Why focus your franchise on specialist lending?

09 Aug, 2018
Why focus your franchise on specialist lending?

At Red Rock, we have helped thousands of Australians achieve their dreams by offering specialist lending options. We pride ourselves on being able to say 'Yes' to borrowers when other lenders say 'No'. Specialist mortgage lending involves applying a different set of criteria to our decision making. We don't just look at a customers credit score - we look at the individual, finding out why they have a bad credit score and what we can do to help them.

Why specialist lending?

Customers need specialist lending solutions for a range of reasons. They may be a new Australian resident or have been self-employed for a short period of time and do not have enough documentation to prove their income. Perhaps they can't build a large enough deposit for a standard home loan or they work part-time. In any case, if a customer has a poor credit score, can't prove their worthiness, or can be deemed risky for any reason, they may well be refused in their application by many traditional lenders. 

In addition, more banks are pulling out of the lending market, leading to large numbers of previously well-regarded borrowers finding themselves refused, according to Australian Broker. These customers now need someone willing to consider specialist lending to provide them with a solution for acquiring the funding they need. 

The business benefits

As financial institutions reduce risk by requiring customers to fit stringent lending criteria, offering specialist lending solutions means you can take advantage of traditional lenders failing to meet the needs of today's customers. As many as 18 per cent of Australians, or over 3 million people, have been refused in their application for a home loan, reports Pepper Money. Furthermore, 54 per cent of those refused didn't know that they had another option in the form of specialist lending. Offering a range of specialist lending opportunities enables your franchise to operate in a niche market with a large potential customer base.

As well as benefiting financially from a booming market, by operating in the specialist lending market you can reap the personal rewards of knowing that you can open the doors for some of the 3 million Australians the banks have refused. Your franchise can make a real difference to the lives of many everyday Australians by enabling them to get the loan they need. 

If you want to help others buy their home, start their business, or get their credit score back on track, take advantage of the Red Rock Mortgages franchise opportunity. Request a free information pack for further information.