Edwin Dobson, Aussie, Penrith

I'm sold on Specialist Lending because...

 "for some clients it is the only option they have, it would be silly of us not to give them that option."

What was the motivation or turning point for you to try Specialist Lending?

Typically the self-employed have drawn me to the options provided by specialist lenders.

How is writing a Specialist Loan different to a Prime Loan?

It is a pleasure knowing that there is no Score Card running the decision, and the personal attention the application gets speeds the process considerably.

What is your advice for other brokers who haven’t considered Specialist Lending?

On the surface some deals do look harder than they are.

  • Be clear on the facts.
  • Leave nothing out.
  • Give the client the absolute worst case as far as rate is concerned (we don’t get paid more because the rate is what it is), tell them what they need to do to get a conventional loan and leave it to them.

Can you tell us about a client you helped with Specialist Lending?

I had a client who had recently returned from being overseas for 2 years and had just purchased a property with 10% cash ($155,000). The Client had a net asset position of over $10 million and income of close to $1 million from rents and other businesses.

Because he’d been abroad, he hadn’t completed his returns for 3 years. In addition, the properties he owned were in joint names with his brothers and one of them was overseas for another 6 months. This client also had an additional 10% plus costs available. With a notice to complete already issued and only 8 business days left until settlement, the client’s bank declined the deal.

I discussed the situation with my BDM from Pepper Money and she told me that she couldn’t promise anything but “they’d do their best!” As the client had a clean credit history, Pepper Money was able to provide a ‘Near Prime’ alt doc solution for $1.24m at 80%. In addition, they were able to fast track the application – the application was received on 29 May and the deal was settled on 5 June. A fantastic result!

Do you have a client with a similar situation?

Pepper Money may be able to help.

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Applications are subject to Pepper Money's normal credit assessment criteria and loan suitability criteria. Terms, conditions, fees and charges apply.