South Wales’ Specialist Mortgage Group (SMG), has launched Lenderlink, a lender-integrated API system designed specifically for second charge loan brokers.
The tool has been developed and used internally by SMG over the last year and is now being offered for free to other second charge loan packagers.
The system provides instant quotes for 13 second charge lenders and is directly integrated into 7 lenders. These include: 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.
Matt Cottle, chief executive 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 be unlocked through the application of useful technology which brokers really need.”
“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.”
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. The system speeds up the application process by removing the laborious parts of the quotation and underwriting process.
Andy Pelley, director at The Loan Partnership, added: “It is a long while since I have seen a system that grabbed my attention in the way this did.
“There is literally nothing like it out there and it is head and shoulders above others I have seen. It’s just what the industry needs, and I can’t wait to get started.
Having seen a full demonstration of Lenderlink, Alistair Ewing, director of Scottish broker The Lending Channel, said: “We love the look and feel of Lenderlink. It does exactly what we hoped it would do, but that is no surprise, considering the system was developed by a packager for use by packagers.”
SMG will add a CRM module to Lenderlink in the summer which Cottle said will also be free of charge allowing users to reconsider their current paid CRM arrangements.