Experienced operator to boost non-bank's presence in NSW
Commercial finance private lender Aquamore has appointed Lewis Miles as its new business development manager for NSW with a focus on extending the company’s NSW metro and regional footprint.
Miles (pictured above left) will spearhead a number of Aquamore’s educational initiatives in collaboration with non-bank and alternative finance lenders, get involved in industry events and expand his existing network.
Matthew Porch (pictured above right), head of distribution, Aquamore, said Miles had an established background in commercial lending, customer relations and team management.
“He is known for his sound product knowledge and strong interpersonal skills,” Miles said. “He’s a fantastic fit with our broader team culturally and complements the team technically.”
Transparency is key at Aquamore
Miles said Aquamore’s values aligned with him personally as well as professionally, especially when it came to the company’s business principles and belief in the importance of transparency.
“This resonates with my belief that borrowers seeking funding deserve a clear and straightforward experience at every stage,” Miles said.
Miles said he hoped to become an expert in private lending, and provide unparalleled support to brokers.
“My overarching goal is for Aquamore to be the preferred choice for short-term commercial needs for brokers,” Miles said.
Some broker resistant to commercial sector
“While the immediate commercial requirements of brokers may not be inherently neglected, a considerable number of brokers I have engaged with exhibit a reluctance towards engaging in commercial transactions, opting instead for a concentration on residential and consumer loans,” Miles said.
“In my role as a BDM, [I will be] guiding them through the intricacies of commercial transactions, elucidating the loan structure, and imparting a comprehensive understanding of the entire process serves to augment their comprehension significantly.”
Miles said this heightened understanding will bring benefits for everyone and help build better relationships.
“The quintessential attributes of an effective BDM encompass a steadfast commitment to follow through on undertaken responsibilities,” Miles said.
“Whether that be a phone call, email correspondence, quotation submission, or scheduled meeting, it is imperative to ensure that each commitment is honoured in a timely manner.
“Going above and beyond to cater to the needs of brokers not only fosters a positive rapport but also solidifies a lasting recollection.”
Aquamore to employ more BDMs
Miles’ appointment is part of the company’s broader team expansion strategy which includes the appointment of additional BDM team members across the eastern and western seaboard to fulfil the increased demand for private lending.
Porch said he expected the private lending sector to continue to be in the spotlight in 2024 “to offset tightening credit appetite from traditional lenders, and, increasingly, non-bank lenders”.
“Extending our team to provide high touch points to our broker partners is integral to sustaining greater market share nationally,” Porch said.
Miles said as regulatory hurdles increased within the domain of bank lending, private lending would become an increasingly viable alternative for SMEs in Australia.
“The perception of private lending as a last resort or a less favourable option is outdated,” Miles said.
“Brokers should proactively present private lending as a strategic alternative to their clients.
“In essence, maintaining a repertoire of options and demonstrating a nuanced understanding of the evolving financial landscape is imperative for contemporary brokerage practices.”
Before joining Aquamore, Miles was the head of customer acquisition at Valiant Finance, managing a team of 50 sales agents and five team leaders.
He then transitioned to be the NSW and Queensland BDM at Amfin, before assuming a national scope.
In his new role, Miles will work with the Aquamore Victorian and Queensland teams under Porch’s direction.
Late last year Aquamore joined Compass Aggregation’s panel in response to broker demand for tailored commercial finance solutions. This partnership came a short time after it joined outsource Financial’s panel in an effort to provide SMEs with a wider range of commercial finance options.
How important are good BDMs in the world of commercial finance? Comment below
