Commercial lenders roundtable 2025: Breaking barriers between brokers and commercial lenders

Brokered commercial finance is going through a boom phase. According to MFAA data, the number of brokers writing commercial loans was up over 24% year-on-year as of September 2024. Between September 2019 and September 2024, total brokered commercial lending nearly doubled from $43.1 billion to $85.9 billion, with a record 7,000 brokers writing commercial loans through their aggregator at latest count.

The maturation of the space was evident at MPA’s 2025 Commercial Lenders Roundtable, which brought together a diversity of industry voices to discuss the state of the sector. The insights offered – by representatives of major and regional banks, non-bank lenders, aggregators and brokers – made it clear that the commercial lending space comprises many moving parts that come together to serve the interests of Australian business.

The challenges are real for brokers and businesses alike. For SMEs, access to affordable, flexible funding is an enduring struggle. For brokers, the challenge lies in how they go about entering the daunting world of commercial finance amid unprecedented levels of market competition.

Discussing these themes and more at the roundtable were:

• Belinda Wright, head of partnerships and distribution at Thinktank (pictured, fifth from right)

• Siobhan Williams, head of mortgages – retail broker at Pepper Money (pictured, far right)

• Stephen Scahill, group executive, commercial and asset finance at LMG (pictured, third from left)

• Jason Arnold, group executive – origination at Pallas Capital (pictured, fourth from left)

• Mathew Clowes, head of credit and settlements at Resimac (pictured, fourth from right)

• Chris Thomas, executive commercial broker and equipment finance sales at NAB (pictured, fifth from left)

• Karen Carter, general manager, commercial third party at BOQ Business (pictured, second from left)

• Grant Smith, chief lending officer at ORDE Financial (pictured, far left)

• George Lyall, head of origination at Millbrook (pictured, third from right)

• Cory Bannister, chief lending officer at La Trobe Financial (joined remotely)

• Billy Moskovich, executive director of commercial finance brokerage Stamford Capital Australia (guest broker, pictured, second from right)

How are you forging and maintaining strong broker–lender relationships and reducing barriers to doing business with you?

Belinda Wright from Thinktank kicked the conversation off by stressing the importance of maintaining a robust dialogue. “We seek to proactively reduce barriers to doing business by staying connected and responsive,” she said.

Communication forms a major piece of this, with Thinktank taking brokers’ feedback and responding accordingly. “This direct feedback loop has resulted in several recent enhancements to our product suite, ensuring we stay ahead of the curve and adaptable,” Wright added.

Siobhan Williams explained how Pepper Money’s focus is on improving the broker experience through technology. The high-profile non-bank lender has rolled out new features like digital loan documents across commercial and SMSF segments, plus a new AltDoc Xpress process for accounts letter sign-off and customer self-declarations, all with the intention of improving the speed to yes.

“We have a raft of educational digital content webinars leveraging our head of commercial credit,” added Williams. “These are also available on demand so that brokers, if they missed out on the live session, can watch back through our broker hub in their own time.”

LMG, as a leading aggregator – and one that’s heavily pushing itself as the aggregator of choice for diversified brokers – has an important role to play in fostering strong broker-lender relationships.

LMG’s Stephen Scahill said, “As an aggregator, we see our role as ensuring that brokers that want to participate in commercial are suitably trained and skilled to do so.”

 “Flexibility for us begins with actively listening to broker feedback and responding in a meaningful way that adds value' - Belinda Wright, Thinktank

More brokers are pushing into the commercial space than ever, Scahill reminded the roundtable, and it’s up to aggregators like LMG “to provide pathways in terms of training to make sure that the quality of advice to customers and lenders submissions continues”.

Pallas Capital has seen significant growth over the last five years “by taking a deliberately localised approach to origination and credit”, said Jason Arnold. “Expanding into markets like Adelaide, Canberra, alongside Sydney, Brisbane, Melbourne, allows us to employ experienced originators and credit professionals on the ground.”

