Personal Touch Secured Loans reports huge interest in the service where Promise Finance provides the online immediate underwriting engine and processing functionality, since launch at the end of February.
Steve Walker, managing director of Promise Finance, said: "The first applications we received have completed within five days and six days respectively, earning one introducer over £2500 on a single deal. If this is a sign of things to come, we’re absolutely delighted."
The service provided by Promise Finance to PTFS and its members allows intermediaries to instantly and accurately source a secured loan online using an integrated credit search as part of the decision making process plus a full back office processing and fulfillment service. Once payments are agreed, documents are issued at a touch of a button and Promise then guides the customer through to completion.
Jonathan Barnett from All Mortgage Matters said: "The process of sourcing and selecting a loan product was much easier than expected and having agreed the payments with my client the documents were issued at a touch of a button. The fact that the loan has completed within five days makes the whole proposition even more impressive. I have used other secured loan master brokers in the past but the service I have received has been stunning by comparison."
Walker added: "Promise aims to give an accurate in principle decision instantly and issue a lender’s loan agreement to the borrower on the same day. The credit search is a key element of the proposition. Any decision in principle made without the use of the credit search creates significant inaccuracies, uncertainty for the client and is not reflective of the professional approach brokers wish to project."
Dev Malle, director of mortgage distribution at Personal Touch, added: "Secured loans will undoubtedly become an integral part of the intermediary offering in the future. Our tie up with Promise makes it very easy for the intermediary and allows them to stay in control of the sales process. All mortgage intermediary’s should have a closer look and take advantage of this additional income stream and the clear opportunity to offer their client a more complete range of products."
