategy worked for all parties.
It was a complex loan deal, and the initial credit manager was not supportive. We had to do some dancing with the bank to have the file reassigned and gain support from an alternative credit manager.
In the end it was people and relationships first that ensured we completed the deal – it took six months from start to finish. When lockdown ends we are all heading out to dinner to have the celebration bubbles.”
To get in touch with Ollie regarding complex residential loans call 0422 164 377, or email email@example.com
You can also connect with Ollie on LinkedIn here.