ING Direct bets on a surge in commercial property investment
ING Direct has established a specialist commercial property team to work with brokers looking to diversify their businesses beyond residential property.The bank has appointed John Kolyvas, a former executive at Bank of Queensland and broker at Aussie, to head the team.ING Direct's head of third party distribution Mark Woolnough said there was a growing investor appetite for commercial property and this presented an opportunity for brokers.Woolnough said: "In the past 12 months our commercial business has grown strongly through supporting residential brokers who have been actively looking for opportunities to diversify."With investors increasingly turning to commercial property there will likely be a complementary surge in demand for professional support to help navigate the market and negotiate on commercial loans."ING Direct has also established a credit specialist team to work with brokers on "more challenging" submissions.