The broker was acquired by broker and founder of Cliff & Moss, Johnathon Reeves, as it grows to expand into trade and commercial finance.
Brisbane-based brokerage firm Time Home Loans (Time) welcomed a new owner after founder and director Ruan Burger sold the company to Cliff & Moss owner and broker Johnathon Reeves.
The sum of the acquisition for the company – whose loan portfolio was just over $ 1 billion at the end of January 2021 – was not disclosed.
Mr. Burger, who created the company in 2013 and integrated it into one of the leading brokers in Australia (ranked 21st in The Adviser’s Ranking of the 25 best brokers in 2021), told the advisor that he made the decision to sell the business in order to spend more time with his family.
He said that while “the decision was not an easy one,” given that “so much time, love and effort went into building a family of fixed-term home loans,” he said. added that he thought it was the right decision given his personal situation.
Mr. Burger explained, “When Kylie [Burger] and I make huge life choices, it’s for one benefit: us. In this case, the “us” is our family. We have made our family our number one priority. The ability to reset after more than seven years in Brisbane was alluring, and ultimately the freedom of choice for our family was even more alluring.
“The time has come to adulthood; the wings are out, ready to soar, but it takes a tremendous amount of momentum to maintain altitude, and the cost would have been our family time … not a price we were willing to payMr. Burger said.
He continued, “Our goal of being a leader in the residential market has been achieved. Our goal of having the best team in the business has been met – few can compare to the high caliber of brokers and support staff at THL. This is our heritage. “
The former director of Time Home Loans told the Adviser he believed Mr Reeves – another AFG broker – was the perfect choice to continue to take brokerage forward and turn it into a “powerhouse in the financial market”.
He particularly highlighted Mr. Reeves’ success in managing the existing brokerage businesses: Cliff & Moss and Healthy Loans (Healthy Loans East Coast and Healthy Loans Professional).
Mr. Burger concluded, “Our goal for term mortgage loans in 2021 was to take it to the next level and introduce commercial and equipment finance. That’s the direction we’ve seen our business take, and that’s the direction Jonathon will take, with his experience in both areas.
“These business expansion goals are an ideal that we share, which makes him the right choice for term home loan ownership.”
The change of hands took place on Monday, March 1, coinciding with the eighth anniversary of Time Home Loans.
The new owner of Time Home Loans said the opportunity to buy the brokerage was “partly luck and partly in the right place at the right time (pardon the pun).
“I actively grew my existing businesses, both organically and through acquisition, and this was an opportunity I couldn’t ignore,” Mr. Reeves told The Adviser.
“Time is a great company with a great staff, an enviable reputation in the industry, a proven ability to perform and nearly 700 5-star Google reviews from very satisfied customers…”
“In addition to being sought after by customers, we will strive to ensure that Time becomes the workplace of choice in the industry,” he said.
Mr. Reeves noted that while a brand refresh had already been rolled out, the people, structure, and “fundamentals that built on-time home loans. [into what it is] stay”.
“One of Time’s great strengths is the people and their passion for providing exceptional service,” said Mr. Reeves.
Looking to the future, Mr. Reeves told the Councilor that part of his “big plans” for Time included adding commercial and commercial finance to the offering.
[Related: Time Home Loans welcomes new appointment]
Annie Kane is editor-in-chief of The Adviser and Mortgage Business.
In addition to writing about the Australian brokerage industry, mortgage market, financial regulation, fintechs and the broader credit landscape – Annie is also the host of Elite Broker and In Focus podcasts and The Adviser Live webcasts. .