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Ex-brokers launch online specialist sourcing system

An online sourcing system for the specialist lending market that combines real-time credit searches and a multi-lender cascade has been launched.

Lenders Online has been developed over the past two years to allow brokers to source specialist products from 14 lenders.

It offers instant online credit searches through Equifax, providing brokers with real-time mortgage quotations. It also allows them to cascade clients up or down to source the most suitable products.

Managing director Bill Thompson and IT director Scott McVey, both former brokers, have designed the system to be simple and practical to use.

Filters take into account factors that could impact on whether len-ders can provide loans, such as how many storeys clients’ properties have or whether they are situated above commercial premises.

The searches also leave a soft footprint so do not impair clients’ credit ratings.

Thompson says: “We would like to see Lenders Online in every broker’s office as a tool to source specialist deals. The system makes the choice of product objective and transparent.”

Affinity Financial Planning in Lanarkshire has been piloting the system. Managing director Tom Ward says the system is a significant step forward from traditional research-based systems like Trigold and Mortgage Brain.

He adds: “It shortens the search process and puts clients in an in-formed position much earlier on.”

The service has a 25 charge when brokers first log on at lendersonline.co.uk, but the company says this is refunded after the first completion. It ultimately aims to make the system free for brokers.

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