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RESIMAC has widened its specialist lending appetite to provide you with the solution your client needs
While the worth of a settled loan can easily be calculated, has the cost of a declined loan ever been costed? Costed in terms of lost revenue, lost cross-sell opportunities, lost incremental business, lost referrals, lost business value just to name a few.
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You could lose a potential client for life by letting that specialist lead walk away.
“It’s about the time, awareness and confidence that can convert those lost opportunities into revenue for every broker, whilst simultaneously looking after your client,” says chief operating officer, Allan Savins.
“Time, as we are all busy; awareness, knowing that a solution does exist for the situation; and confidence to offer it in an NCCP-compliant fashion” he says.
“Many brokers still have a false perception of specialist lending and have stayed away from writing a lack of understanding of what the NCCP actually says and what a specialist borrower really is.”
Specialist borrowers range from those who have been declined by the banks and LMI to those borrowers who have no adverse credit but simply do not meet traditional lending requirements.
Specialist lending
RESIMAC’s specialist lending business recently celebrated five years in operation, having navigated the GFC where others failed. “We are very proud to say that we never stopped originating new business throughout the GFC and now we are well poised to capitalise on our achievements,” Mr Savins says.
RESIMAC has widened its acceptable lending areas and will now lend into an additional 11,800 suburbs. “In the initial years the portfolio could not sustain any material losses but now the business has reached another dimension and we are comfortable to take on the additional location risk,” he says.
“Overlay this with RESIMAC’s breadth of policy and product parameters that cater for borrowers with clear or adverse credit, varying employment terms and alternative forms of income substantiation for the self-employed, and it provides a very compelling shopfront of solutions for brokers.
“If you were able to write that declined loan with a specialist lender, the cost benefit would easily add up,” Mr Savins says.
About RESIMAC
Established in 1985, RESIMAC is a wholesale funder, originator and servicer of assets, primarily residential mortgages.
