When you’ve found a segment of the market that works particularly well for you, there are a number of things you may need to consider:
Do you want to manage these loans internally or have them managed on your behalf? For smaller portfolios, hiring people and leasing software may not be nearly as cost-effective or as flexible as outsourcing. You should look for a partner who understands your needs, has extensive experience and, perhaps most importantly if your portfolio is relatively small, won’t treat you like an afterthought. The bigger mortgage administration companies have bigger (much bigger) clients and they quite rightly need to put their A team on this work as it’s their most important source of revenue. A smaller, niche specialist company can give you, your product and your borrowers the time and focus they really need.
Are you going into the market ‘all guns blazing’ or do you want to test it first? New product development should always be tested (what a customer says they’ll do and how they actually behave are frequently different!) and setting up an entire loan management structure is time consuming, expensive and potentially wasteful. With the right partner you can quickly dip into the market, test your product under controlled conditions, evaluate the results and then decide if you want to kill, modify or launch your product. We have extensive experience in starting small schemes like these and then scaling them up to meet the customer demand and we can share this experience with you to maximise the chances of success.
Are some of your criteria going to be non-standard? Perhaps the opportunity you’ve identified is a little more complicated than the standard affordability tests and daily rest with monthly adjustments. Whatever your criteria our software is supremely flexible in the way it can operate for you and most importantly, over 35 years of experience, it is quite likely we’ve seen something like it before and can help you iron out any potential niggles before they arise.
Whatever your plans are, Gemini can help you realise them more quickly, more responsively and more cost-effectively than you might expect.