Between June 2020 and August 2020, the firm saw its number of loans drawn treble compared to the same period the year before.
Prior to the pandemic, 35% of SMEs had intended to sell their business over the next two years.
Following the signing of a five-year contract, Equifinance has successfully migrated its existing secured loan portfolio.
Both the website and the packaging system is fully optimised for mobile devices, so brokers can upload and download documents on the go.
More than 2.7 million people have benefitted from the scheme so far, receiving £7.8 billion in total.
Promise Money will now pass on all lender’s commission to the introducer broker.
Geraldine Kilkelly, head of research and chief economist at the Finance & Leasing Association (FLA), said: “The relatively slow recovery in second charge mortgage new business volumes reflects the gradual reopening of the economy and continued household caution.”
The product allows customers to access funds using their spare pension income.
Norton Home Loans collaborated with Freedom Finance to launch the process for secured loans.
However, the FLA said: “The market, however, remains in a strong position to meet new demand and forbearance requests during the months ahead.”