Increased demand for specialist lending has seen one lender more than double its sales team in the last six months.
Bluestone has announced it has added to its BDM teams in Victoria, NSW and Queensland in response to sustained loan volume growth. COO Peter Wood said an increased demand for specialist loans has fuelled the growth.
“Since Bluestone re-entered the specialist loan market in 2013, our average month-on-month application and settlement volumes growth has averaged around 50%. June 2014 has been our strongest month yet with month-on-month growth of 54%,” Wood said.
Wood said the company has grown its BDM team, and has introduced a 24-hour service level agreement for conditional approvals.
“Following feedback from our broker network, we have also introduced new product features to meet customer needs,” Wood said.
The lender will now ignore all defaults older than 24 months and defaults less than $1,000. Applications where a borrower has defaulted in the last six months will also be considered.
“Bluestone has been working to ensure borrowers have access to a range of competitive products; enabling brokers to diversify their offering and ensuring that they don’t have to turn away customers just because they don’t meet traditional lending criteria,” Wood said.