The Secured Lending Summit got off to a flying start today in Jerez, Spain, with delegates enjoying the sunshine and seminars from experts in the industry.
Kicking off the summit was a debate on cross-selling opportunities for secured loan brokers.
Darren Leah, operations director at Unsecured Credit Company, explained the advantages of offering unsecured loans along side secured products.
While Declan Tighe, director of insolvency at McCambridge Duffy, warned that the Individual Voluntary Arrangement market was going through “complete uncertainty” as creditors started to refuse IVA applicants and instead dictate criteria.
He recommended that brokers look to debt management as the way forward until the market sorts itself out.
While Ann-Marie O’Neil, head of sales at The Commercial Mortgage Desk advised brokers to be wary of charging broker fees when advising on commercial mortgages.
She told delegates: “I had a broker who wanted to charge £65,000 in fees for one case on a multi-storey car park, this is not acceptable.”
On a religious note, Ellis Sher, managing director of Cheval, “thanked god” for banks in his opening speech, as without their inefficiencies he says specialist lenders would not have been able to find their place in the market.
While Dean Mirfin, business development director at Key Retirement Solutions, discussed the potential business opportunities for brokers in the equity release market.
He says his biggest chunk of referrals come from secured loan brokers referring on clients over 55, who may not suit secured lending products.
Nick Baxter, director of Mortgage Promotions, ended the seminar on a note of warning, telling brokers to be wary of advising on new products for fear of being faced with claims of inappropriate advice further down the line.