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Specialist lending is helping deliver more referrals for Aussie Penrith franchisee Edwin Dobson.
Have you always used specialist lenders?
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Other the past 15 years I’ve always known they were there, but have only needed them on rare occasions.
What was the motivation or turning point for you to try specialist lending?
Typically the self-employed have drawn me to the options provided by specialist lenders.
How is writing a specialist loan different to a prime loan?
It is a pleasure knowing that there is no scorecard running the decision, and the personal attention the application gets speeds up the process considerably.
What benefits has specialist lending provided your business with?
It seems the loans that fall into this category are always larger than our standard loans, and the clients’ appreciation is usually shown with them referring friends.
What is your advice for other brokers who haven’t considered specialist lending?
On the surface, some deals do look harder than they are. Be clear on the facts and leave nothing out. Give the client the absolute worst case as far as rate is concerned (we don’t get paid more because the rate is what it is), tell them what they need to do to get a conventional loan and leave it to them.
I lost an opportunity with a friend because I didn’t do this. His broker (another friend) laid it out and his wife said “I just want it to all go away”.
