In an effort to help brokers offer alternative lending solutions, Pepper Money has launched a new online course.
As part of the company’s Better Business eLearning program, the online course will take brokers through the steps to successfully offer alternative finance.
The broker market has become increasingly competitive with an annual growth of 4.2%. Pepper Money believes diversification of solutions, specifically alternative lending, can give brokers a point of difference in the industry.
Independent research by 5th Dimension, commissioned by Pepper, shows that 6 in 10 declined home loans are likely to be eligible for an alternative loan. The unfortunate reality is that in most cases, borrowers are not being made aware of their alternative options.
According to the lender, having access to a complete range of lending solutions from prime right through to specialist will not only expand brokers’ business, it will give them the ability to help more families through real life hurdles.
Seventy percent of Pepper Money’s borrowers require help simply due to type of employment, type of loan, issues with documentation or credit history.
Aaron Milburn, Pepper Money’s director of sales and distribution, said, “The challenging part of alternative lending is not the assessment, or packaging the loan. It can actually be offering it to the client; which we have simplified through Pepper Money’s 5 step process.”
The latest Better Business eLearning module “How to offer an alternative solution” will demonstrate a 5 step process on how to successfully offer an alternative solution, as well as tips to support brokers in navigating the emotional side of the customer’s lending experience.
