The process offers an online decision-in-principle facility and the ability to track all applications on-ine at any stage up to offer.
Angus Macnaughton, managing director of NMSL, explained that Newcastle had white-labelled a website for THINC so the process could be managed online.
Macnaughton said: “We are delighted to have formed a partnership. Over the past few years we have invested considerable time and resources to diversify around our core skills and increase our capacity to handle high volumes of business. Mortgage processing is a key area which is why NMSL is able to offer the service to third parties”.
Neil Harkin, chief financial officer at THINC Commercial Solutions, said: “Much of our commercial lending is already aimed at small and medium-sized enterprises which we believe is a market with huge potential. Certainly in the US there is an enormous market for brokered commercial business by comparison to the UK but all the signs are that we could emulate their marketplace here.”
“We are extremely comfortable that NMSL’s systems, experience and online facilities will help us with this expansion”, he added.
Thinc also recently held negotiations with Optoma over forming an alliance. Matthew Bright, managing director of Optoma, said: “Thinc had a very interesting business model. We did have some discussions to see if there were any synergies between us and to see if we could provide mortgage club solutions for them. But the issue of Thinc wanting to own our clients proved to be unpalatable for us.”
