A Great Way For Brokers To Make More Money
With the Banking Royal Commissions findings being published, brokers are facing a very uncertain future with their commissions and trails under threat, it must be a very anxious time indeed.
Many brokers are now asking themselves the question of how do I change the way I do business and still earn good commissions for my advice? A part of the solution could be in learning more about the Short Term Business Loan market. This market since the Banking Royal Commission is booming as the banks are tightening their lending requirements and businesses around Australia are struggling to settle business loans in a reasonable time frame, as the banks due diligence is now taking longer than ever.
So what are the benefits to you to you when it comes to being a broker for short term business loans? Well we took a look at one company in the market called HomeSec Business Finance and the offering to brokers was outstanding. Let’s take a look first at what they do.
1. Short term business loans from 1 – 6 months in duration. All costs / interest, establishment fee’s capitalised for the term of the loan.
2. The loans range from $20,000 – $2million and are funded within 24hours
3. The Facility Type: Caveat / Second Mortgage with the ability to do first mortgages.
4. 75% LVR on residential property, 70% on Commercial & Vacant Land. 5. ID is as simple as Valid Photo ID, Rates Notice to be supplied and last
6 months home loan statements.
So what are these types of loans generally used for?
· Urgent cash flow injection: to improve cash flow for small businesses
· Property Development Funding: providing shortfall funding for development projects
· High LVR Funding (up to 75%): most short term lenders only fund to 70%
· Commercial Debt Consolidation: great for clients that have multiple debts such as ATO, outstanding wages, superannuation or supplier debts.
· New Business Ventures: Clients looking to fund new business opportunities.
· Property Purchase Rescissions: Clients whose mortgage was not approved on time but require urgent funding to complete the purchase
· Bad Credit Loans: for any type of credit score. Funding can be considered to payout part 9 or bankruptcy.
· No Income Verification: No proof of income or financials required
· Urgent Business Opportunities: Anyone who is confident that the opportunity will make good money and will benefit from short term lending.
So what are the benefits for the broker?
· Higher Commission Paid On Settlement
· Funds Settle in 24 hours
· No Valuations are required
· Track your referral through online partner portal
· Loans up to $2 million with larger amounts considered
· Australia’s largest short term business funder
So what is the brokerage available?
Broker Partners are paid on settlement with no mandates required and receive 1% – 4% of the loan amount on settlement of the new loan
Referral partners paid on settlement of loan a flat 1%
So taking a look at those referral figures a HomeSec Broker can earn very good money by simply filling out the two minute application form online as once submitted the team at Homesec Business Finance do all the work for you and if the loan settles you are paid within 24 hours. That means instant finance for the client and instant brokerage fee for you the broker. If you have an existing business client base it could be very beneficial to send out a bulk email about your new offering.
To become a broker for HomSec Business Finance it is very simple go to www.homesecbrokersupport.com.au or contact HomeSec direct from the details below