Frequently Asked Questions: Non Asset

I am not sure what product best suits my client? What product do I select?

Don’t worry. You can select other/not sure and by answering all the questions in the application form the system will help you determine the right solution. You can also discuss any scenarios with our broker support team on [e-mail] or 1300 668 843.

What are the rates and charges?

All rates and charges are going to be different between all our Lenders. The easiest way to know the rates/charges is to log into the platform > click on manage in the bottom left corner and click on ‘Lender Profiles’ this is where you can access all information on our Lenders.

Can I upload supporting documents after I have sent the application to a lender?

You can upload documents after the application has been submitted to a lender. This will ensure that all the documentation for the application is stored in one area.

• Documents uploaded after a deal has been sent to a lender will not be received by the lender, in this instance you will need to contact Lend support at [e-mail]

How much can my client borrow?

Most lenders will lend up to 120% of the client’s monthly sales.

What is the minimum monthly revenue?

Typically, most of our lenders require $5,000 monthly turnover.

How long does the process take?

 The process can be as quick as you need it to be, if you complete the application in full and provide all relevant information the process can be done in 2 hours.

Are there lenders that offer start up finance?

Start-up finance is tricky. Your client will need to either own a home or an existing business with reasonable turnover. If your client does not have either a home or an existing business, they will need at least a 50% deposit.

How does it work when my client is wanting to purchase an existing business?

As far as purchasing an existing business is concerned, when your client wants to purchase an existing business the same options apply as starting a new business, knowing the industry of the business and if the client already works in the same industry. There are two other ways you can also do it:

• For business acquisitions the purchaser must be able to contribute equity towards the purchase (minimum 40% of the purchase price)
• Or if they already have another business, and that the existing business meets lender criteria
• Equity can be used in their property if they have it
• The client will need to provide financials for the existing business they are looking to purchase

How do I report a system issue?

There are a few ways you can report a system issue, once you are logged into the system, on the bottom right-hand corner there is a green chat function. You can message the team directly via the chat function and within business hours, you should receive a response within 2 hours. If it is after business hours or on the weekend, the team will get back to you on the next business day. You can also submit a system error by emailing [e-mail] or giving us a call on 1300 668 843

I have completed my client’s application, but no lenders appear

 If you get to the ‘Lenders’ section and no lenders are appearing it could be a couple of things

• It could mean you have missed a field in the applicant details, if this is the case it is going to come up on the screen saying ‘Required fields missing’ This means you need to go back to ‘view/edit and make sure all of the information is completed and click SAVE. Below are the fields that need to be completed before a lender selection can be shown:

FIRST NAME

LAST NAME

MOBILE/EMAIL ADDRESS

PRODUCT TYPE

LOAN AMOUNT

DESIRED TERM

LOAN PURPOSE

ABN DETAILS

INDUSTRY

TRADING/REGISTERED ADDRESS (Both need to be filled in)

MONTHLY REVENUE

Applicant Details (This is only required if your client is wanting Asset Finance)

• If all the above is completed but no lenders are appearing, this means that the information within your client’s application has not met the lenders criteria. You will notice a section that says ‘Show failed lenders’ you can click on this section, and it will show all failed lenders.

Does Lend run a credit check on my client?

There are no credit checks done on your client upfront. The only time a credit check will be done on your client is once the Lender has contacted either you or your client. (depending on the contact rule) Still having issues, Please contact the below

[e-mail] / 1300 668 843

My client has selected their bank and typed in their log in details, and it is bringing up an error?

 Different types of account structures:

As an example, CBA, NAB & ANZ all have their straightforward Internet banking platform and then Business accounts. If your client is a business account holder then they need to type the into the search for it here: NAB Connect Business Banking, Commonwealth Bank Business or ANZ Transactive Business Banking.

 Incorrect login or password:

If your client is receiving an error saying ‘the credentials are incorrect’ this means your client is using the incorrect log in detail, they need to use the same log in detail they would use to log into online banking.

