Broker users can take either a part or a full application from a client, create a quote which is then emailed to the broker or the client, and then send the application data to several lender portals “in seconds”.
SMG says that the system speeds up the application process by removing the “laborious” parts of the quotation and underwriting process.
Lenderlink currently provides quotes for 13 second charge lenders and is directly integrated into seven lenders, which include Optimum Credit, Shawbrook Bank, Together Money, Prestige Finance, Precise Mortgages, United Trust Bank and Masthaven Bank.
SMG also said that other lenders, such as West One Loans and Paragon Bank, are developing their APIs to be fully integrated – but will still be able to provide quick quotes for brokers.
Matt Cottle, chief executive officer at SMG, told Specialist Lending Solutions that once a critical mass of brokers has signed up to use Lenderlink, a referral button will be put in to give intermediaries an option to put their cases through to SMG.
Lenderlink has been developed and used internally by SMG over the last year, and it’s now being offered at no cost to other second charge loan packagers.
“We’re removing the pain and cost from sourcing second charge loans by providing brokers with what they desperately need – simple technology that actually does what it was designed to do,” said Cottle.
He continued: “Traditionally between several platforms, it can take 10 to 20 minutes each. So for three different lenders, you might be looking at up to an hour of work – whereas the new system allows you to do the same in a few minutes.”
“Too many brokers rely daily on bad technology,” Cottle added, “It’s basically like seeing very sharp people using very blunt tools.”
Alistair Ewing, director of Scottish broker, The Lending Channel, commented: “It does exactly what we hoped it would do, but that is no surprise, considering the system was developed by a packager for use by packagers.”
SMG will also be adding a customer relationship management module to Lenderlink in the summer, which will be provided free of charge.
“There’s so much untapped potential in this market that can be unlocked through the application of useful technology,” said Cottle.
He added: “SMG has a vested interested in the market continuing to thrive as it has done in recent years, but starved of the right tools, growth can only be attained at a limited rate.”