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Being a broker for over seven years, having completed many hundreds of loans, going out on my own has been my greatest move.
Why? It has allowed me to focus on my own business and bring specialist lending to the forefront.
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Many people I speak to have said specialist lending is too hard, time-consuming and not for them. I enjoy doing all types of loans, but there are three reasons I'm particularly passionate about this area of finance.
It's a challenge
A prime deal is pretty much collecting documents, qualifying, choosing from one of many lenders and then sending in the application. With specialist lending, a lot more pre-work, loan structuring and research has to be completed. This means a different understanding of lender policies, NCCP obligations and why the client got into difficulty or needs a specialist service.
Offers a second chance
Clients often feel 'rejected' because when they popped into their local bank looking for some relief they were told that they could not apply for a loan but were not offered any alternatives. Specialist lending allows the clients some relief from their financial pressures or non-ability to conform to mainstream lender policies and move forward.
Allows true client service
Clients who need a specialist service (in general) are more understanding and appreciative of the work that goes into a loan application. They know that you are doing your best and will leave no stone unturned in finding a solution. Once a result is achieved, they are forever greatful and become very sticky clients.
Peter Ellis, franchisee, Loan Market
Peter Ellis is a credit solutions specialist from Victoria with seven years’ experience who focuses on non-conforming lending. He realised a real need within Australia for a one-contract solution for individuals and families who have had a life event or not-so-clean credit history and want a way to end their financial frustration and pressures. He works with brokers from around Australia to make non-conforming a part of their business, whether by doing it with them or offering education and advice.
