Q. What advice would you give brokers looking to write SME finance for the first time?

Focus on great service

For brokers stepping into SME asset finance, it’s a specialised but rewarding space. It’s easy to think it’s all about rates, especially in a competitive market, but it’s not! It’s about understanding the fast turnaround times and offering a mix of products that suit your client’s specific needs.

If you focus on great service and a holistic approach, you’ll stand out and consistently deliver strong client outcomes.

Move fast

Don’t sit on it; be quick. And don’t fear it. Instead, be inquisitive. I would also say that if you have the accreditation, speak to your BDM and workshop the deal then submit it. If you don’t have the time [to write a] specific deal, then seek out a partner that will not only do the transaction on your behalf but educate you on the way.

If an asset finance referral partner tells you to stick to your lane (because they are the expert), then find a different partner as they aren’t interested in seeing you grow. You have the ability to learn this. You are seeking virtually the same info on your mortgage application. The only difference is the asset.

Have the right intention

Having the right intention is a big one. If you’re doing this for the money (or thinking of doing this for the money), it’s the wrong idea. It’s not the easiest of businesses.

You also need to have at least 12 months of income up your sleeve or saved or access to before you start in this industry. A mentor is really important too, as is finding the right association for you and the right aggregator as well.

Make sure you enjoy it

Work with a mentor(s) that know the game inside out and are happy to share that information with you. They should drop whatever they’re doing to help you out and explain it to you.

Learn the policies. If you keep putting deals to a funder that doesn’t fit their matrix, they’re not going to like it and you want to have a good relationship with BDMs and the credit analysts.

And make sure you are enjoying it! It can be stressful and difficult, so if you don’t find the rewards when you get an approval or get your first deal set, it’s probably not the career for you.