Bridging loan sourcing tool enters live test phase
The UK’s first online bridging loan sourcing and quotation tool will be launched in February following a period of live tests by a panel of selected brokers.
The miLoan bridging module is Y3S’s latest innovation and will be an integral part of the company’s online sourcing system miLoanbroker.com which exists to provide mainstream brokers with access to specialist finance products. Generated applications will be submitted to a bridging loan specialist at Y3S Bridging & Commercial who will take control of the process. Users will be able to access to live case-tracking and case notes, and will be updated at each stage via SMS and email.
“Our 2,500 users will have instant access to the new module as soon as it goes live in a couple of weeks” said Project Director, Matt Cottle. “The bridging loan market can be very confusing; miLoan will let users view and compare product information, fees, rates, payments and commissions in a user-friendly format for the first time. This system is a powerful tool that is free to use and gives more control to brokers.”
Commenting on behalf of Dragonfly Property Finance was Mark Posniak, Head of Marketing & Operations, “It is great to see some innovation in the distribution space. Having worked with the Y3S team for quite some time I am sure they will make the sourcing system a huge success and more importantly will provide an accurate platform for comparing short term products.
“With so many lenders in this arena, miLoan offers a straightforward approach to help the intermediary identify potential products and bridging finance providers easily and quickly”, says Gary Bailey, director at Blemain Group, “add the experience of Y3S and this is a unique service in the bridging loan packaging market.”
According to Cottle, miLoan user numbers are set to rise further with the release of the new module: “At the current take-up rate we anticipate having around 6000 users registered by the end of the year representing about 50% of the UK’s financial intermediaries; miLoan helps brokers earn more money, and they resonate with that”.