The sourcing system has been in development for four years by founder Marc Bertola and aims to speed up mortgage transaction times.
The firms says advisers will only need to complete one fact find to connect to over 70 lenders, with additional details requested if the chosen lender requires it.
Features of the platform include sourcing, AI underwriting, automated processing, compliance, accounting, dashboards and reports. It also has optional credit search and land registry data abilities.
Once a fact find has been entered, On The Money will return decisions in principle based on the lenders a broker or network has on their panel. However, users will have the option to be shown lenders who are not on their panel to see what other products their client would be eligible for.
The platform is also open to clients so they can be introduced to advisers, and if an adviser or network decide to use this function there will be a commission split fee. Otherwise, advisers can process their existing clients for free.
Bertola (pictured) said: “We started building this solution four years ago and it has been developed to not only meet but exceed the expectations of the intermediary industry.
“We felt that the only way to make it truly accessible to everyone was to make it free, so that’s what we have done.”
Bertola is also the CEO of Vanquish Group, a venture capital and private equity firm and was previously the CEO of financial services advice company Vantage Group.
“Our experience of constructing platforms in the financial sector has enabled us to build the entire On The Money platform ourselves, from start to end. All the code is proprietary and owned by us which means we have full control of the functionality and are able to adapt and enhance our solution to meet market demands,” he added.