Arnold expressed the importance of “going back to the old-school values of meeting in person, working things through and workshopping a deal over a coffee or beer”.

Switching over to Resimac, Mathew Clowes explained how the non-bank lender is “focused on strengthening our broker partnerships by offering a truly diversified and comprehensive range of product solutions”.

Simplicity and consistency are integral to the Resimac experience, Clowes said. “We’re constantly looking at how technology can make doing business with us simpler and more efficient. That means making sure our BDMs are not only knowledgeable about our full suite of offerings but also accessible and responsive when brokers need support.”

As the sole broker voice at the roundtable, Bill Moskovich has seen the market become extremely competitive over the past few years, particularly with the rise of private credit – which is another discussion.

"It think there's more money in market that actual deals," said Moskovich. "The proactive and successful lenders are making a great effort to forge relationships with brokers."

Chris Thomas added, “NAB is the largest business bank in the country, and we see brokers as essential partners in supporting our customers. For us, that means bringing the best of NAB – our broad credit appetite and our extensive distribution network – into play, ensuring brokers are connected with bankers in local communities.”

NAB is “committed to investing in the broker channel to ensure brokers have the support they need to take care of their customers”, Thomas said. He highlighted that NAB has more than 600 bankers working alongside brokers across a wide range of industries, “helping to reduce friction and make it easier to do business with us”.

ORDE’s Grant Smith noted that education and support of the broker “is critical, both for new brokers wanting to diversify in commercial, but also established commercial writers”.

He stressed how important it is for ORDE, as a relatively new lender to the scene (five years and counting), to ensure brokers understand the nuances of its policies. “We’re tackling that through what we define as our ‘One Lending Team’ – aligning our distribution, credit and settlement functions so that the broker gets the support they need, from beginning to end.”

“It’s important for us as lenders to balance the priorities that the broker and customer might have" – Siobhan Williams, Pepper Money

“We offer specialised education to our broker market in niche areas. Our focus is on collaborating with commercial brokers who possess extensive experience in business lending and have strong relationships with their clients,” BOQ's Karen Carter said.

Carter also explained how BOQ employs a "three-way triage system" that involves brokers, BDMs and bankers “to ensure that our level of service and care is unparalleled in the industry”.

It’s all about accessibility and trust at Millbrook, said George Lyall, who pointed out that brokers have direct access to the non-bank lender’s credit decision-makers.

“Transparency is another pillar for us,” Lyall added. “We’re upfront about how we assess deals, how we structure them, and what brokers and their clients can expect from the process. That level of openness builds confidence and helps reduce friction.”

La Trobe Financial, said Cory Bannister, commits to being a true alternative for commercial brokers through its product range, reliability and certainty of execution. “We are also investing further in highly skilled credit BDMs and have one of the largest sales teams nationally, ensuring both exceptional responsiveness and a comprehensive understanding of each broker’s business,” Bannister said.

Brokers are telling MPA that speed to market and time to yes have crept out. Why is this the case, and what are you doing to fix it?

There is no imagining it – turnaround times for both home loans and commercial finance have stretched out. It has emerged as a source of concern for brokers, who are under pressure to deliver the best results for their clients.

However, it became evident during this roundtable that speed, though important, is not the sole concern for borrowers.

While timing is key, “I think what’s more important is setting and meeting expectations,” Scahill said. “Because that could go into the consideration of which lenders have the best solution for the customer.”

“As an aggregator, we see our role as ensuring that brokers that want to participate in commercial are suitably trained and skilled to do so" – Stephen Scahill, LMG

Williams added, “It’s important for us as lenders to balance the priorities that the broker and customer might have. In some instances, time to yes is extremely crucial, which is why we have an express queue.”

Pepper Money’s wheelhouse is predominantly in the smaller-ticket commercial real estate space, which naturally makes for an easier loan process. But Williams is seeing brokers who are getting into the commercial space use these deals “as a bit of a testing ground”.

