My broker is good

S

simonjulie

Hi Folks
Please don't miss judge this thread as advertising for that is not my intention.:) Credit where credit is due. That and only that :)
I just want to give Mr ED and his folk a big pat on the back for the professional and efficient way they operate their business.
I have just had the worst experience trying to do a simple task with a major bank that has cost me thousands of dollars. At the same time Ed has seemingly effetlessly streamlined two more loans through the same bank.
The Bank asked me why I use an outside broker instead of their "relationship manager"and my reply was simply. "He has made a real effort to know my business requirements and also, he is easily contactable."
Again this post is only "credit where credit is due".
Thanks
Simon
 
nice story....im sure its just a run of the mill normal day for Mr Ed, and any broker. thats what they do.....the banks and insurance companies and large institutions of this world will never understand.

question though....why would you use the same bank again ??????
 
Without Mr Ed I would not have had my Subway.

And his commissions on that deal were a lot less than a normal resi deal (but the work was a lot more).

Thanks Ed!
 
I have just been through a very similar experience, though it wasn't costing me thousands of dollars, it was costing me time and aggitation. It is like you are dealing with 2 seperate organisations, which is really hard for me to accept,because I work in the financial services sector for a global company whose mantra (paraphrased) is to give customers a seamless, total solution.

regards

Paul

simonjulie said:
Hi Folks
I have just had the worst experience trying to do a simple task with a major bank that has cost me thousands of dollars. At the same time Ed has seemingly effetlessly streamlined two more loans through the same bank.
Thanks
Simon
Click to expand...
 
Hi Folks
I won't discuss the current debacle I am forced to endure, as it is still not resolved and there still may be a way to get my money back(pigs might fly too!).

I am currently formulating my next request with this Bank's relationships manager. I wonder what this simple transaction is going to cost me in time and resources?

All I want now is to transfer an offset facility attached to my savings account to another loan as I am about to pay the current loan out.
I wonder if they can manage that?
Simon
 
Go Mr Ed :O)

Simon, its gr8 that you put your hand up for this. Its funny what people will endure from their lender because the HAVE to.

Certain banks Which names I wont Mention Need Another Bank, and most of the others appear to have a policy of gathering new clients, while providing marginal support to existing client base.

One of the most recent challenges that we are finding is the "professional jealousy" (for want of a better term) of the direct banking staff, whose dual job role is to support the broker network and "sell" loans directly at branch level.

Those early in their investing career do NOT realise that bankies by definition believe in the baking equivalent of flat earth thinking. What does that mean Rolf ??

Simply, the lender, private banker, finance manager etc does things whih are clear indicators of Pre columbus thinking.

Structure securities which provide maximum security to the bank, I mean why would you ever want to retrieve a property out of the pile. When we say you cant borrow any more money, you cant borrow any more money, and thats that. Yet Post Columbus case studies that show that person x can borrow 3 times more money if they are correctly structured

More recent is evidence of churning at branch level, something that brokers get their fingers slapped over. Refinancing with 14.6 year pay back on the fees incurred isnt really going to serve the client in most cases.

Sales closing techniques at MAJOR banks that make me squirm

he then went on to say that they could structure it so it wasnt cross
colaterised and that if i wanted the deal it would only be on the table
for another day or so! otherwise i can take my business elsewhere! told him i will get back to him tomorrow with my decision!

Thats a word for word extract :)

Sorry to Hi jack the good News Mr ED, but had to get that off my chest

Ta
rolf
 
Rolf Latham said:
Go Mr Ed :O)


One of the most recent challenges that we are finding is the "professional jealousy" (for want of a better term) of the direct banking staff, whose dual job role is to support the broker network and "sell" loans directly at branch level.

Ta
rolf
Click to expand...
Exactly:)

"Flat earth thinking" too right!:mad:
Simon
 
Hi All
The latest line I have taken with the ....... Bank is that I have insisted that all correspondence between myself and them is documented via email not phone. That'll learn um:mad:
Hang on! I think I've Hijacked my own thread. Sorry.
Simon
 
Hi Folks
May be I should start a new thread but the bank saga gets better.
We Made a formal complaint to "The Bank" through their complaints dept. and we were told that a bank representative would get back to us in 48Hrs. So we waited patiently and waited and waited then finally decided to ring them back on the third day being a Friday afternoon ,Today.
We had to go through the whole thing again and where then told we will have to wait up to five days for someone to get back to us.:mad:
Julie asked the person in the complaints dept. if she could make a complaint about the complaints dept.:mad: :mad: :mad:
"Flat earth mentality"
Give me my broker anyday:)

Simon
 
Hi Glen
As I said earlier this was not an advertisement. So I feel a bit reluctant to do so. But, you'll find Mr Ed's details if you where to do a search on this forum:)
Kind regards
Simon
 
Simon & Julie,

Cricky !

Thank you for your kind words. (Very kind Indeed)

I'm very humbeled, but some of the credit must also go to you both as well because you always supply us everything we need in one go to execute the loan in the shortest possible time. That makes a difference, a big difference to us.
 
hi simon
As a rule I use different brokers and the ones I use are very good they can only do as much as the lender they represent and sometimes its they lenders that are the problem and they change there lending criteria weekly so if you do find a good broker you send your deals thru them I have dealt with a couple off here and a couple that haven't even heard of this site.
I find jason from AAA finance here in sydney very good and has just done my last lend as a grossrealisation lend, he has not nor would he ask to promote his business thats for him to do but yes if you give someone that does his job well then let them know.
I haven't seen desree oxygen finance here for a while either and she also for me is very good and would get my tick of approval.
hope it all goes well, banks can be a hassel and usually are but at some stage you still need to go to them they are similar to the flu you can't get rid of them,they affect us all to some degree,and even if you try to avoid them they still catch you cards, cheques, etc so just like the flu, you have to learn to live with them and avoid as much as possible.
my .002
 
Hi grossreal
thanks for your post.
I like your remarks about banks and flu.:)
I am still negotiating a matter with them ATM and today I feel I'm winning as I have documented and presented my complete liason with them and they are now reconsidering their rash decisions. I have a meeting with the head of the State relationships dept on wed. Fingers crossed, I just might get my money back. Their mistake and they have now acknowledged it.
Simon
 
grossreal said:
they can only do as much as the lender they represent
Click to expand...
As far as I'm aware, most of the brokers on this forum don't represent any one lender- not even a small group of lenders.

For my Subway deal, I had some literature on a bank Mr Ed had not dealt with before. The deal was good- but the dealing with the bank proved to be extremely difficult. Ed pulled it through.
 
hi simon
I sit in meeting with banks and some times you sit there and bite your lip and wait then when its your turn you hit them with what you have to offer,
some times you win but most of the time you lose until you have another lender that will do the deal, then they talk.
finance is not fun place to be unless you enjoy going into battle and that is what it is you have two opposing groups the lenders on one side and the borrowers on the other and its tug of war with a property in the middle they give a bit and you give a bit and if you don't think its worth it you let go and they fall on there what ever and you go and play tug a war with another lender. and you keep doing this until the deal is the way you want it and they let go and you say thanks.
you don't win against a bank you just make small changes to there lending criteria.
The only way I see to win is easy, you make more that once they have lent you make sure that you can refinance to have non of your money in the deal and all of theres, once done sit back use there money to creat your wealth and smile at them, its called a bitter sweet feeling.
hope this help
 
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