Rich-lister Christian Beck slams ‘paranoid’ banks for cracking down on borrowing

CHRISTIAN Beck is one of the richest people in Australia. But he says there’s a “crazy” reason why banks won’t give him a loan.



WITH an estimated $775 million fortune, Christian Beck is Australia’s 99th richest person.



But even he is having trouble with the banks.

The tech entrepreneur and founder of Australian Technology Innovators — a company with a $231 million revenue last year — says he can’t get a loan as a direct result of “paranoid” banks cracking down on lending thanks to the Financial Services Royal Commission.

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Mr Beck recently told The Australian Financial Review the major banks had tightened their “strict regulatory requirements” after being put under the spotlight by commissioner Kenneth Hayne.

“It’s stupid, it’s crazy, I can definitely afford it,” Mr Beck told the publication.

“If you go to borrow money in Australia, it’s very, very difficult and part of it is all the Australian Prudential Regulation Authority (APRA) requirements and because of the royal commission, the banks are all really paranoid about it and because the banks are so paranoid, all those rules have become really restrictive.”




Mr Beck spoke out after trying to borrow between $4 and $6 million against his property to help fund the foreign expansion of one of his companies for four months.

He said that request had been refused by his own bank, the Commonwealth Bank, as well as other major institutions.

“The bank won’t give it to me because the APRA requirements around serviceability I don’t meet,” he said.

“I did not have a high level of income in terms of salary, so it’s very hard to get a loan.

“I’ve been trying to get a loan for about four months against some properties for things like international expansion but that has proved very hard.”

Mr Beck snagged the 99th position on this year’s Financial Review Rich list and was named as EY’s entrepreneur of the year in 2017, where he was described by judges as a “self-made and self-taught” man.

He skipped university and instead taught himself computer programming and how to code, before building software for his father’s company in his youth. He also founded LEAP Legal Software in 1992.

Last year the millionaire forked out a staggering $8.6 million for a Lane Cove mansion.

According to a new EY report, 24 per cent of Aussie middle-market companies are struggling to access credit, which in turn impacts business growth.

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The story

John, a company director was in the process of buying up a controlling interest in an unlisted public company that would have given him control of $30 million of assets held by that company. 

He was just short of the 51% that he needed when another suitor entered the market with a higher offer for the remainder of the shares available. 

The director was now $500,000 short of funds.

He came to Que Capital Pty Ltd 

offered caveat security over a small shopping center that he owned

Other would not come to the rescue 

Que Capital Pty Ltd is able to provide John with the funds within 3 days

which enabled him to complete the take over. 

To discharge his 3 month loan with Que Capital Pty Ltd John sold a residential investment unit that his family owned at a discount but overall he was by far the winner.  

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Loan Story - Success for Mr X the Millionaire

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Multi-millionaire received a hot share tip, but being asset rich and cash poor he did not have enough time to borrow the money from his bank.

Que Capital lent him $200,000 within 4 days of receiving the application which allowed him to buy the shares.

After 3 months he decided to sell the shares at a healthy profit, and repay his loan in full.

An accountant borrowed $100,000 from a friend who then prematurely wanted his money back. The original agreement with the friend was that he would be repaid his money out of the sale of the accountants house which was to be put up for sale after it was repainted and spruced up.

The sprucing up took too long for the lenders’ liking so the they fell out, legal action was taken by the now ex-friend to recover his money. Que Capital stepped in and repaid the ex- friend in no time. Que Capital is now waiting for the house to be sold in order to be re-paid its money.

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This couple were doing a battle axe development at the rear of their existing house. 

They had almost completed construction when they ran out of money to finish the project. 

They needed $50000 to build a drive way, fencing, brick paving and the like in order to apply for their strata title. 

Que Capital lent them the $50000 within a couple of days. 

They repaid the loan after 4 months when the original house sold and settled. We helped make them a tidy profit so again it was a win win situation all round.