She said, “Whilst speed to yes is important, a lot of brokers are getting into this space for the first time. In this instance they are actually after a bit of handholding, understanding how it works, so it’s important that we still take the time to call them and discuss the term sheet when the loan is approved. That extra touch helps to take the broker along that journey to ensure they’re providing a good customer experience and educating them along the way.”

Bannister explained that time frames are largely influenced by the complexity of each transaction. “Although efficiency is important, our main focus remains on accuracy and providing tailored solutions – especially with commercial transactions,” he said.

Bannister added that, while some commercial SMSF transactions and lease-doc loans may move quickly, “we are currently seeing fewer ‘low-touch’ commercial transactions due to lingering market effects from the pandemic period. Our expertise centres on loans that tend to fall outside the standard criteria of major banks, which naturally means these processes often take longer”.

At Thinktank, Wright said, “We have worked hard to ensure that our SLAs have remained consistent, despite higher year-on-year volumes”, but she acknowledged that brokers are experiencing longer-than-preferred time frames for credit decisions and settlements in some parts of the industry, including commercial.

“Over the past few years, we’ve prioritised transparency and clarity around our turnaround times, providing brokers with consistent updates on our SLAs and where their deals stand in the pipeline,” Wright added.

ORDE, as the newest lender at the table, has worked to implement a service platform with efficiency at its core. Smith highlighted that ORDE’s process uses “one accreditation, one credit policy, one application form and one SLA across all products”.

While AI and tech play a big role in maintaining efficiency, Smith noted that “tech frees up our team to focus on what matters: supporting brokers and working directly with them to deliver solutions as quickly and efficiently as possible”.

 “You’re better off earning a portion of a fee and getting a free education along the way than walking away with nothing" – Jason Arnold, Pallas Capital

For Moskovich’s part, he has seen a creep-out in turnaround times, although he contended that this is not necessarily the lenders’ fault.

He said, “I think everything is just taking a lot longer, particularly in New South Wales, with all the class-two regulations coming in. You used to be able to get occupational certificate and strata registration in a month from achieving practical completion; it’s now blowing out to two, three months. As for construction certificates, it used to take three months; now it’s taking up to nine months.”

While Arnold stated that speed to market hasn’t necessarily blown out at Pallas, he said the real challenge “lies in obtaining the relevant information from external sources like regulatory bodies, builders, consultants, etc.”

He continued, “We’re specialists in the mid-market property and construction space, and our strength lies in the expertise of our team in that space, particularly development finance. So, while we move quickly and accurately on our side, we’re often at the mercy of third parties when it comes to timelines.”

Clowes noted that rapid growth in the commercial broker space has increased deal complexity, explaining, “More nuanced scenarios mean more detailed assessments, which can take more time. That’s why clear, open communication is so important. We’re making sure we’re transparent about timelines and that we’re managing expectations effectively from the start.”

To help with this increased complexity, Resimac is investing in technology, data and AI to streamline the assessment process, added Clowes.

Carter stressed that BOQ’s speed to market “has remained relatively stable over the past couple of years”. Furthermore, the bank is currently collaborating with mortgage aggregators to implement an API that will streamline processes for banks and brokers even further.

BOQ has undergone some significant expansion, with 10 new BDMs added to the third party channel and 30 new banks added to BOQ Specialist in just six months. “This expansion is a key component of our strategic plan to enhance our presence and accessibility in key markets, with a particular focus on Queensland,” said Carter.

Lyall agreed that “there is no doubt the industry as a whole has seen timelines drag out”. This, he said, is partially due to “increased credit scrutiny, more complex deals and a shift in risk appetite across many lenders”.

In response, Millbrook has worked hard to uphold a 24-hour SLA for initial credit responses. Lyall emphasised that while brokers appreciate a quick ‘yes’, they also value a fast, definitive ‘no’, as “it helps them manage client expectations and pivot quickly”.

