Ian Balfour, CEO at SMS, said: “With concerns over remaining compliant as well as providing competitive and appropriate alternatives for clients, our new product placement, AIP, application and processing systems will now allow brokers to input data and receive initial underwriting of any case.
“It has data feed into AIPs and lender applications with no need for rekeying. The system calculates interest to the penny, audits the input to show regulated and non-regulated cases, compares products, shows the best rate available from the market and gives compliance a remote external audit for all cases.”
He added: “This will be of particular interest to networks because it provides a full audit trail from the start of the process and ensures that networks and their AR’s are fully compliant and protected from retrospective claims and oversight.”
Alan Cleary, managing director of Precise Mortgages, said: “With some bridging lenders saying they have launched the cheapest bridging products but whose interest calculations are misleading and not transparent this is an important breakthrough which will help brokers make the right choice for their customers.”
And Nigel Whiten, partner of the St. James’s Place Partnership, added: “The Capital Advances bridging facility is excellent and has given me added confidence in the service I can offer my clients in this important lending sector.”