A quick interview with Moula Partner Mark Shaikh of Ozyloans about how he has used Moula to help his clients get business finance.
What's your professional background?
I have 16 years of experience in mortgage broking. I moved to Australia from New Zealand in 2013, and fortunately, business growth has been organic and mostly via word of mouth. As part of my business plan, I started to focus on diversifying into commercial lending in 2019.
Can you tell us about your experience using Moula?
I’d seen Moula online and made an enquiry. I was then contacted by Business Development Manager Aaron Petaia.
My first application was a business looking for a $200,000 loan with a quick turnaround. We ended up with a 24 December approval of $199,000 to cover ATO debt. Moula really looked at the business and made sure it was able to help the customer and that the customer was in a position to pay the loan back.
The customer had 50 years’ experience in their industry. They had been with the same big bank for the life of the business. He was looking to upgrade some equipment and his bank said ‘no’. Aaron, my Moula BDM, arranged for his internal sales team to help the customer with the application. It wasn’t a huge loan, but it wasn’t about the money. It was about providing solutions and a great experience for the customer.
What kind of clients have been a good fit for Moula?
I’ve been able to use Moula for clients across a broad range of industries. With Moula, I can think outside the square with my clients and I know they have the flexibility to workshop, understand a business, and develop a bespoke solution.
Why would you choose Moula over another lender?
I keep choosing Moula because of the quality of the service. Moula has excellent follow-up after the loan has settled – the ‘housekeeping’ and after-sales service really set Moula apart.
I work closely with Aaron to discuss the deals and we always arrive at a quick ‘yes’ or ‘no’. The process is never dragged out, so there are no long waits for negative outcomes.
Moula follows up and does the right thing after settlement. They don’t do the hard sell and then forget about the client.
How has Moula impacted your business as a whole?
Moula has helped my business diversify, which, in turn, has delivered great financial benefit. Offering business loans helps me cross-sell other products and services. Moula also gives me the confidence to help customers with complicated or difficult deals. This boosts my value proposition in the marketplace.
What advice would you have for brokers looking to start using fintech lenders?
Identify the opportunities, identify the needs of their customers, and explore the product and service offering of the lender. Drill into your existing client database to check for the need. You may be surprised by how many of your existing clients actually have a requirement for cash flow lending.