“We’re constantly looking at how technology can make doing business with us simpler and more efficient" – Mathew Clowes, Resimac

Speed is everything to today’s clients, and Thomas took the opportunity to underscore a few of NAB’s natural advantages as a banking major. “Our business bankers still hold lending authorities, enabling them to make credit decisions directly with brokers during credit calls,” he said. “While there are thresholds that require escalation to a senior credit partner, in many cases our bankers are empowered to sign off on proposals independently.”

Maintaining an open dialogue is also important for Thomas. “In a complex, multi-speed economy – where we support a wide range of industries – not everything runs at the same pace, and that’s okay. What matters most is transparency and clear communication about where things stand in the process.”

Broker question: With so many new brokers entering the market, many are positioning themselves as "generalists" that specialise in everything from asset finance and home loans to commercial, as opposed to ‘specialists’ who are market leaders in one segment. Do you prioritise brokers who are specialists in their field, as opposed to the generalists?

“I think it sorts itself out,” Arnold said, kicking things off. He explained how experienced brokers will typically jump the queue because of the quantity and quality of their information, including their credit papers. “Their efficiency in providing information is second to none,” Arnold continued. “On the flip side, if a broker is less experienced or not upfront about needing support, the submission can fall short. That said, we’re always happy to help if someone asks.”

Clowes said that at Resimac, “We value all brokers who choose to work with us, regardless of whether they’re highly specialised or offer a broader product range. Specialised brokers often have deep knowledge and tailored solutions, while generalists bring adaptability and a wider client reach. At the end of the day, we’re focused on quality and professionalism. We’re committed to building strong, respectful relationships with brokers who are equally committed to delivering great outcomes for their clients.”

Thomas has been impressed by the sheer amount of talent that has entered the broking industry in recent times. More and more highly credible and experienced professionals are coming into the market, and many are diversifying across multiple industries.

“This shift is raising the bar – not just in the quality of applications but also in the calibre of customers being engaged,” said Thomas. Yet there is also a tail of brokers that are struggling to gain traction in commercial lending, perhaps due to limited experience, a lack of commercial acumen or simply a stronger interest in other areas.

“The system is naturally adjusting to this,” Thomas said. “Our bankers are prioritising relationships with high-performing brokers who consistently bring quality business, ensuring we’re making the most effective use of our expertise and support. Others are choosing to support their clients by referring them to more experienced brokers or finding alternative ways to meet their needs.”

“The market’s becoming so competitive that if you’re not flexible, you’re not getting money out the door" – Billy Moskovich, Stamford Capital Australia

As anyone in the broking industry will attest, LMG has been vocal about positioning itself as the home of the diversified broker. A big part of its strategy has been to build out robust referral arrangements “where we have qualified commercial brokers that can handle more complex deals”, said Scahill.

At Pepper Money, Williams said, “our approach to fast-tracking you is based more so on customer needs as opposed to a broker-tiering system. It doesn’t matter whether you’re writing 20 loans with us or not, if you have a customer with a settlement date that’s due, we’ll prioritise those. Notwithstanding, well-packaged submissions will have less RMI [requests for more information] and will naturally progress through that process faster.”

Williams added that, since Pepper Money generally operates in the smaller-ticket commercial space, submission quality is top tier from both the generalists and specialised brokers, “because we’re not expecting that much more than from a residential loan”.

Wright explained that Thinktank’s broker network comprises “two broad but increasingly overlapping groups – those who are experienced in commercial lending and those who primarily focus on residential but are looking to expand into commercial”.

It’s important to get each relationship right, Wright continued. “For our experienced commercial brokers, we provide the tools and flexibility they need to structure deals efficiently. At the same time, we’re working closely with residential brokers who are seeking a more streamlined, familiar process.”

Lyall made it clear that specialised commercial brokers have an edge over the generalists. “They understand the nuances of the space and know how to package a deal in a way that sets it up for success, both for the client and for the lender,” he said. “Because of that expertise, deals from experienced commercial brokers tend to progress faster and with fewer hurdles. It’s not just about volume; it’s about the quality of information, presentation, and understanding of the deal fundamentals.”

