CODE’s broker portal will provide instant indicative decisions on loans between £500,000 and £5m.
CODE Investing has launched an SME debt finance platform for commercial finance brokers and intermediaries seeking finance for their clients of up to £5m.
CODE’s broker portal will provide instant indicative decisions on loans between £500,000 and £5m, and present lenders with applications that match their exact credit policies and eligibility criteria.
Tim Basford, chief operating officer, CODE Investing, said: “Our new broker portal is unique for finance up to £5m in that it provides brokers and intermediaries with easy access to a panel of lenders and instant decisions on whether or not their clients would be eligible for a loan.
“The portal will save a huge amount of time for brokers searching for potential lenders. It will also ensure that lenders are only presented with deals that are aligned with their specific commercial appetite.”
The portal provides a single point of contact for brokers looking to secure loans from a range of lenders that are actively providing finance of up to £5m to SME businesses.
Intermediaries will be able to see immediately if their clients’ needs match the basic credit policies and broader eligibility criteria of a panel of lenders, rather than wait for a decision that can take up to four hours with other systems.
CODE Investing said the portal is intuitive and easy to use. Intermediaries input some basic information, such as company number or name, the amount they are looking to borrow, the purpose of the loan and suggested term.
CODE Investing’s proprietary software then auto-populates key financials using Creditsafe and other third-party data providers via secure APIs and scans its panel of lenders to provide an instant decision.
When brokers receive a positive decision, the CODE Investing onboarding team works with brokers and their clients to guide them through the due diligence process to completion.
Progress can be tracked via MI tools throughout this period, making it effortless for brokers to provide their clients with a status update.
Initially, the portal is being trialled through two select brokerage partners – the Liquidity Club and A20 Finance.
David Totney, managing director, Liquidity Club, added: “CODE Investing’s new Broker Portal doesn’t just deliver instant indicative decisions, it also fills a critical gap in the market.
“The P2P portals out there that are powered by this kind of tech only work for loans up to £500k, while CODE Investing is a marketplace targeted at the ‘Ms’ in SME, companies seeking larger loans of between £500k and £5m.
“We were highly impressed when the portal was demoed to us and are looking forward to working with CODE to get money into the market through their panel of lenders.”
