That's according to Y3S, the company that developed the system. The average quotation was for a loan £176,407 and the lenders that come out top in most search results are Cheval (97) followed by LMC/Blemain (67) and Bridgebank (26). Several applications are well underway through Cheval and LMC, with the first completions expected later this month.
Y3S says that it is pleased with the initial results, and puts it down to having 1 in 4 mortgage brokers having a miLoan user account, firmly making it the country's fastest growing sourcing system for intermediaries.
Commenting on behalf of Y3S Bridging & Commercial - the company that packages the applications - was director Andrew Gage:
He said:
"We worked closely with the miLoan team to put all of our knowledge and experience into this system to make it the very best it could be. The engine is much more complex than anything else that has been attempted and we are very excited about the initial success.
Gavin Diamond, finance director of Cheval said:
“The miLoan system is very impressive. It provides intermediaries with an excellent guide as to indicative terms available for a particular application, and a starting point for the Y3S Bridging & Commercial team to really come to the fore.
"As experts in their field, they place the enquiry with the most appropriate lender and package it accordingly. We are proud to be associated with Y3S, and there is no doubt that the system will ensure that they remain significant players in the short-term lending space.”
Director of lender Lancashire Mortgage Corporation, Marc Goldberg, said:
“miLoan offers an innovative and fresh approach for intermediaries to source bridging finance products and I’m delighted that we will soon have loans funded as a result. It’s good to see this service allows intermediaries to source potential products and earn incremental income.”
The bridging sourcing module was developed on the back of the success of the miLoan secured loan sourcing system, launched in July 2011 which now has 3000 users.
