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4 Marshall Condon

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Having started mortgage broking whilst at university, and after spending time as a Bankwest BDM, Marshall Condon set up Mortgage Choice South Yarra just over two years ago. He aims to provide an end-to-end service to off-the-plan property ‚Äčdevelopers.

MPA: What distinguishes you from an average commercial broker?
Having access to a variety of lending options. I have developed a great network of quality bankers from a variety of banks who understand property and who work with me to obtain the desired outcome. I also have established a sound network of reputable mezzanine funders and private sources of equity that allow me to offer a structured solution for the developer.

MPA: Do you focus on any particular area of commercial lending? Why?
We have targeted the construction and development space, as this has been a growing area. To mitigate the market risk, we have relationships with long-standing developers, and their site locations and product are of such quality that they will continue to develop when the market is not as buoyant.

MPA: From your experience, is it essential to have run a business in order to succeed in commercial broking?
I think parts of running a business assist in commercial lending. Commercial lending has its own segments within the broad name. You have construction, you have property investment, and you have cash flow lending. For the latter, it would be important that you have a sound knowledge of financial statements and that you can analyse a profit & loss and balance sheet to determine the strength of the business that you’re lending against. This is, in my opinion, a business skill that one would need to successfully run a profitable business.

MPA: Would you term yourself an advisor? How do you present yourself to clients?
Yes and no. I present myself to clients as a partner in the project and ultimately as a source of finance. I will show them different structured options for them to consider and let them make an informed decision. I find that by being seen as part of their team and another resource to their business, I have a deeper relationship with my customers.

MPA: Do you see opportunities in your area of broking over the next 12 months, or is it time to consolidate?
In my space, there is certainly going to be reduction in the amount of construction, thus reducing the need for finance, as APRA continues to monitor investment lending. In saying that, the developers that I assist developed through the GFC, and, as mentioned above, the type of product they deliver will always have a level of demand.
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