Flexibility is Key: Private Lending in 2021 Survey

In a recent survey conducted by Private Mortgages Australia, nearly 70% of respondents said that a flexible lending process was the most important factor when selecting a private lender. Alongside flexible lending, respondents also indicated that a proven ability to deliver on loan offers and quick turnaround times were the other areas of significance when choosing which private lender to work with.

“The reason PMA was started in the first place was because we realised there was a gap in the market for a private lending company which would be based on a transparent lending process, being responsive to client’s needs, adapting solutions, and providing quick lending decisions,” said PMA director and co-founder Tony Barbone. “It’s great to see that these are the factors that borrowers and brokers alike are still looking for, as we believe we’re set up to be able to deliver in these areas.”

The Private Lending in 2021 survey also asked respondents what effect Covid-19 has had on their business or their business clients. 47% said that ‘It was difficult to get a loan from the bank because of strict rules or servicing constraints’ while 44% said ‘The banks are not responsive to business needs or just too slow.’

Another 20% said that they ‘Required cashflow finance to keep business going during lockdowns.’
“PMA exists to help borrowers that have been failed by traditional banks due to bureaucratic inefficiencies and rigid lending criteria”, said Tony Barbone. “Private lenders have always had a focus on business lending and supporting small businesses and this is no different during this period of disruption.”

PMA provides a 4-hour response guarantee whereby once we receive a Quick Application form we will come back to you with an Initial Letter of Offer within four business hours and unless something changes the risk profile during the assessment process (such as LVR, etc) the rate quoted is the rate the client gets. We’re also able to settle within 5 days of receiving all the information required for an application and will pay referrer fees within 24 hours of settlement with no clawbacks.

We know how important speed is to our brokers and borrowers and therefore endeavour to make or lending process as quick as possible.

If you have a scenario you’d like to discuss please get in touch with Private Mortgages Australia at [email protected] or 1300 856 683.