I believe it is fair to say that most people enjoy watching their favourite sports person pushing the limits of human achievement in their favourite sport. For these athletes, at the top of their game, earnings can be considerable, yet their careers can often be short lived. In addition to that, the level of commitment it takes to perform at the top level in their chosen field can create challenges for lending institutions to understand these customers the way they need to be understood.
My career in lending started 34 years ago and I have observed first hand the challenges that athletes in elite sport face when trying to raise mortgages, compared with those that have ‘fairly typical’ day jobs. Sometimes, you can find that those in elite sport have not had the opportunity to develop the sort of financial skills needed to manage finances well, or to understand property investment; and their focused lifestyles mean it is not unusual to find some incidences of adverse credit on their credit profile.
Whilst this may seem paradoxical for someone earning an ultra high salary, the reality is when lenders consider elite sports people, they can encounter customers that ‘break the mould’ and do not fit the homogenous approach taken by the High Street Banks. In addition to this, the sheer physical and emotional strains of being in elite sport, which can be felt acutely after the career has come to an end, can give rise to certain lifestyle choices that lenders tend not to be sympathetic to. I have observed these challenges first hand.
At Chordis Capital, we take the time to understand people. We do not use a computer which says ‘no’. We are not ‘averse to adverse’ and will take the time to talk through applications for finance, where that is necessary. Property remains a very consistent form of investment and has performed well over the last 30 years.