Ex-Southern Cross executives start new venture

Two ex-Southern Cross Partners executives have launched a new business to help advisers secure non-bank loan for clients.

Thursday, June 4th 2020, 3:34PM

Jen Latham

SOS (Solutions Out Sourced) Non-Bank will help advisers find a non-bank lender for their clients, taking care of the sourcing and application process.

The business launches on Monday, and comes as more clients seek non-bank financing after being turned away by traditional lenders.

SOS Non-Bank was set up by former Southern Cross business development manager Jen Latham and ex-Southern Cross credit manager Ross Brogden.

Latham told TMM Online the new advisory firm would be a valuable resource for advisers.

"Advisers may be time poor or may not know where to look after being turned down. We can be a conduit for them, they can call us, and we will deliver the loan offer for them."

Latham said the firm has access to about 30 different non-banks. She said Brogden's experience as an underwriter would be "crucial, especially when understanding what needs to be done around construction loans".

The new business expects more demand in the non-bank space as the main lenders stick to tough credit criteria.

"It could be someone who is self-employed and doesn't have the business documents, someone in tax arrears, or someone needing debt consolidation. At the moment, lending criteria is really tight."

The new business has a particular specialism with construction loans due to Brogden's background.

"Ross knows that it is tricky to get construction loans over the line in this environment, and understands what needs to be done. We're also happy with residential apartment deals and commercial lending."

SOS Non-Bank will take a share of commission for any loans it finds, but will only charge advisers for successfully completed deals.

Tags: Lending mortgages non-bank lenders