Speaking at The Specialist Lending Event 2019, Masthaven sales director Rob Barnard noted that getting it right first time was vital in the specialist lending market.
He added that brokers should get customer credit files when necessary to save time when identifying clients who would never be likely to be accepted by a mainstream lender.
Barnard told the audience at Sandown Park: “I don’t mean getting it right when you submit the case the first time, I mean trying to find the right lender first time.
“People say specialist lending is clunky and our survey said it takes three hours longer to deal with a specialist case than a mainstream one.
“If you get a credit file you can help get it to the right lender first time.”
Use and abuse underwriters
Barnard highlighted that by spotting a case that will never going to go to the high street lenders, brokers can save time and pressure by going directly to a specialist lender first time.
He noted that underwriters were a key part of that process.
“If we give you full access to underwriters then use it, because I guarantee you a two minute conversation with an underwriter at any stage of the process of the deal is the best two minutes you can spend,” he continued.
“It either means the deal is dead and you can walk away, or you know what you need to get to offer.”
And Barnard urged brokers to use their business development manager (BDM).
“BDMs roles have changed significantly these days,” he said.
“Don’t refer to them as reps, I hate that, because I genuinely believe they can help you write more business.
“I say to my guys, ‘I don’t want you walking through a broker’s door if you can’t help that broker write more business’.
“Ideally in the specialist space, but if not I want them to help you write more business full stop.”
The Specialist Lending Event 2019 continues next week with registration still open for the events at York and Liverpool.
They are being held next week at:
12 February – York Racecourse, York
13 February – Aintree Racecourse, Liverpool
More information and free registration can be found on the Specialist Lending Event 2019 website
Follow the coverage on #TSLE2019.