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Providing Lenders and Brokers work together, the Broker involvement should not necessarily result in refinancing to another institution.
With the right mindset on the part of both parties, Finance Brokers can help Lenders retain & improve their existing client relationships.
We were recently approached by an experienced small business owner to assist with the refinance of their facilities.
The business owner had a financing need, but had no contact or relationship with his existing manager, as a result, was seeking to refinance elsewhere.
In addition to the relationship issues, the client felt the interest rates they were paying were not competitive and wanted these reviewed.
They were also seeking an increased loan facility to take advantage of future opportunities.
Know Where You Stand
As a first step, we undertook a full review of client’s situation/business and their loan facilities.
We then approached the market to ascertain the appetite for refinance and the increased loan request.
Strategy - Not to Refinance
Good Customer Outcome
Recognition for Work Involved
As a result, they paid us the same commission we would have received had the borrowings been refinanced to another Lender.
This is a good example of how Lenders and Brokers can work together for the benefit of a client.