As for BOQ, Carter cut right to the chase: “We do prioritise good-quality submissions with the brokers we get consistent flow from.” She also mentioned the niche segments that BOQ plays in, namely diversified, health, property and agriculture, adding, “I am seeing a trend in ex-bankers leaving banks with specialisms in key segments. If the deals are aligned to our niche markets, we will always prioritise them, as we know they are able to provide a strong understanding of the industry and address the key points.”

"While we operate in the mainstream space, we recognise business banking and business customers by their nature are anything but predictable" – Chris Thomas, NAB

From ORDE’s perspective, said Smith, “We believe in broker choice; it’s their business if they want to look to diversify. I think the onus is then on the lender to help support, educate and help guide them through the process so that it doesn’t hinder overall service delivery.”

Flexible deal structuring is highly valued by brokers and their clients; what does flexibility look like at your business?

Carter drew attention to BOQ’s flexible SME products, including 90% LVR for both owner-occupier and investment lending of up to $5 million on 30-year terms (subject to BOQ’s credit criteria). The bank has also increased the goodwill threshold to $1.5 million for six-plus-partner accountant firms.

“Brokers are definitely providing strong feedback around the above offering purely because it provides flexibility,” Carter said. “Structuring is important for us as a regional bank as we cannot always compete on price.”

Flexibility, said Lyall, “is one of Millbrook’s greatest strengths, and it’s built into our DNA”. This is partly down to Millbrook’s diverse funding lines, which incorporate private funding structures “that aren’t tied to rigid, institutional frameworks, [so] we can think more creatively about how to structure transactions”, he added.

Thinktank’s Wright said, “Flexibility for us begins with actively listening to broker feedback and responding in a meaningful way that adds value. We continue to invest significant effort into refining our credit policy and evolving our product suite to align with the needs of brokers and their clients.” Wright also boasted that Thinktank was the first commercial lender to introduce a 30-year loan term – an initiative that has since gone mainstream.

Williams touted Pepper Money’s “common-sense approach to credit assessment”, highlighting the lender’s breadth of different ways of verifying income; understanding of complex corporate structures; and the “very broad range of commercial property types that we consider”.

“It’s not a tick-box approach. We’ve always been a lender that is flexible with our product guidelines where it makes sense and is a good outcome for the client,” said Williams.

Bannister explained that La Trobe Financial’s funding model makes flexibility “a significant aspect of our operations” as an alternative asset manager. He said, “Although we raise our own capital, we are not an ADI and operate differently from banks, especially regarding product and credit flexibility. Our approach also distinguishes us from many non-bank lenders who primarily obtain funding through bank warehouses, resulting in similar product offerings with limited differentiation.”

In Scahill’s view, “From a lender perspective, flexibility is good, but I think predictability is more important so you can understand that if something worked last time, it should work this time. Brokers want confidence that if they are recommending a lender based on meeting policy, that the deal will go through.”

"Our focus is on collaborating with commercial brokers who possess extensive experience in business lending and have strong relationships with their clients” – Karen Carter, BOQ

For Pallas, “it starts with having a diverse product range”, said Arnold. “We offer products across each level of the capital stack, from first mortgage to second mortgage and pref equity, so there’s a lot of scope to tailor deals.” He added, “We don’t rely on rigid, digitised credit process. We personally assess each deal on its own merits, and our credit team is accessible.”

Thomas was quizzed on whether being a member of the big four places certain restrictions on the flexibility NAB can provide, given the inevitable layers of compliance and risk analysis that come with being a large corporation.

NAB prides itself on being “an extremely flexible lender”, Thomas replied. “While we operate in the mainstream space, we recognise business banking and business customers by their nature are anything but predictable. That’s why, when working with customers through their broker, it’s essential to approach each opportunity with an open mind and a clear understanding of what the customer is trying to achieve.” Failure to do so makes growing as a business difficult to achieve, Thomas added.

