iscover 
The lending arm of Apt Wealth Partners – Acceptance Finance – acquired Parker Finance, a brokerage working across a variety of lending segments, but with a particular strength in complex commercial transactions.
The acquisition brings Parker Finance’s $100 million loan book into the combined business, taking the total loan book to $2 billion. Acceptance Finance will now have 24 brokers operating under its Australian Credit Licence.
Parker Finance will continue to operate under its existing brand, but will focus on commercial lending, with residential clients to be managed by Acceptance Finance. Existing staff will be retained.
Expanding commercial capability
Established in 2015 by David Philipsen, Parker Finance has operated across residential, commercial property, and business lending, but a particular focus on complex commercial scenarios.
Acceptance Finance CEO Jonathan Cornish said Philipsen’s commercial lending expertise was a key motivation behind the acquisition.
“We had known David for many years and aligned on values, and his speciality fills a void in our offering,” Cornish said.
“Based on David’s succession plan, this move allows him to ensure his resi clients are looked after – he will still be able to speak with them in the years to come – shift his focus on commercial which he is receiving significant inquiry in, and he also gets to be part of a bigger group where he can share his knowledge and mentor some of the younger brokers looking to build their commercial skills.”
Philipsen has more than two decades of experience across the Australian finance and mortgage broking industry and is the creator of the Financial Intelligence education program.
In recent times, Broker Daily has reported on the changing nature of business lending requirements, as well as the increasing complexity of deals and the evolving role of the broker.
Cornish added the acquisition would strengthen Acceptance Finance’s ability to support clients with increasingly sophisticated financing needs.
“David is one of the most respected professionals in mortgage broking, with a reputation built on advice, service and integrity,” Cornish said.
“His deep expertise in commercial and business lending complements our existing strengths and enhances our ability to assist clients with increasingly sophisticated financing needs.”
The acquisition follows Acceptance Finance’s strategic partnership with wealth advisory firm Apt Wealth Partners in July, which brought the two businesses together under a combined group managing more than $5 billion in funds and loan assets.
2 brands, 1 broader offering
Both Acceptance Finance and Parker Finance will continue as brands following the acquisition, although their roles will delineate more clearly between commercial and residential.
For Parker Finance clients, the business said they will continue to work with the same adviser while gaining access to the broader resources of Acceptance Finance and Apt Wealth Partners.
Philipsen said finding a long-term partner with aligned values was central to his decision to sell.
“After many successful years building Parker Finance, it was important to find a partner whose values closely aligned with our own,” he said.
“This has never simply been about growth. It’s about ensuring our clients continue to receive outstanding advice and service well into the future.”
[Related: It’s Simple launches sub-aggregator and specialist brands]
Want to see more stories from trusted news sources?Make Broker Daily a preferred news source on Google.