Procfee.com allows brokers to search for details of mortgages, secured loan, unsecured loans, commercial and bridging finance. Results are displayed showing users the proc fees on offer both as a percentage and a cash value.
Keith Hipkin, managing director of Procfee.com Ltd, explained: “There are up to 500 different routes through which a broker can source a product, including packagers, mortgage clubs or going direct to a lender. Many packagers however offer different proc fees and incentives, so the idea is to bring all these together in one site.”
He added: “Being able to find the highest proc fee means broker may be able to afford not to charge their client a fee.”
The website is free for brokers to use, with providers paying a small fee to join, after which they can manage and update details of their products. Hipkin said the site was currently working with around 30 lenders, and said a further 50 providers had expressed interest in it.
