Sourcing system for second charge secured loans

From Julia Jenkins

It was interesting reading your news story about secured loans and the comments made by Steve Walker of Promise Finance in Mortgage Strategy (November 21).

I attended the seminar at the Mortgage Expo mentioned in the article and was disappointed that the options available for brokers to conduct secured loan business were neither mentioned in the story or in the seminar.

From the 50 attendees at one sitting, only two raised their hands to acknowledge that they were involved in secured loans. It is clear that the lack of broker activity in the secured loan sector has evolved due to lack of knowledge and inadequate resources.

Mortgage introducers in general have passed the name and address of their client to one of the major credit broker/packagers to deal with directly. Surely it would be in the best interest of the broker to retain control over his client base? In any case, when regulation comes, the FSA will require the customer-facing broker to have given the advice. So how can one justify passing a lead to a credit broker and then be responsible for giving the advice?

SourceIT Technology LLP has recognised this niche and created a second charge sourcing system for brokers called CalcULink. A web-based sourcing system, it enables the broker to source a secured loan deal for his client and then transmit the data to a packager of his choice.

Anyone wishing to test the system can visit free of charge and experience its capabilities. It is the way forward for brokers wishing to enter the secured loan sector.