With clients hard to come by, one broker has taken the bold step of turning his vacant office space into a shop selling cricket clothing and equipment. It’s the most novel approach Mortgage Strategy has heard of yet and a sign that to survive the downturn brokers need to play to their strengths, whatever they may be.
Similarly, the news that wannabe lender Blueprint Lending is looking for government backing to offer commercial and residential loans is a sign that the creative flame still burns brightly at the heart of our industry. The professionals who populate the mortgage broking and specialist lending arena have long been known for their entrepreneurial prowess.
With a lack of cash blighting all industries in the past year, it’s a sad fact that this flair for business and ability to make deals has been hampered. Until the credit crunch ended the party, the housing boom was largely created by lenders’ and brokers’ ability to innovate and get borrowers the finance packages to suit their needs.
But the downturn will not last forever. Yes, the nation’s love affair with property has taken a pounding but the combination of a growing population and a construction industry that has ground to a halt will eventually lead to a chronic shortage of property. Long term, Mortgage Strategy believes that property prices will rise and when the market returns lenders and consumers will turn to brokers to get a slice of the action.
So innovate today to ensure that you and your business are still around to cash in tomorrow.