Any other error: Report to us immediately either: [e-mail] or 1300 668 843

Can I upload supporting documents after I have sent the application to a lender?

You can upload documents after the application has been submitted to a lender. This will ensure that all the documentation for the application is stored in one area.

• Not all lender technology allows them to receive documentation after submission so you may be required to email these to the lender directly.

What products do our Lenders offer?

Our lenders on panel  offer Unsecured, Secured,  LOC/Overdraft, Asset finance, Private lending, Merchant cash advance, Construction and Development , Trade, SMSF and Invoice/Debtor finance.

Why is my account inactive?

This happens once you are verified, if you do not log into the system and add in a lead, after 90 business days the account will become inactive. We are not able to amend this unfortunately but all you need to do is add in a lead, the lead does not need to be sent to any lenders. Once I send the password reset, it will only last 30 mins before the link will not work anymore and a new reset will need to be sent.

How does construction funding work?

As our construction funders will do anything from self-employed applicants looking to construct their own home to no pre-sales or large-scale developers, documentation will vary but the lender will be very quick to let you know what that is. 

What does Partner Honoured mean?

Partner Honoured means that the client has applied directly with Lend and then applied via (you) the broker. If the deal is funded, you will still be paid.

Debt consolidation:

The client can’t use 100% of the loan amount for consolidation, the customer needs to receive a minimum 50% of the total loan amount in their hand to be used for a positive business purpose.

• Always find out how much the debt is that the client wants to consolidate
• As an example, if they want $420k loan to pay out a $420k debt, no one will look at it. If they want $420K and the debt is only $200k and they will use the remainder of the loan for something else then that is fine.

Email Marketing:

When you create and send out an email from the Lend Platform, when the client receives the email, so they know who the email has come from it will show the Broker Company Name in Bold and then say, ‘Via Lend’ Please see screenshot below as an example.

If someone responds to the email, the response email will go to the brokers email address who created and sent the email.

Do we have anyone on panel who will help a client for a refinance of commercial property?

It is going to depend on –

1. What rate is the client currently on?
2. What is the current mortgage balance?
3. Who Is the current mortgage with?

Yes, you can however, currently for direct submission our longest loan term will be 5 years. However, we do have trusted partners who have access to more traditional commercial property funding, and we can put you in contact with them.

We will put you in contact with Finstead. They are our specialist broking partner who have access to traditional lenders who we currently do not have on platform.

Which lenders will assist with a loan to pay out tax debt?

All of our lenders will be about to look at this, but the amount cannot be more than 150%. If your client is asset backed, the lenders can do more.

Do we have any lenders on panel for a refinance?

Still can’t be more than 150% turnover, and they still need cash in hand.

Some lenders will stack on top, and some will pay out these commitments

How do I know what documentation the lender will ask for?

For unsecured loans under $150K, most lenders will only require bank statements, Privacy forms & ID.

For deals over $150K, financials may be required in some instances.

How do I access the privacy statement?

Typically, privacy statements are only required for asset finance because the lenders in the other product space will capture the privacy and consent upon pre approval.

What are the fees and charges associated with SME finance products?

The fees and charges are dependent on the credit profile of the client, these can all be discussed prior to any impact on your client’s credit file. The higher the risk, the higher the rate expectation.

How do I access the privacy statement?

Log into the platform and in the bottom-left corner, you will see your account name & email, click on the drop-down and select Account > Once you are in this section you can go along to the Privacy Form tab. You are able to upload your own privacy form or you can use Lend’s privacy form.

How do First/Second Mortgages work?

 On the platform we have first mortgage products from 5.59% and they will often require a registered valuation. We also have 2^nd mortgages, from 11.99% and most lenders will not sit behind another private lender. Your client will also always need the exit strategy.

Still having issues please get in touch with us [e-mail] or call us on 1300 668 843