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Specialist lending success stories

by Sean Murphy4 minute read

Wondering how brokers can use specialist finance to look like heroes in front of their clients? Let me share three examples.

A lot of lenders don't look at business debt favourably. Take one recent case, which involved a client who ran a medium-sized transport business with great turnover. One of his suppliers suddenly demanded payment in advance for stock, as opposed to arrears like had been the case for so long. It was very difficult for my client to raise $350,000 in 90 days, so the supplier lodged a court judgement and demanded full payment. We were able to use a specialist solution mixed with a bank solution and pay out the debt in full using only trading statements. The increase in rate was less than 0.50 per cent!

I helped another client who had monthly payments of $3,500 in unsecured debt due to a child's illness. We used the home equity to clear high-interest debt and reduce her monthly commitment by over $2,400. That allowed her to restructure her finances at near-market interest rates. Clients like this quickly become clients for life when you educate them on how we can improve their situation in the short term and also put plans in place for the future.

Marital separations can be messy. I had a client who was advised not to repay his half of the mortgage while settling. Bad advice, right? He and his ex fell into arrears and the bank asked them to pay out their mortgage. We were able to get a non-conforming lender to refinance the debt, pay out the ex-wife and consolidate other shared debt. He was able to keep the house and streamline his liabilities – and in 12 months, we'll be able to refinance back to a mainstream lender as we got in before the bank listed a default on his credit file.

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Sean Murphy Sean Murphy, senior credit adviser, My Mortgage Freedom 

 Starting his finance career at Liberty Financial in 2007, Sean developed a passion for specialist lending and the challenge of  finding a solution for every client.

 Having been a BDM at Liberty for almost three years, Sean decided it was time to move on and joined My Mortgage Freedom in  the beginning of 2014. Sean's background in SMSF lending and non-conforming residential and commercial mortgages gives  the  team great scope when dealing with their clients.

 Sean's objective is to work with a range of clients in different situations to assist them no matter how challenging the  transaction  might be.

sean murphy

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