I’m a mortgage broker that works across numerous lending fields – commercial and business. The types of clients I work with are predominantly residential homebuyers and investors looking to grow residential property portfolios.
Access to easy money – any kind of growth funding has been decimated by the impact of COVID-19.
WHAT DO YOU THINK WERE THE UNINTENDED OR HIDDEN CONSEQUENCES OF THE LOCKDOWN?
Realistically it was the suspension of existing trends within businesses – with things deferred and picked up where they were left 60 days earlier.
Unfortunately, it has meant, the original work still hasn’t been finished but at the same time, you’re also chasing new work opportunities through lead-generating but there’s limited time to do so.
The time cost and lost opportunity cost is bigger than the actual financial cost.
WHAT IMPACT DO YOU THINK THE PANDEMIC HAS HAD ON THE LENDING LANDSCAPE?
Banks have become ultra conservative and risk aware as opposed to risk averse. They have always had a cautious approach but in the current climate they’re being hyper vigilant with risk awareness, so not just focusing on an individual’s job security but the industry as a whole and associated risk factors.
On the flipside, interest rates are lower than they ever have been with lending at a higher rate for residential property, with the belt having been loosened.
WHAT WOULD A TRANS-TASMAN BUBBLE DO FOR BUSINESS?
I think it would strengthen both sides. If we could become really customer and business centric across both, we could make inroads fairly quickly to get back on track. However an open, free trade agreement with no penalties is critical to success.
WHAT PROBLEMS HAS APRICITY SOLVED FOR YOUR CLIENTS?
Apricity is a much better platform than my clients existing banking. It’s easier plus more cost effective to gain access to money, to help upscale their businesses.
It also means my clients can mobilise a lot faster and be flexible when tendering for contracts – they’re not tied down to one lender.
The ability to access on your terms is also important – you can effectively get money the way we want to get money based on your client’s invoice and purchasing cycle.
Nick has been fantastic and Linden came and met the team and played a significant role in allowing flexibility, which ultimately sealed the deal – demonstrating a collaborative approach to solving problems.
WHAT DO YOU LIKE MOST ABOUT APRICITY?
I can call Linden (CEO) as necessary – someone who can implement change and is the decision maker. The other benefits are my clients not being on-boarded and then sold into different product lines, effectively ring-fencing me out. Typically as a broker you’re paid a referral fee and it’s goodbye, which is not a model I’m interested in. My focus is client retention and developing long-term relationships, and Apricity fosters a partnership style approach.