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BFCSA; Brokers are being warned against 'predatory' lenders

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MFAA warns brokers against 'predatory' lenders

by Mackenzie McCarty | 28 Aug 2013

Commercial finance brokers are being warned to watch out for ‘predatory’ lenders, with MFAA president, Phil Naylor, saying some broker members have noticed ‘sharks’ circling in the sector.

“It’s mainly in the commercial finance area – not so much the mortgage area – and it’s a trend that members on our…commercial finance panel committee have noticed,” Naylor tells Australian Broker.

While the MFAA isn’t able to provide any names due to defamation laws, Naylor says the fact that there’s no regulation in the commercial area is likely attracting unscrupulous lenders.

“We’re in a [tight spot] because we lobby very strongly to the government that there shouldn’t be any regulation in commercial finance. It just shows there are some small lenders on the fringe, in the commercial area, who are acting in a predatory way.”

He’s also quick to note that brokers are not believed to be working alongside the shady lenders, but rather are being duped right alongside their clients.

“Basically, the modus operandi is to charge large up-front fees and then not deliver and unfortunately, the client gets burned - but the broker who’s caught in the middle gets burned as well,” he says.

“The reason it’s come to our attention is brokers are complaining about [the lenders] because they’re concerned that they’re ripping off customers, but also giving the broker a bad reputation because…the consumer feels that somehow the broker’s let them down.”

The MFAA plans to publish an article in the October edition of their magazine, outlining how commercial finance brokers can identify dodgy lenders and avoid them.

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  • doyla66
    doyla66 Thursday, 29 August 2013

    Our business loan in 2007 was organised by a Broker. We later learned after contacting MFAA that they had no record of him nor any accreditation details. That did not worry Nab though in 2007. Between the crooked Broker and the greedy Nab DBM a business loan was offered although we did not complete any LAF. or sign any documents for the Broker to act on our behalf. Nab never made contact just marched ahead with a predatory loan offer. We were stitched up in nothing flat. A long and sordid tale full of manipulation, deceit and fraud.

  • doyla66
    doyla66 Sunday, 15 September 2013

    How bizarre!
    Brokers complaining about predatory lenders!
    What about predatory brokers?
    Phil is still scared to name names because of the fear of legal action. I hope his brokers have gone onto social media to warn consumers? Probably not that socially responsible.
    So the point of this article is to show how brokers and borrowers are both potential victims of predatory lenders?
    Good. At least that part is still true, even in home lending.
    A team of informed "mystery shoppers" applying for loans could blow the lid off current doings at the entire lending industry dump. Regulation still looks pretty limp and lame. It's all still business as usual ... on the way to the next property boom ... or buying real estate on the Moon ... at present equally insane ventures IMHO

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Guest Saturday, 15 August 2020