Business Banking Manager turns to Mortgage Broking

Paul McCreanor left the comfort of Business Banking after 30 years and became a Mortgage Broker and in a short period of time become one of the leading introducer’s of commercial business across a number of different lenders.

In this Q&A we get to find out more about Paul and how he meets his customers expectations.

Q: How long have you been working in finance and what was your role before becoming a mortgage broker?

A:I have been in finance 30 years. I had just over 20 years working in one of Australia top 4 banks which included a 2 year international opportunity and was fortunate to experience a number of different positions in lending, International Credit , Relationship Management and Business Development.

Q: How has being an experienced business banking manager prepared you for being a mortgage broker?

A: In business banking you are required to network and cultivate many relationships and because of this I was able to hit the ground running from day 1. It took a little time to make the decision and it was the networking and relationships that provided me with the confidence to take the step.

Q: You say you have found a niche in property development finance. Do you enjoy this type of finance and working with developers?

A: As a business banking manager you get to see and work on many different types of commercial transactions. It doesn’t really matter whether it’ business finance, cashflow finance or property development there are always some complex scenarios you need to work through

In terms of working with developers and or other commercial borrowers, I am an advocate for the borrower and enjoy working with any borrowers who can illustrate how they will be able to repay the debt.

Sometimes it can take a little while to work through the issues but that’s one of the benefits of having so many years working in business banking.

Q: Big ticket and development loans can be quite complex, how do you manage the clients expectations?

A: Like most things the first step is to review the transaction and identify the principal risks associated with the deal. If you are able to mitigate the risks you then need to identify which lenders would have the appetite for such a loan.

It is then down to communication with the client and setting realistic time frames for the deal to progress. Some deals maybe more complex than others, some will progress quickly and others will take time but the simplicity of maintaining regular communication with the client is imperative

Q: How important is networking and building relationship to your business?

A: Networking and maintaining the discipline to network is critical to building a business. True networking is all about building relationship to the extent that I can demonstrate “how can I help and how can I add value”

Q: What advice would you give to a business banking manager who is thinking about becoming a mortgage broker?

A: If you are a true advocate for the borrower and enjoy networking and building relationships then becoming a mortgage broker is a real career alternative. I enjoy the flexibility and lifestyle choice however you do need to have a thorough plan and test the plan under some degree of adversity.

Paul McCreanor is the Principal of intouch Finance Wollongong