Mustafa Haddad, finance manager at Anne Street Partners, talks about the importance of fostering strong relationships with lender BDMs, which can help you work through tough deals together to reach your clients’ goals
As a home loan broker, I see many different and memorable situations in which clients require urgent and professional assistance. One instance remains at the forefront of my mind.
A client approached Anne Street Partners for urgent assistance to purchase their first home. They had approximately two weeks until settlement and had not organised finance prior to contacting us. To complicate matters further, the client had recently lost their job.
The property being purchased was an off-the-plan unit that the client had exchanged contracts on two years earlier, right before the Sydney housing boom. The client had requested that the vendor release her from the contract; however, the vendor was not willing to do so, nor were they willing to grant her an extension for settlement.
So the client needed to find finance for the purchase, which was going to be tricky in view of her recent change in financial circumstances and the short time frame. Luckily, as a broker I have access to over 20 lenders and have fostered strong relationships with many of their BDMs. I’ve built positive relationships with them by being patient and understanding when an issue arises with the bank. I work with them to achieve the desired outcome, rather than hounding them. It also helps if you learn as much as you can about the lenders’ products, policies and niches to help you identify opportunities.
I spoke directly to my Westpac BDM about my client’s situation, and they were keen to help me develop a solution for my client in a short space of time. To get things underway, I ordered an upfront valuation of the property and asked the client to provide documentation evidencing her prospective new employment.
Once the valuation report was completed and the client had provided all the required documentation, I was able to submit an application to Westpac with just seven business days left until settlement.
This was going to be very tight. However, because I had such a great relationship with the BDM, built on trust over numerous previous successful deals, we were able to expedite the application and the property settled on time, exceeding my client’s expectations.
Had my client not been able to settle, she would have lost the $50,000 deposit that she had paid upon exchange of contracts. She would also have missed out on the capital growth of the property, which was approximately $100,000 based on market value at the time of settlement.
As her broker, it gave me immense satisfaction to see the effort of two weeks of negotiation, multiple phone calls, and moving with fierce urgency result in a mammoth win for the client, who finally got her dream home. Here at Anne Street Partners, we exist to help Australians create a brighter future – and in this instance I feel we were certainly able to fulfil this promise.
This experience gave me insight into the importance of building great BDM relationships and business partnerships. It gave me a better understanding of how I can reach a solution regardless of the circumstances and not have to turn a client away. It also demonstrated the impact that I, as a broker, can have on helping people achieve their lifestyle goals. We are a key part of a client’s journey.
Without my assistance and the relationship I had with Westpac, the client may not have been able to settle, which would have been absolutely devastating for her.
After my client settled on her property, I reflected on the journey we had taken together. The experience gave me an immense sense of accomplishment, especially when my client personally thanked me for going above and beyond. She remarked that she would not have been able to achieve such a result, or receive that level of service, had she applied for the loan online.
I now understand that my skills and experience really do help to change my clients’ lives.
Finance manager, Anne Street Partners