Michael’s been a part of the Southern Cross Partners team for two decades, joining back when Barry and Julia Milward first started the business. He’s a key part of SCP’s wider team, and looks after financial advisers from Taupō, Hawke’s Bay and New Plymouth, and all the way through Wellington to the bottom of the South Island.
Michael’s role encompasses business development, locating and working with new advisers, as well as putting together and approving broker applications. Michael is the man who decides which deals are worth investing in.
Time is of the essence with a lot of applications that come to SCP. We get a lot of loan applications from those who can’t get money from the bank. Banks look at the numbers, and at SCP we pride ourselves on making sure we make considerations based on every individual.
Michael likes to look at deals within half an hour, and if suitable, have offers on the table within 12 hours. If SCP can’t help, he likes to provide brokers with options for others who may be able to.
We asked Michael how he breaks down the loan applications he gets, and what he looks for in each deal.
1. Property research is key. Firstly, he looks at the property on Google Street View alongside the real estate listing to visualise the property interior and surrounding area of the property. This gives us a feel for the property, so we can better understand the deal. Often, a site visit will be in order to make sure everything matches up – we have contacts up and down the country that can give us local knowledge if one of us aren’t in that area.
2. LVR is key. The next thing we look at is the LVR requirement. We need to ensure it aligns with SCP’s lending structure and that the borrower will comfortably be able to achieve payment terms.
3. Deal structure is key. Michael looks at how the deal is structured and what the loan proposes for the property.
4. Lastly, we like to answer these key questions: are we putting the borrower in a better position? Are we helping them get ahead by doing this loan?
If you think SCP may be able to help, or you want to discuss anything with Michael, you can chat to him on 027 421 9263 or michael@scpartners.co.nz.
