Book & commissions
$840m under management across 180 client groups · upfront, trail and what has been clawed back
Book under management
$840m
180 groups · 4.7 facilities each
Placed this year
$248m
186 deals
Commission unreconciled
$184k
61 deals
Maturing in 12 months
$96m
142 facilities · 38 not diarised
$96m of the book matures inside twelve months and thirty-eight of those facilities are not in anybody's diary. A balloon that arrives unannounced is a client ringing their bank directly, and a seasonal overdraft that reviews without preparation is a client discovering their limit has been cut in the middle of sowing.
What is maturing, and when
142 facilities across 96 client groups
| Window | Facilities | Value | Not diarised | Groups |
|---|---|---|---|---|
| 0–3 months | 24 | $18m | 6 | 19 |
| 3–6 months | 41 | $31m | 11 | 31 |
| 6–9 months | 36 | $24m | 9 | 28 |
| 9–12 months | 41 | $23m | 12 | 33 |
Six facilities mature within ninety days and are not in anybody's diary. In a seasonal business ninety days is not early warning, it is barely enough.
Commission, and what happens to it
Upfront and trail across 186 deals
Upfront earned$1,984,000
Trail earned$1,712,000
Total$3,696,000
Unreconciled$184,000
Clawed back$61,000
Of which refinanced early$47,000
Trail stopped, cause unknown$38,000
Trail has stopped on facilities worth $38,000 a year and nobody knows why. Either the client refinanced elsewhere — which Kerrindale would want to know about urgently — or the lender stopped paying and nobody noticed. Both matter. Neither has been investigated, because reconciling trail against a book of 840 facilities by hand is a job nobody has time for.
Facilities maturing in 90 days
Every one is a conversation that should already have started
| Group | Facility | Lender | Balance | Matures | Days | Broker | Status |
|---|---|---|---|---|---|---|---|
| Trenowden | Seasonal overdraft | Rural lender A | $1,400,000 | 14 Nov | 81 | McPhee | In progress |
| Larkin | Seasonal overdraft | Rural lender A | $1,240,000 | 17 Nov | 84 | McPhee | Financials late |
| Pellegrino | Term loan | Lender E | $3,100,000 | 2 Oct | 38 | Unassigned | Not diarised |
| Vasilakis | Equipment balloon | Lender B | $284,000 | 21 Sep | 27 | Unassigned | Not diarised |
| Corrigan Grazing | Livestock facility | Lender C | $740,000 | 30 Oct | 66 | Ngatai | Lender paused |
| Nunzio Bros | Seasonal overdraft | Rural lender A | $2,600,000 | 8 Nov | 75 | Sarkis | In progress |
| Halloran | Equipment balloon | Lender B | $412,000 | 12 Nov | 79 | Iordanou | In progress |
| Baccarini | Term loan | Lender E | $1,860,000 | 19 Nov | 86 | Unassigned | Not diarised |
Three facilities worth $5.3m have no broker attached and no conversation started. Two of them belong to groups Kerrindale has not spoken to in over a year.