Thinktank’s 20 years of evolution in specialist lending
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Thinktank co-founder and CEO Jonathan Street reflects on two decades of specialist commercial lending, the milestones behind $10 billion in assets under management and what lies ahead for brokers
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ON THINKTANK'S 20th anniversary, Mortgage Professional Australia asked co-founder and chief executive officer Jonathan Street to look back across the non-bank lender’s first two decades and share his perspective on the milestones, people and relationships that have shaped the business.
Below, he reflects on the opportunity that led to Thinktank’s founding in 2006, the growth that has taken assets under management past $10 billion, and the importance of the culture that has been built alongside a team of more than 210 people across five states. He also gives an unfiltered take on how artificial intelligence and rising borrower complexity will shape lending and the broker role over the next few years.
MPA: Thinktank was established in 2006 as a specialist commercial property lender. What opportunity did the founders see in the market, and what was different about the Thinktank proposition?
Jonathan Street (JS): When Thinktank was founded in 2006, commercial property lending looked quite different to the market we are familiar with today. At that point, there was an opportunity and a need to bring a longer-term commercial lending proposition to brokers and their clients, backed by people who genuinely understood commercial credit.
From the outset, Thinktank distribution was exclusively broker introduced. Our proposition was centred around set-and-forget commercial lending options, with full upfront and trail commissions to brokers.
At Thinktank, we work exclusively with mortgage brokers, and that focus underpins how we continue to evolve and improve our offering. We are committed to developing products and solutions that support brokers in delivering quality outcomes for their clients while maintaining a straightforward, positive and consistent experience. Thinktank was established in 2006 in response to a previously unmet need for straightforward, set-and-forget commercial lending solutions. Since then, our offering has continued to expand – with SMSF lending introduced in 2013, residential lending in 2018 and private lending solutions added in 2024 – reflecting our ongoing focus on supporting brokers across a broader range of client needs.
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“Our people have been fundamental to everything Thinktank has been able to achieve over the past 20 years”
Jonathan Street, Thinktank
That was significantly differentiated at the time and reflected our belief in the important role brokers play in commercial finance.
But the proposition was about more than the product itself. It was also important to be centred around experienced people who were prepared to invest in understanding the borrower, the property and the circumstances behind each transaction, rather than simply applying a standard or rigid square box approach.
Those principles really established the foundations for Thinktank – specialist and complex lending expertise, sound credit, strong broker relationships and a motivation to openly share our knowledge, experience and insights along the way.
MPA: Thinktank has evolved considerably since 2006. How has the business changed over those
20 years, and what has remained fundamental?
JS: Thinktank has evolved considerably from its origins specialising in commercial and complex property lending. Over the past 20 years, we’ve expanded into residential, SMSF and private lending and developed broader funding and asset management capabilities. We’ve also invested significantly in our technology, servicing and operational capability as the scale of the business has increased.
While the breadth and size of Thinktank have changed considerably with time, commercial and complex lending remain fundamental to the business.
Today, we have more than $10 billion in assets under management and have funded more than $20 billion in residential and commercial property loans, so the business looks very different in size and breadth to the one that started in 2006.
What hasn’t changed is our specialist, complex lending pedigree or our 100% commitment to the broker channel. Thinktank has always been exclusively broker introduced, and these relationships have remained fundamental to the business as we’ve grown.
We’ve always been prepared to roll up our sleeves, understand each opportunity and determine what really matters in a sound credit decision and structure while always working closely with brokers to find the right solution for their clients.
MPA: Reaching $10 billion in assets under management in Thinktank’s 20th year is a significant milestone. Looking back over that period, what developments do you think have had the greatest significance for the business?
JS: There have obviously been a number of significant milestones over 20 years. Reaching $10 billion in assets under management is certainly one of them, as is having now funded more than $20 billion in residential and commercial property loans. FY26 was also our strongest year to date, with $5.2 billion in settlements, up 41% from the previous year.
But the significance is greater than the numbers. The diversification of the business from our commercial lending origins into residential, SMSF and private lending has been important, as has the development of our broader funding and asset management capabilities.
The growth of our team has been equally significant. We now have more than 210 people across the country, and the experience and commitment they bring to the business has been fundamental to our development. That builds on foundations established by a number of instrumental leaders over the years, including Per Amundsen and Peter Kearns (from the beginning in 2006), Peter Vala (2013) and James Henshaw (2019), all of whom have since transitioned into retirement in recent years.
And throughout that growth, our relationships with brokers and aggregation partners have remained at the heart of everything we do. Thinktank has always been exclusively broker introduced, and many of those relationships go back a very long way, some to the first loans we settled. We simply wouldn’t be the business we are today without the brokers who have supported us, trusted us with assisting their clients and grown alongside us.
MPA: Thinktank has grown to more than 210 people nationally. How have you maintained the culture of the business as Thinktank has grown and evolved?
