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Jessica Darnbrough
Education is the key to non-bank success, one industry stakeholder has claimed.
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Speaking to The Adviser, Pepper’s director of sales and distribution Mario Rehayem said there are many non-bank products on the market that can truly compete with the majors or offer an alternative to clients who don’t meet the traditional lending requirements of the majors.
Despite this, brokers aren’t readily selling these products.
According to Mr Rehayem, further education can help the non-bank channel claw back some of the market share it lost during the global financial crisis.
“Whether you are a non-conforming or simply a non-bank lender, education is crucial. Unlike a bank, we can’t just open our doors and see business flow through. We have to work hard for every deal, which is why we have expanded our BDM force," he said.
“We understand that we have to educate the broker. If the broker doesn’t understand our products, then how can they sell them to their clients? We have put a lot of people on the ground to deliver the right message.
“We have expanded our team to 20 BDMs on the road. The more brokers start to understand how easy the process is with non-bank lenders, the more they will offer the clients our products.”