Breadth and flexibility of product range are “fundamental” to ORDE’s ability to provide a solution”, Smith said, noting that each individual deal at ORDE is assessed on a case-by-case basis. Smith recalled numerous unique scenarios to prove his point, including a customer looking to release equity across their residential and commercial properties at the same time to put towards a construction project. “The ability to have a conversation with a single BDM into a single credit assessor means you can actually deliver that outcome,” he said.

At Resimac, “flexibility starts with listening and really understanding what brokers and their clients need”, said Clowes. “We know that no two deals are the same, so we avoid a rigid approach. Instead, we aim to provide clear parameters up front about what’s possible with each application.”

To encapsulate just how important flexibility is, Moskovich warned the roundtable: “The market’s becoming so competitive that if you’re not flexible, you’re not getting money out the door ... I think if you’re not flexible, you’re not doing deals.”

The roundtable briefly pivoted into a discussion around how challenger lenders intend to remain sufficiently competitive with NAB and the rest of the Big Four banks.

"We encourage newer brokers to seek mentorship or align with experienced partners who can help them navigate the intricacies of commercial lending, from deal structuring to credit presentation” – George Lyall, Millbrook

Remaining competitive against the big banks “all comes down to speed and sensibility”, said Lyall. “While the big four banks can be incredibly competitive on rate, they’re often weighed down by internal processes that slow things down. For many borrowers, especially in the commercial space, time is money.”

Arnold stressed that big banks are extremely important to the non-bank ecosystem, as they are key to non-banks’ exit strategy on many deals. Therefore, “I think it’s really important that they get more competitive to a degree.”

Nonetheless, the challengers’ risk appetite is superior, and “being able to increase leverage and enable commencement of construction with zero to minimal sales certainly helps us”, Arnold said.

Williams added, “For us, it’s about capturing those market opportunities, which are constantly shifting, and making sure we stay ahead of the curve so we know where those opportunities are.”

What are the biggest barriers to commercial broker growth, and how can lenders help remove them?

For Williams, these barriers are around the confidence and competence of brokers looking to tap the commercial finance space for the first time. “It’s important that brokers are aware of the opportunities available to them to educate themselves in this space,” she said.

To that end, Pepper Money focuses heavily on broker education, including digital as well as face-to-face workshops and hand-holding, all with the intention of teaching brokers how to competently break into the commercial segment.

Yet there is no denying the fact that, on the whole, commercial deals are more complex than residential, which Lyall said “can be a steep learning curve for those just entering the space”.

“One of the biggest barriers is a lack of practical, hands-on education,” he continued. “That’s why we encourage newer brokers to seek mentorship or align with experienced partners who can help them navigate the intricacies of commercial lending, from deal structuring to credit presentation.”

The exceptional growth of brokers in the commercial sphere, in Scahill’s view, “suggests that there aren’t significant barriers”. So, for Scahill, it’s about staying the course and ensuring the end customer is sufficiently educated.

“The end consumer is very well educated about going to a broker to get their home loan or residential loan, but I think that’s less prevalent in commercial,” he said. “We’ve just got to be a strong voice and make sure that our brokers are informing their customers.”

Smith agreed that the barriers to growth of the third party market are low. “If you look at the aggregators, they’ve really leaned in around opening up panels to support commercial products, as well as having a pretty robust referral program,” he said.

As a lender, “the impost is on us around education and support”, Smith added. “We have a quality product, but we need to put in the hard yards to make sure it’s understood.”

Arnold espoused the virtues of working alongside experienced commercial brokers, even if it means considering a fee split. “You’re better off earning a portion of a fee and getting a free education along the way than walking away with nothing,” he said.

Bannister added, “There is a skills requirement that brokers need to cross, and it does take an investment of time and patience. We can help by making the process as similar to residential as we can, using the same forms, documents and processes. We provide direct access to credit, with representatives who are happy to guide brokers through the process.”

Clowes believes that breaking down growth barriers will involve brokers becoming more entrenched in their clients’ financing journeys. As he told the roundtable, “Business owners increasingly see commercial brokers not just as facilitators but as trusted advisers who provide expert guidance tailored to their unique needs. This relationship is invaluable as it helps business owners navigate financing options confidently and strategically to grow their businesses.”

