The system allows intermediaries to search for secured loans in the same way they would for mortgage business, via a panel of 17 lenders, and complete applications through four specialist secured loan packagers.
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Mark Lofthouse, CEO of Mortgage Brain, hoped the system, developed in conjunction with Source Software, would encourage more brokers to work within the secured loans arena.
“We have had a lot of brokers asking for this so we know there was a level of demand for this kind of system. A lot of brokers will only deal with a case every few months so they will often want to put it over to a professional in the area, much like commercial or overseas business. Therefore, the ability to work through a specialist means their client gets a better service and they receive a healthy commission.”
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Lofthouse believed both the number of panel lenders and packagers would grow in time, while a direct-to-lender system, similar to the one employed on the mortgage side, was a possibility further down the line.
However, he admitted there were no expectations in terms of business levels and it would wait and see how things developed over the coming months.
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Bob Sturges, director of communications at Money Partners, commented: “This is further evidence of secured loans evolving and maturing in the marketplace. The investment in the sector by the sourcing systems has to be welcomed for a number of reasons, principally as it will bring new entrants into the sector.
“However, new intermediaries must remember they should not rely totally on a sourcing system and it is always advisable to speak to a master broker or a specialist packager to ensure they get the right product for the client.”
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