Bridging and development finance lender Avamore Capital is looking to launch a portal for brokers next year both online and on an app, its principal and co-founder Michael Dean has revealed.
The vision for the portal is that it will enable brokers to upload files, and provide brokers and customers with real time case management updates.
Ideally, the website version of the portal will launch in the first half of next year, with the app following in Q4.
Dean said: “The idea is for the broker can monitor stages a deal is at, say ‘this is what needs to happen next’ and have the level of transparency they need.
“It’s about creating that transparency for a customer not just on a web but with an app as well.
“That’s a medium term goal for us too, particularly as our customer base gets younger and are more used to using technology like that.”
Dean added that the best case scenario would be for Avamore to have the portal in development by the end of the year but naturally, there are a number of external factors which could cause delays . He said that as part of the app brokers will be able to upload documents, and there will be a chat function so they can talk to an underwriter about an inquiry.
There is also set to be a traffic light system. Red lights would mean the lender is waiting for KYC (Know Your Customer) documents, amber would mean some parts have been done but some more is needed, for example, and when all the lights are green the loan will be ready.
Avamore started using marketing and sales platform HubSpot around the beginning of April for a variety of uses; using it more for indicative offers to completing term sheets.
Dean described how it’s great for marketing and engaging with customers by telling Avamore how long it’s been since they’ve been in touch with a customer or broker and setting remainders to stay in touch.
Dean said: “HubSpot is now becoming a very integral part of our business and we’re trying to integrate that with the website. It also has a lot of automation which is a great benefit, cutting out repetition.
“In time we also want to do formal loan agreements or off loan letters by working through HubSpot as well.
“The key is just to be able to provide a faster, better quality service for customers. HubSpot helps create a better client journey.”
Avamore started using a different app, Horizon, back in March, for desktop valuations, both on specific properties and for theoretical ones by entering a postcode to see what the valuation may be in that area.
You can do a GDV estimate and integrate it as part of the offering and look at the loan calculator and apply to loans. It can be used to check valuations or warn customers not to waste money on a valuation when this app shows it’ll likely not support the purchase price.
Dean said: “From what I’ve seen it’s a very good tool and we’re probably subscribe to it and integrate it into our offering and maybe add it to the loan calculator we’re going to have on our site.
“It can save the customer money and time but I think that’s just scratching the service in terms of proptech solutions in the market.”