In Thomas’s view, the barriers to growth for commercial brokers and commercial lenders are largely the same. “Business owners are facing significant challenges – labour shortages, excessive red tape and outdated tax structures – which act as a major handbrake on the economy.” NAB sees the potential for both state and federal reforms to increase support for SMEs, he added.

“There is a skills requirement that brokers need to cross, and it does take an investment of time and patience" – Cory bannister, La Trobe Financial

Carter brought the discussion back to technology. “For a commercial broker to grow, they need the adoption of technology,” she said. “The aggregators play a tremendous part in this technology piece, and it will result in a quicker time to yes, quicker time for their customer and quicker time to get on to the next deal if that adoption is taken.”

Relationship management is also crucial, Carter noted. “If the broker doesn’t have regular contact with their customers, they’re not having regular conversations to see what their business needs are and therefore could miss the next opportunity.”

Productivity is one of the biggest barriers for commercial brokers, Wright told the table. Specifically, they need to work on “the ability to progress deals efficiently through to unconditional approval and focus on writing more business”.

Wright believes lenders have a responsibility to improve the level of efficiency and focus within the commercial broking space, which will enable brokers “to better serve their clients and scale their businesses”.

What do you think broker share of the commercial finance space will be five years from now?

What became immediately clear was that getting an accurate picture of the commercial lending landscape is extremely difficult. Deal flow in this space is not as transparent as in residential, and brokers often go off-panel to close a deal.

The running assumption is that brokers account for between 30% and 40% of commercial lending volume. Although, in Smith’s opinion, “I think we’re probably undervaluing the growth when we say brokers are only at 30% in commercial”.

He explained, “There are certainly different product spheres where they’re delivering well above that. For commercial self-managed super funds, brokers must be doing 95% of that channel, given the retreat of majors from this product.”

It should get to 60%, Arnold believes, for the simple reason that top businesses “should be appointing highly qualified finance advisers and brokers”.

 "Tech frees up our team to focus on what matters: supporting brokers and working directly with them to deliver solutions as quickly and efficiently as possible” – Grant Smith, ORDE Financial

NAB, for its part, estimates that broker share of the commercial finance market is approaching 50%. “And if you factor in the volume coming through private lending channels, it may already be there,” Thomas said.

Wright referred to the immense level of untapped opportunity in the commercial broking sector as “the other 60%”. She said, “More brokers are beginning to recognise the potential in commercial finance and commercial mortgages, making it an increasingly attractive area for diversification and business expansion.”

Lyall sees the role of the commercial broker “evolving significantly”. He explained how brokers are becoming trusted financial partners to their clients, even acting as quasi-CFOs for SMEs at times. “They’re not just transaction facilitators; they’re strategic advisers who understand funding, growth and business planning,” said Lyall. “Because of that growing value proposition, we believe broker share in the commercial finance space will continue to increase.”

While it’s likely that brokers will continue to play a significant role in the commercial finance sector, Carter indicated that the degree of market share will be contingent on numerous factors, “including market trends, economic conditions and technological advancement”.

In Scahill’s view, “We have a picture, but it’s not the full picture. Sophisticated businesses use an aggregator for traditional lenders, and they’ll have their own arrangements with a range of private lenders, which we don’t have data on. I believe that we underreport or underestimate where market share is today.”

Clowes added, “I do think it’ll only go one way. As deals get more complex, using an expert certainly does help.”

Moskovich’s comments reinforced this point. “If you’re selling your house, would any of you sell your house direct, or would all of you engage an agent to sell your house? Same thing with brokers, if you don’t engage a leader in their field, you’re leaving money on the table,” he said.

Bannister’s outlook is positive. “We will definitely see growth, that is for certain,” he said. “The industry, and aggregators in particular, are fully aware that commercial finance is the next frontier for brokers.”