New second charge broker system launches

South Wales based brokerage group, Specialist Mortgage Group, has launched a new lender-integrated API system designed specifically for second charge brokers.

Related topics:  Specialist Lending
Rozi Jones
18th January 2018
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"There is so much untapped potential in this market that can unlocked through the application of useful technology which brokers really need."

Lenderlink has been developed and used internally by SMG over the last year and it is now being offered, at no cost, to other second charge loan packagers.

The system provides instant quotes for 13 second charge lenders and is directly integrated into 7 lenders: Optimum Credit, Shawbrook Bank, Together Money, Prestige Finance, Precise Mortgages, United Trust Bank and Masthaven Bank, with others such as West One Loans and Paragon Bank currently in development.

Users can take a part or full application from a client, create a quick quote which can be emailed to the broker and/or client and then instantly send the application data to several lender portals in seconds.

SMG will add a CRM module to Lenderlink in the summer which will also be free of charge.

Matt Cottle, CEO at SMG, said: “We’re removing the pain and cost from sourcing second charge loans by providing brokers with what they desperately need; simple technology that actually does what it was designed to do. Too many brokers rely daily on bad technology. There is so much untapped potential in this market that can unlocked through the application of useful technology which brokers really need.”

“Having visited several of my colleagues, it became clear that brokers rely on substandard systems for which they pay good money. Honestly, not one system I have seen works properly. For this reason, we are offering our home-grown technology to our specialist broker colleagues free of charge. SMG has a vested interest in the market continuing to thrive as it has done in recent years, but starved of the right tools, growth can only be attained at a limited rate.  Smaller brokers want useful software they can trust, so they can employ and train new staff who need reliable quotation and API tools.”

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