Following its launch on March 1, miLoan claims to have generated more than 200 quotes worth £35m.
The claim comes from Y3S, the company behind what is said to be the UK’s first bridging loan quote system.
It says the average quotation so far has been for £176,407 and that the lenders that have come out top in most search results are Cheval (97) followed by LMC/Blemain (67) and Bridgebank (26).
Several applications are well under way through Cheval and LMC, with the first completions expected later this month.
Y3S bridging and commercial director Andrew Gage said: “We worked closely with the miLoan team to put all of our knowledge and experience into this system to make it the very best it could be.
“The engine is much more complex than anything else that has been attempted and we are very excited about the initial success.”
The bridging sourcing module was developed on the back of the success of the miLoan secured loan sourcing system, which launched last July and now has 3,000 users.
Comments
Paul, 3000 brokers now use miLoan, thats 1 in 4 brokers in the UK and that number rises by 250 per month. miLoan is not designed to be used by brokers who fully understand and package bridging loans, it's there to provide in-depth information about a particlauler product and to help them select whether a bridging loan makes sense in the first instance. As I've been working with finance intermediaries for over ten years I have a pretty good feel for what they might want, and miLoan has generated millions of pounds of completions and hundreds of thousands of pounds of commission for introducers, in just 8 months. As for commission: Y3S earns commission for packaging bridging loans just like any other 'idiot in bridging' as you so charmingly put it. It sounds like you are a bridging broker who is scared of miLoan taking business from you. Don't worry, you are not alone, but do remember that there is plenty of business to go around.
I have to say that a quotation system for bridging is probably the most useless idea I have ever heard of. Only the most simple cases fit the tickbox system and if they are that simple, just how stupid or inexperienced is the broker, who cannot pick up the phone to one of his/her contacts and quickly put the deal to bed. Any idiot in bridging knows who is offering what and at what rate. Bridging is a specialised field and not for brokers who need scanning software to tell them what to do. Also, how much commission is being made by Y3S for this "impartial" lifeline for "recommending" a lender and is this disclosed?