Melbourne Broker Takes Top Commercial Honours
Senior finance broker Grant Rheuben has claimed top honours at the annual awards forAustralasia’s largest independently owned retail mortgage brokerage Loan Market as the top commercial broker of 2012.
Port Melbourne-based Mr Rheuben, who settled $45 million in commercial loans in the 2011-12 financial year, was named as Loan Market’s Commercial Broker of the Year at Loan Market’s international conference in Melbourne.
Loan Market Executive Chairman, Sam White, congratulated Mr Rheuben on his outstanding results in business and commercial lending and said he was fast becoming one of the top performers and experts nationwide for commercial finance.
“Grant’s 15 years of experience in commercial lending and hundreds of satisfied clients have garnered him an invaluable reputation in the commercial finance industry,” he said.
Mr Rheuben said while FY2012 had its challenges, the market did provide some excellent opportunities for a variety of commercial endeavours and commercial lenders will compete hard for good deals.
“The days of easy credit are long gone and the initial presentation of a transaction to the bank is critical. In most cases a business owner only gets one opportunity to showcase why a particular venture will succeed,” Mr Rheuben said.
Mr Rheuben said while interest rates and fees are important in any type of loan, in a commercial deal extra diligence and consideration needs to be given to the loan amount, loan term, loan to property ratio, ongoing repayment obligations and loan covenants.
“All commercial lenders have clear policies on all those factors, however those policies can differ significantly from each bank and many commercial borrowers may find their business proposal is better suited towards a lender they weren’t previously aware of.”
Mr Rheuben said a good example of the value of using a mortgage broker is negotiating the actual loan size.
“On a commercial property value of $1 million the loan amount on offer can vary between banks by as much as $150,000.
“For a vendor agent and their vendor, a purchaser with a commercial property loan of $800,000 will create opportunity for a quick sale opposed to a purchaser who can only source a loan of $650,000 through their bank.”
Mr Rheuben works out of Port Melbourne and services commercial deals throughout the state of Victoria.