The firm currently has Bank of Scotland, Bank of Ireland, the Co-op, Scarborough Building Society, Cheltenham & Gloucestershire and Alliance & Leicester on is panel.
It also claimed to be in discussion with several other lenders with Nottingham Building Society the next most likely to sign up.
Marcus Radcliffe, managing director of Portfoleo, said: “We are marketing ourselves at directly authorised brokers and those appointed representatives whose networks will allow them to use outside mortgage clubs.”
He said the club would make money from valuations and would not take a cut of the procuration fee.
He added: “We want to be in the position where each of our brokers are visited by us at least once a month.”
Richard Sexton, national business development manager for chartered surveyors e.surv, commented: “Everyone is trying to extract money from valuations, especially with the immanent introduction of home information packs (HIPs).
“However if the market get busy again, like it was last summer, then I will be able to keep my guys busy without resorting to this type of organisation.”
Jon O’Brien, operations director of the Professional Mortgage Packagers Associates (PMPA), commented: “Because they make their money from the valuations they can give way on the rates and if they can achieve quicker turnarounds on valuations then brokers will get their proc fees sooner.
“We have our own club but I have spoken with Portfoleo and I am sure I will speak with them again.”
Sally Laker, managing director of Mortgage Intelligence, commented: “This an interesting model, though expanding their lender panel may be difficult with lenders seeking sanctuary with established distribution.”
Laker went on to say that she believed that any fee generated from the valuation would have to be included on the KFI.
