RMBL chairman Colin Madden is the first to admit that he doesn’t like surprises.
The Melburnian considers himself a risk-averse lender thriving on predictability and simplicity.
Colin has an extensive history with RMBL, having led the management of the fund for more than 35 years. Whilst succession is taking place in the business with the appointment of long-standing team member Alex Courtney to the role of CEO, Colin still likes to be hands-on. His expertise includes lending across all states and territories of Australia and dealing with development and subdivision finance.
Colin says repeat business with borrowers has been the key to the company’s success. Relationships with borrowers are not ‘set and forget’. Clients always come first; both borrowers and investors alike. With a keen interest in property and development, Colin is well known to conduct regularly site visits.
Above all else, Colin says his phone number hasn’t changed in 20 years, and that he always answers his phone.
Today, RMBL has almost $2.4 billion in Funds Under Management and is run by 50 staff, including seven working in IT. Standards are high, with an independent Board constantly querying the decisions made by the RMBL investment team.
The company’s balance sheet is robust and is managed to deal with lending challenges should they arise, and fluctuations in the property market amid economic challenges. “By being cautious and keeping the big picture in mind, we can sleep at night, which is how I like it,” Colin says.
Decades of experience
When working in law firms back in the 1980s, Colin was handed responsibility for the firm’s “solicitors mortgage scheme”, which he ran for a decade. His experience grew over the years, and he was asked to join the committee that supervised the broader conduct of solicitors’ mortgage schemes in Victoria alongside the Law Institute of Victoria.
It was the committee’s job to ensure that proper conduct was observed, and that the rules of conduct made it safe for both lenders and borrowers in the first mortgage landscape.
Eventually, the Australian Securities and Investment Commission (ASIC) stepped in to oversee the asset class, which resulted in more than 100 solicitors’ mortgage schemes in Victoria diminishing down to 20, as the sector became increasingly sophisticated.
Colin decided to leave the law after practicing for 25 years, leveraging his extensive experience in lending to lead RMBL through the regulatory transition and grow the Fund. Here, he is able to put his experience in responding to changing industry conditions to good practice. And the rest, as they say, is history.
Looking to the future
This year, RMBL celebrates 65 years in business. It’s a milestone that Colin says is proof that mortgage funds maintaining strong governance practices will stand the test of time.
While market fluctuations are normal, knowing where the opportunities lie and providing outstanding service is RMBL’s point of difference.
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This article is for informational purposes only and does not constitute an offer, or recommendation to invest in the Fund. Past performance is not indicative of future performance.
These statements are based on views held only at the date of publication and are not guarantees of future performance or events.
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