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No longer just a specialist lender, Pepper has transformed into a genuine alternative to the majors, says Mario Rehayem
Non-bank lenders appear increasingly to be targeting the prime space. Why is that?
Most non-bank lenders compete in the prime space, where they are going head-to-head with the majors, not the specialist space that Pepper has traditionally occupied. Non-bank lenders need to ensure they’re able to offer a full spectrum of options for customers. Pepper’s core business has and always will remain to be a solution provider offering a bespoke range of products that is a true alternative to the banks. Today, entering the prime market is a necessity for any specialist lender.
Are brokers, in your experience, reluctant to offer non-bank products?
Brokers that restrict their lender options to just the majors are doing their customers an injustice. An experienced and talented broker utilises a lender for their product and credit policy niches which best align to the customer’s needs. The roadblocks Pepper may face from time to time are from a minority of brokers that may not be familiar with our bespoke products, and that results in a lack of confidence to offer the product.
How does Pepper get its message out to brokers?
We’ve developed a team of BDMs that are ‘best in class’ and they ensure we educate brokers on how our products can support them and, most importantly, their customers.
Can brokers be a bit lazy with the lenders they choose – ‘better the devil you know’?
Brokers are no di fferent to anyone else in that we always lean towards what we know; embracing change isn’t this industry’s strong point. In saying that, when brokers do utilise Pepper they become advocates because of the superior personalised service they receive. At Pepper you don’t need to be a Diamond, Flame or A-Plus broker to receive superior service. Every broker and their customers are appreciated and individually catered for.
Non-banks have traditionally taken on more difficult loans, reputedly with longer turnarounds and more paperwork. Is that reputation fair?
It’s far from the truth. Pepper consistently provides brokers a service that is second to none. Pepper prides itself on providing solutions for brokers and borrowers where the majors can’t. The more brokers – and customers for that matter – that use us and receive the service we are synonymous with, the more these perceptions will be broken down.
Mario Rehayem is director of sales and distribution at Pepper
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