1000 register for Y3S sourcing system
By Bridging Loan Directory -
From its official launch date on 4 July this year, miLoan broker, the online sourcing system for secured loans that is operated by Y3S Group has today confirmed that over 1000 brokers have now signed up to take advantage of its services.
The 1000th user, David Skinner, an IFA from Bournemouth, logged in for the first time on Monday: “I registered on miLoan broker because it’s a slick and efficient system for obtaining secured loan quotations”, he said, “I had never seen a sourcing system for secured loans until today, and I like the streamlined and personalised nature of what it does, and the commissions on offer are very attractive to the overall proposition”.
Y3S said it developed miLoan because there was a huge gap in the market for a new sourcing system that just wasn’t being serviced. “In 2010 we spent six months visiting various software providers to discuss the mechanics of building a totally new type of secured sourcing system for the broker market”, commented project director Matt Cottle.
“Nobody we spoke to could really grasp exactly what we wanted to achieve, and so we took the step of employing our own development team. miLoan took 5 months to build and 1 month to test. The results have been startling – 1029 users and £41m of quotations created in under 12 weeks is far beyond what we expected.”
The loan broker says that 20% of its sales revenue from secured loans in September will come from new brokers using the miLoan system.