Having been in development for over a year, the enhancements come at a time when the secured loans sector is growing. As a result of the changes, Only Leads Customer Relationship Management (CRM) system will be able to source secured lenders based on customer details, including credit searches.
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Commenting on the launch of the new technology, Harry Elskisi, business development manager at Only Leads, admitted the tool would help advisers to understand the secured loans market. He said: “It’s a one-stop underwriting tool that allows brokers and IFAs to credit search their clients and place them with the most suitable secured loans lender.”
Elskisi added that Only Leads expected business levels to increase by 400 per cent following the launch of the new technology.
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Hugh Nichols, partner at Badbury Berkeley Financial Services, said: “Secured loans have a role to play in the market but the rates and fees attached to the products do tend to be quite prohibitive. Intermediaries and borrowers need to look at secured loans as a viable alternative to remortgaging, but the interest rates and other associated fees still tend to make the secured loans market a niche area.”
