BDM brings in 80% of loans through LinkedIn
Miklos Bolza
The social media superstar uses the platform to attract clients seeking a lending alternative to the traditional banks
Business development manager Glynn Bruce of non-bank lender NWC Finance provides 80% of his loans through the corporate social media platform LinkedIn.
He has brought in a total of $100m worth of loans over the past two years, mostly via a LinkedIn page which boasts over 6,000 followers and a database of 12,000 people seeking alternative finance for property and business.
“LinkedIn is proving to be a winning vehicle in finance, delivering a well credentialed clientele who are net savvy and not intimidated by social media as a method of securing finance,” Bruce said.
“I am constantly on my LinkedIn page by providing case studies, tips and financing opportunities, both large and small.”
Speaking with Australian Broker, Bruce said he used his personal success stories at the firm to bring in more clients.
“I’ll post a scenario on LinkedIn that we’ve settled whether it be something urgent or something quite spectacular. The other day we did a helicopter for a high net worth individual where even CBA pulled it in. The guy was worth millions.”
Bruce receives direct enquiries from these posts with people referring clients via LinkedIn’s direct messaging platform. He now gets 30 or 40 invitations per day as a result of his social media activity, he said.
“A lot of the brokers in the market today don’t understand that there’s this option out there for them. Traditionally the banks would do the majority of these deals but we’re now seeing a better sort of deal and a higher net worth client who can’t get funding from the banks.”
“We’ve had clients come to us where the bank has pulled out the day before settlement. We’ve had to settle a huge amount of money very quickly.”
NWC Finance has the capacity to service loans of up to $20m for commercial purchases, commercial refinancing, cash out and general business cash flow, Bruce said.
The firm has developed a strong niche and bases its lending decisions on existing asset values, risk profile and prospects of the projects being financed.
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