Paul Lunney is the Director of ‘Finasia’ a Boutique Finance Brokerage and Advisory which specialises in Business and Commercial broking and advice. Paul has been in the Finance Industry for 30 years and has worked across three of the major Australian banks as well as for a leading European based bank. After a successful career leading and executing banking strategies in Retail, Private Banking, Small Business, Commercial and Specialist Industry banking divisions Paul founded Finasia in 2016.
1. What OnDeck loans do your clients usually take out? Tell us about your favourite deal?
My clients have been very impressed with the short term cash flow business loans. In fact in every deal I have submitted, the provision of the loan was the key factor enabling the client to growth their business via either opening an additional retail shop right through to employing a new staff member. Crispy Chicken stores is a great example, where the funding enabled them to open a third site, and a year down the track the funding was again used to expand into NSW.
2. What was your most challenging, complex or memorable deal? Tell us about it.
Its funny, every deal that I have introduced to OnDeck may have seemed complex and challenging, however OnDeck have made it very simple and easy. An Organic Bakery client was wanting to open a second store as the major shopping centre where they were located would not give them additional space. They had increased turnover by 300% in 12 months and the banks would not support them due to the steep growth. An opportunity arose to lease a turn key bakery in the same suburb however there was another was a competitor looking to secure the same site. Through OnDeck we were able to secure the funding quickly which enabled them to fund the rental guarantee and secure the second site. They have continued their amazing growth and continue to use the OnDeck facility for their day to day needs.
3. What is your stance on the changes recently announced to the government’s Instant Asset Write off scheme?
I am very supportive of the increase, I immediately had an increase in enquiry and very positive feedback from my clients.
4. What advice would you give to brokers that don’t currently use specialist lenders?
As a career Business Banker and now Business Broker I see the benefits of Specialist Lenders such as OnDeck making differences for businesses everyday. Every business at some time requires a little assistance, either to capture an opportunity, to get through a hard patch or even expand. Often the Bank or the Banker does not understand the clients business nor how important this injection of funding is. This is why I refer to OnDeck, who not only take a proactive view of a business but takes the time to understand the ‘Real Time’ cash flow as well as the person behind the business.
5. Here at OnDeck we support all local businesses, small and medium – What is your favourite local business this month?
My favourite business is Glenn Marshall from Strategic Financial Advisors who I recently introduced to OnDeck. Glenn was looking to quickly hire new staff to capture a new opportunity. Glenn was amazed by the OnDeck offering and how easy it was to apply for and secure the funding, he is now an OnDeck advocate and looks for opportunities to assist his client base.
6. What turned you onto specialist lenders?
Being a dedicated Business Broker I come across businesses every day that just cant get the right support from their bank. When I came across the OnDeck solutions at a conference I was so surprised at how they look into the ‘real time’ cash flow of a business as opposed the dated historical performance the banks use. This ‘Real Time’ approach enables them to gain a deeper understanding of a business and support them in ‘Real Time’.
7. Which of your clients have required a specialist loan and why?
I have assisted clients via OnDeck that come from all walks of life, not only the Food Retail and Service Industry but right through to Accountants and Financial Advisors. The list and appetite for this cash flow funding is endless and every client that I have introduced has retained the facility and continued to use it as their ongoing cash flow facility.
8. Has specialist lending improved your referral relationships?
Definitely, being able to offer such flexible and fast cash flow solutions is a real competitive advantage for me in fostering strong referral relationships. Often the referral partner who may be the Accountant or Financial Advisor has seen the client engaging with their Bank and not being able to secure a funding solution and they all feel helpless. Once I am engaged and we discuss the Specialist Lending solution with them and their clients, and execute it within days, it is a Win Win situation for all of the clients trusted advisors and most importantly, the client.
9. What have been the key benefits of using specialist lenders?
Fast turnaround and your online platform is so easy to use. The knowledge and service that Tim the BDM offers also makes the big difference. Being able to chat to a friendly and knowledgeable BDM who is always happy to speak directly to the client makes the process seamless.
10. How do you help your SME clients understand the benefits of unsecured vs secured lending?
I link the funding options directly to their business and the day to day trading it supports. Many clients have the need for funding NOW, and have not found support with their bank, so working together with OnDeck to be able to provide funding quickly is the saviour for the client. I also love to keep a client’s PPR as free from the Business debt as possible, this is an emotional factor for the client and they really appreciate someone thinking outside of the box with regards to their finance and asset structures.