Template for exemption from APPL Lender

Below is a sample email to send to our compliance oversight to notify them of an exemption to our APPL lending.

Hi [Aggregator]

Private and confidential – client info included for compliance purposes.

As discussed, we have a client – [client name] – who has gone unconditional on a property and now requires a second mortgage. The lending is too small for the third tier lending to complete however ****** who works for ******, also offers second mortgages at this size ($60k) through his company ****** Limited (FSP******).

I have reviewed the terms and conditions for this lender and believe the offer clearly shows fees, interest rates and penalties. The interest rates seem to be within market rates for a second tier mortgage. I’ve also spoken to ****** and he has 21 years experience with ****** and, prior to that, worked in the banks in their credit departments. [adviser] has discussed the exit plan with the clients and I believe the lending fits within that plan (to sell another property in 4-5 months).

Nothing to action on your side; I’m just sending this as a notification to the aggregator and compliance team of a one-off use of a lender that is not in our APPL. This email has also been copied to the timeline for the client.

Kind regards,