Advantage Mortgage Services has released record growth figures for its last financial year.
The North-West-based mortgage packager and branded lender grew the business by 25% last year, with a proportionate increase in profits. The company is currently writing over £18m of sub-prime business per month and is predicting a doubling in business next year.
Advantage is attributing the record returns to focussing on quality packaging and services for their customers. This has produced the highest conversion rates for processing mortgages in the impaired market. In an independent audit, Advantage's applications to offers ratio was 80%, while offers to completion are an astonishing 96%. The industry average for applications to offer is circa 50% .
Co-founder and director of Advantage Simon Maudslay says: “We made a conscious decision several years ago to focus on quality and meeting the needs of our customers. We have invested heavily in top quality people and IT systems.
“Advantage has developed a unique software system that enables us to process all the applications from the decision in principle process, right through to completion. The system, called Prophecy, has been designed over the last six years by our in-house IT specialists.
“The software draws on the company's 10 years of mortgage packaging experience and is the envy of many major lenders. Prophecy has been instrumental in delivering our market leading conversion rates.”
Guy Batchelor, sales director from Platform Home Loans, says: “We have been working with Advantage for the last four years. The quality of their packaging has always been of the highest order with more than 92% of their applications immediately going to offer. They are one of the most customer-focussed companies in the marketplace.”
Peter Beaumont, sales and marketing director at Mortgages PLC, says: “Advantage has unparalleled rates of conversion. No other company in the market can boast their extraordinary rate of applications going to offer. Over 90% of the business we receive from Advantage goes through to offer. This is exactly the type of high quality business that Mortgages PLC wants to be associated with.”
Advantage is currently recruiting heavily and aims to double capacity over the next two years. The company has signalled its future intentions, by moving to brand new offices near Chester, to accommodate its growing workforce of more than 60 staff.