Welcome 2020

Mark Hutchins

Mark Hutchins

Director - Secured Lending

WE ARE BACK, RECHARGED AND READY TO LEND 

We finished off December with one of our largest months of lending to date. Thank you to our brokers for an amazing 2019, it’s only possible with your support.

Ok it’s time to get back to my pet peeve. Slimy private lenders.

Another deal we have just completed annoyed me again. We recently refinanced a borrower out from a situation which highlights a very important truism in lending. That is the test for any lender is not at the beginning of the loan but at the end or when changes are needed or a default occurs.

This borrower took one of the shiny new loans I see in the market. The rate was 7% prepaid for 12 months.

What could go wrong?

Well a default occurred after 3 months, the lender immediately appointed a receiver, charged default interest on top of the entire 12 month interest and with other fees and charges ended up with a 45% return. 

The default was of no consequence to the asset and could easily have been dealt with by a waiver. It took us 3 weeks to get a payout from the lender. 

So many lessons here! Please brokers, be vigilant on navigating your borrowers to reputable lenders as the implications can be disastrous. 

Keen to know more, check out the following links:

#removethescumfromprivatelending #securedlending 

Secured Lending

FAST FUNDING SOLUTIONS

Secured Lending focuses on non-conforming, short term funding solutions with incredibly quick turnaround times. So why Secured Lending?
  • We have our own internal property valuation team.
  • We can settle caveats, 1st and 2nd mortgage loans within 24 hours up to $45m.
  • We pride ourselves on being transparent and honest in our approach, always aiming to have an initial assessment back to you in a few hour

Our rates start at 9.95% p.a. with loan terms from 1 – 24 months.

 If you have a scenario to discuss, please call us on 1300 795 175.
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