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Ex-Macquarie Banker Eyes Mortgage Broker Roll-Up
24 Mar
Summary
- Tim Brown is launching Recludo to buy independent mortgage brokers.
- The company aims to replicate Steadfast's successful insurance broker model.
- Recludo targets brokers with over 10 years of experience and $300M books.
A strategic initiative led by former Macquarie banker Tim Brown aims to reshape the mortgage brokerage landscape through a new company named Recludo. This venture is designed to acquire numerous independent mortgage brokers, creating a consolidated entity with aspirations for a public listing on the Australian Securities Exchange (ASX).
Recludo's model closely mirrors the successful strategy employed by Steadfast Group within the insurance broking sector. The focus is on acquiring established businesses. Specifically, Recludo is targeting mortgage brokers with a minimum of ten years in operation and who manage substantial mortgage books, approximately $300 million in size.
This acquisition strategy addresses a common growth barrier for many founder-led brokerages. These firms often struggle to expand beyond a certain point due to the extensive operational demands that limit their capacity for business development and strategic growth.