JS: Culture has been an important part of Thinktank from the outset. We now have a large team of people across offices in Sydney, Melbourne, Brisbane, Adelaide and Perth, so the scale of the organisation has changed considerably, but we’ve worked hard to hold onto what we’ve always prioritised – strong relationships, sharing our knowledge, working as one and supporting good people who genuinely care about the outcomes we deliver.
We’ve had some exceptional people help build Thinktank over the past 20 years, and the business today stands on the foundations they have helped establish. What keeps that culture strong is seeing their knowledge and experience shared with the people coming through, while giving new people the opportunity to contribute their ideas and make their mark.
Being recognised by MPA as a Top Mortgage Employer for the third consecutive year is particularly meaningful because it reflects the experience of our people and the culture we’ve worked hard to maintain as the business has grown.
Supporting the communities in which our people live and work has also long been an important part of our culture. For every new loan settled, Thinktank donates $75 to charities nominated by our team members, with more than $445,000 donated during the most recent financial year.
Our people have been fundamental to everything Thinktank has been able to achieve over the past 20 years. As we continue to grow, our task is to keep evolving while continuing to share our experience, invest in our people and maintain the strong relationships and sense of connection that have brought us this far.
MPA: You’ve seen enormous change across lending, property and the broker market over the past two decades. What has changed for the better – and what fundamentals should the industry be careful not to lose?
JS: Almost every part of the industry has changed in varying degrees. Regulation has increased, funding markets have evolved, products have become more sophisticated, technology has fundamentally changed the way loans are originated, assessed and serviced, and there are more lender options for brokers than ever before.
The broker market has also evolved enormously. Brokers today play a much broader role in support of their clients, and lenders have become considerably better at genuinely supporting them across commercial and complex lending through better products, policies, processes, technology and specialist support.
AI is shaping as the next truly significant development, and I don’t think we’ve even scratched the tip of the iceberg in terms of what it will eventually enable across the customer, broker and lender experience.
What we need to be careful about, however, is assuming that greater technological capability makes the fundamentals less important.
Technology can improve the process and give people better information, but sound credit, especially in complex scenarios, still requires good, tactile judgement at speed. Particularly in self-employed and SME lending, you still need to understand the borrower, the property, the structure and what actually matters in that particular set of circumstances.
Strong relationships unquestionably matter, too. Sharing knowledge and experience and being accessible when a broker seeks help on a deal aren’t things we see becoming less valuable because the technology gets better.
“As we enter our third decade, our focus is on continuing to evolve in ways that add value while remaining committed to the things that matter”
MPA: Looking ahead, what do you think will shape lending and the role of brokers over the next few years?
JS: Increasing technological convergence and rising complexity in borrower circumstances will both play an important role in reshaping the lending market over the next few years.
AI has enormous potential to remove friction, improve efficiency, enhance stakeholder integration and allow brokers and lenders to spend high value time on the parts of the process where their expertise offers the most return.
At the same time, self-employed and SME borrowers in particular are navigating an increasingly complex environment. Changes in regulation and tax policy, together with different financial and ownership structures, mean there will continue to be circumstances that require more than a standard lending solution.
For brokers, staying close to clients – particularly self-employed clients – and building strong relationships with their other professional advisers will become increasingly important and valuable. That puts the broker in a position to be a genuine centre of influence and trusted adviser, with a broader understanding of the client’s circumstances and the opportunities available to them to achieve their goals.
There is considerable opportunity for those brokers seeking to broaden their capability into commercial and complex lending, particularly as technology makes it easier to access the specialist support and expertise they need.
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Published 28 Sep 2026
MPA: As Thinktank enters its third decade, what does the next chapter look like?
JS: Thinktank will continue to evolve in a disciplined and sustainable way, building on the capabilities developed over the past 20 years while responding to the opportunities emerging across lending, technology, funding and asset management.
Continued investment in our people and capability will remain vitally important, as will supporting brokers in different ways as their clients’ needs evolve. That includes further developing our commercial and complex lending proposition, deploying more sophisticated technology, including elements of AI, which improve the broker and borrower experience in building on the broader capabilities we’ve established across the business.
While there will undoubtedly be plenty more in the way of change ahead, the human fundamentals remain important. As we enter our third decade, our focus is on continuing to evolve in ways that add value while remaining committed to the things that matter – sound credit, specialist expertise, sharing our experience, strong relationships and being a genuine, trusted partner to the people we work with.
Jonathan Street, Thinktank
Thinktank founded
2006
Key dates at Thinktank
2013
2017
2018
2024
2026
SMSF lending introduced
Investment offering launched
Residential lending introduced
Private lending introduced
20 years of Thinktank
Source: Thinktank
Source: Thinktank
Staff
210
THINKTANK BY THE NUMBERS: 2026 snapshot
20 years
Lending experience
$20.1bn
Loans funded
$10bn
Assets under management
