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Contents
What's New
- Brisbane office celebrates 1st anniversary
How to get a
successful Provident deal
'Deal of the Month' -
$1,250,000 NSW residential property
Interview with a Broker:
James Nader - Home Funding Solutions
NRL Tipping Competition - Great
prizes to win
Contact us
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Welcome
Welcome
to the latest edition of Provident Capital’s eUpdate for 2008.
There
are some exciting times in store for Provident Capital this year, with
our Queensland
office turning 1 and our debenture business celebrating its 10
year anniversary.
The
global markets have certainly changed dramatically in recent times and
with many funders being caught in the 'credit crunch'. Now, more than
ever, it is important for lenders to have multiple reliable funding
sources.
Provident
Capital is one of a unique group of non-bank lenders that has both
deposit based balance sheet capabilities and wholesale funding lines
providing stable, reliable and flexible funding capabilities. Simply,
in this unstable funding environment we will be able to fund more
bankable deals for brokers, than ever before.
Have
a look at this issue's section of tips to help you settle your
transactions quickly and easily and the two new segments we
have introduced to our 2008 eUpdate series which we hope you find
interesting. The first is our 'Deal of the Month', where we highlight
some of the more unique deals that have settled recently. Plus we have
introduced an 'Interview with a Broker' segment, in which we discover a
little more about one of our valued brokers and what's important to
them.
In
addition, if you haven't done so already, we encourage you to
join our Footy Tipping Competition and have the chance to win the many
great prizes on offer!
I
would like to take this opportunity to wish you a successful and safe
2008.
Best
wishes
Michael
O'Sullivan
Managing
Director
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What's New!
Brisbane office celebrates 1st
anniversary
Provident
Capital's Brisbane
branch recently celebrated its 1st year of business. The team
has been set up by State Manager, Andrew Parker
and includes Business Development Managers, Greg Dell and Matthew
Andrew (as pictured).
In
its first year of operation, the team has been in contact with over 780
brokers across 467 groups. They have concentrated on finding ways to
best to meet brokers' needs and help them understand Provident
Capital's specialist niche market.
This
has resulted in tremendous growth in loan enquiry and settlements with
the Queensland
market responsible for over 22% of the current loan portfolio as at
December 31st, 2007.
The
team has worked hard over the last year to engage Queensland based
mortgage brokers and has established a strong presence in the market
with Provident Capital's "No Doc Self Certified Loans".
To
contact the QLD team:
Ph: 1800
794 370
Fax: 1800
794 380
Email: broker@providentcapital.com.au
Office: Emirates
House, 167 Eagle Street,
Brisbane.
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How to settle a successful deal
with Provident Capital
Here
are some tips from our lending team to help you settle your
transactions quickly and easily.
Firstly,
we require the basic information:
- The
full name of the borrower/s and director/s,
- The
loan amount, and
- The
term and estimated value of the property ("as is").
Next,
here is the additional information we need to process your initial
enquiry:
1.
Include the exact details of the property
We
verify these details when preparing Indicative Proposals, so any
discrepancies slow the process down.
2.
Provide enough detail regarding the loan purpose
The
specific details about what the funds are to be used for is a critical
element for all applications. If the loan is for refinance, it will
speed up the process if you detail who the current mortgagee is and,
the size of the existing debt.
3.
Make sure you include all relevant supporting documentation
- For
a refinance, include bank statements
- For
a purchase, include a copy of the contract for sale (including any
special conditions), and
- For
construction loans, approved plan documentation is required.
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'Deal of the Month'
It
is important to Provident Capital that we add value to your business.
Having flexible funding capabilities allows us to consider deals on
their individual merits.
NSW
Business Development Manager Kenjon
Polhill recently assisted one of
his brokers to settle a loan on a $1,250,000 NSW residential property.
The deal had been hard to place due to its size and the
characteristics of the client and is a great example of how Provident
Capital works closely with brokers to get deals over the line.
Provident
Capital's residential 'Light and Easy' loan product was selected over
that of other lenders as the client required a loan that was:
- Low-doc - they did not have up to date financial records,
- A short term solution, with fixed interest and no deferred
establishment costs (DEF), and
- A relatively high LVR (75%) given their level of credit impairment.
Kenjon
was able to provide this broker with a solution that “suited
the client to a tee without too much red tape, along with a generous
upfront and trail commission”.
If you would like to know more about Provident Capital's lending
solutions log on to www.providentcapital.com.au
for more details.
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Interview with a Broker
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Name
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James
Nader
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Company
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Home
Funding Solutions
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What
is the value of loans you write each year?
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Approximately
$15 million
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How
did you get into the position you are in today?
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Relevant
industry experience, precise understanding of mortgage policy, market
status and client needs.
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What
is one piece of important advice that you would offer other brokers?
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All
deals are equally important
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Where
do you envision growth opportunities?
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Straight
asset lends and unsecured business facilities.
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How
long have you been working with Provident Capital?
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Approximately
5 years now
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What
type of deals do you primarily do with Provident Capital?
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Credit
impaired and loc-doc
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Why
would you recommend Provident Capital?
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Provident
Capital's products are GREAT!
In addition, the BDM team provide exceptional client service; they are
always available to answer any type of enquiry. The lending team are
always great with providing quick responses.
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NRL Tipping Competition
It’s
footy tipping time again and you are invited to join the
‘Provident Capital Ltd’ NRL online footy tipping
competition for 2008. The competition has recently kicked off and entry
is FREE so get your friends and family to join!
The
PRIZES on offer this year are BIGGER and BETTER than ever, they include:
For
the overall season winner: a weekend getaway for two to their choice of
the Gold Coast or Melbourne including return economy air fares from any
Australian capital city, two nights deluxe accommodation and a dinner
voucher to the value of $200!!!*
Weekly
prizes include:
- If
you’re the week’s top tipper and have settled a
transaction with Provident this year
(2008), you win a $100 David Jones voucher*
· To
join, please log on to http://nrltipping.foxsports.com.au/M/home.mc
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Follow
the prompts to register
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Once
registration is complete, start tipping by clicking on
‘continue’
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To
join the Provident Capital Ltd league, click on
‘leagues’ and enter no. 2147-175
Get
involved, if you are not in an office tipping competition then
you really aren't working hard enough!
*
NSW
PERMIT NUMBER LTPS/08/0247
Contact Us
If
you have any questions about our lending solutions please contact one
of our Business
Development
Managers today on 1800
668 008 or email broker@providentcapital.com.au
You
can also find additional information on Provident Capital’s
lending solutions on our
website:
www.providentcapital.com.au
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Disclaimer
The
information is being provided by Provident Capital Limited ABN 78 082
735 573 and is to be used as a guide only. Please note that the
information in this document is current at the time of issue. Provident
Capital Limited may change any of this information at any time without
prior notice. Provident Capital will endeavour to promptly notify
introducers of any changes.
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