The special relationship in short term finance
In the short-term finance world, the special relationships between lender, broker and borrower, must be at the centre of the business strategy of each party and be valued and nurtured, according to Brian Rubins, managing director of Alternative Bridging Corporation (Alternative).
“Willingness to help each other is a priority,” says Rubins. “Assisting the broker, active in regulated loans to expedite a commercial lending opportunity, not only closes one loan but opens the door to a second line of business. The lender’s business development managers (BDM’s) must be available to look at deals in depth and work out with the broker how a “maybe” or even a “no” can be restructured to become a “yes”.”
Lenders he says must have a reporting system to identify, communicate and resolve all problems. Communication is everything in creating and maintaining special relationships as is saying “thank you”.
“It may be for a BDM shifting the earth for a broker or recognition by a lender of ongoing introductions. For the BDM and lender, being able to rely on a steady flow of new business and being the broker’s first call is of immense value. For the broker, it is the ability to rely on the lender to deliver, to know that terms will not be varied and completion will occur.
“Supported by a lender and enjoying a special relationship, the broker becomes more knowledgeable, an “expert” able to place his own business and attracting other brokers to share his knowledge and their introductions.”