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Finsure Group has introduced a new service aimed at addressing the challenges brokers face in converting pre-approved investment loans into finalized deals. The company has partnered with property investment firm Wealth Street to integrate its services directly into Finsure’s customer relationship management (CRM) platform, Infynity, to streamline the pre-approval process.
This collaboration comes in response to a growing issue in the mortgage industry: nearly 50% of pre-approved investment loans fail to settle within 90 days, according to Damien Thompson, Finsure’s head of diversified investment.
”With the average loan being around $700,000, this equates to up to $1 billion in lost revenue per month. But in an Australian-first, Finsure has integrated Wealth Street into the Infynity CRM, streamlining the referral processing via brokers connecting their customers with the Wealth Street team and quickly converting pre-approvals,” Thompson said.
By integrating Wealth Street’s services into the Infynity platform, Finsure aims to provide brokers with a more efficient referral system. This system enables brokers to quickly connect clients with Wealth Street’s advisory team, which has been able to reduce the typical 90-day pre-approval period to as little as 20 days since the service launched in April. This accelerated process not only increases the number of loans brokers can settle but also provides them with additional income through referral fees.
Wealth Street CEO John Zada said that the firm’s process is designed to offer brokers access to exclusive off-market properties, selected based on 8-step criteria focusing on capital growth, rental yields, and valuation targets.
“When utilising the Wealth Street referral integration in Infynity, brokers drastically enhance their speed of service, swiftly matching their clients’ pre-approved investment loans. This faster deal flow enhances client outcomes, making them more likely to refer, and reduces risk of unwanted clawbacks,” Zada said.
