Inviting Offers is a portal helping lenders and asset managers get the best possible price for repossessed property by sending a database of investors a notice of offers after a sale is agreed.
Brokers referring landlord clients to Inviting Offers can generate buy-to-let mortgage leads by helping them access investment properties.
Pete Gwilliam, founder of Inviting Offers and owner of mortgage industry headhunter Virtus Search, said: “Once the system is up and running brokers can send their clients to it as a comprehensive source of repos for sale.
“I’ve spoken to the top five buy-to-let brokers and they think it will generate strong leads because it stands to reason the people who are interested in buying will need mortgage advice.”
Gwilliam is running a live trial of the system from next week and plans to launch fully in January.
He has signed up four of the major asset managers and is confident the system will offer investors details for between 20 and 30 properties a week minimum.
At the same time the system should help asset managers and lenders achieve a level of consistency when issuing a notice of offers.
Gwilliam added: “We know the Council of Mortgage Lenders believe it is good practice that a public notice is issued in every case to ensure best price is achieved, but likewise we know this is not universally conducted – we aim to make this possible on every occasion, by making it simple and free - it’s a no brainer for lenders.”
Financial Services Authority mortgage conduct of business rules state that lenders should try to obtain the best price for a repossessed property.
A spokeswoman for the CML said: “Lenders will take all necessary steps to ensure they comply with these rules.”
The service is free for lenders but investors will pay £1 a day to subscribe.
