Btfinancegroup

Anyone use btfinancegroup?

Have an appointment with private banker next week. Wondering how much weight they have compared to retail lending & what they can do.

 

BT is owned by the Westpac Group - so they have access to St George and Westpac products.

In theory they are more knowledgable than retail channels.

They can do some things that retail can't do but more interestingly things cannot do certain things that retail can do. So a simple example is that the self employed policy. At 80% LVR the retail channel only needs one years financials for servicing. In the private channel they require 2 years financials regardless of the LVR. An example of something that they can do that retail can't do is they can take income for entities with 2 or more non related directors where the income is retained within the company.

What is the reason you want to go through private bank? Are you a medico, solicitor or CEO?

 

Ceo. Sole director. Just find retail lending so slow. Want to get into multiple dwelling properties

 

Depends on your definition of fast - private bank isn't fast.

 

Will be able to do multiple deals at once and actually meet with credit face to face.

 

Doing multiple deals isn't difficult - its ensuring that the application is presented well and mitigants (if they exist) are covered off well.

Ability to know policy and know when to apply it.

Ability to fight credit if someone is having a bad day and has assessed the application poorly.

This is at an individual level rather than a channel level.

 

Took 2 weeks just to get appointment so private very slow. But after more flexibility

 

Just assumed retail lending wouldn't understand large multiple deals at once so never really tried.

These guys seem to welcome bigger & more complicated finance deals.

 

Private welcomes higher loan amounts - they rarely welcome complicated deals.

Again ability comes down to the individual you are dealing with whether it be private or retail.

Don't assume the guys in private or their credit team have superior knowledge or flexibility.

 

I've been there once and seems that way. Very personalized experience. They only deal with clients with $2.5mill+ net worth.

Should be interesting see what they offer

 

They said they can finance up to $150mill deals. Imagine putting that through retail broker

 

Sounds like you have drunk the Kool aid.

 

Couldn't agree more with some of the info provided by @Rolf Latham & @Shahin_Afarin just because they're private not likely to be able to do lower rates. That's not my experience of what their service offering is. In some cases they might be able to do deals faster but again as Shahin mentioned it's likely only due to the individual.

My suggestion would be to have a chat with @Shahin_Afarin from what I read he does a decent amount of development personally. And seems pretty knowledgeable to me.

This below pretty much sums it up.

 

I have used to use a ‘private banker’ with one of the big 4 banks. He would continually make the point to me that he was not paid on commission, as if that was a plus. It showed up in his approach. He did not seem to care whether a loan application got up or not. Zero persistence. Crappy rates. Waste of time. I guess it all depends on who you get.

 

To a degree. I find with the independent brokers, only the very good survive, given the remuneration structure. Anyone who has been in that industry for a reasonable period is going to be fairly competent (as a general matter). For the private bankers in the big corporate structures, poor performance seems to get tolerated far more and for longer periods, and so the quality is far more hit and miss. My previous private banker was awful, and he had been in the job for about 15 years.