Y3S has revealed that a short-term loan generated through its miLoanbroker.com completed on Monday through Cheval.
It is the first bridging loan case to complete via Y3S’s sourcing system.
The deal, a £334,000 regulated first charge secured over two properties in Dumfries, was submitted by a Scottish broker who had never before attempted a bridging loan. The client needed to complete the purchase on the second property by 25 April to prevent a property chain from collapsing.
The entire process took 10 days to complete from start to finish and the broker was paid £3,340 for the introduction.
Andrew Gage, director of Y3S, said: “This is the first completion in an increasing pipeline, and is testament to the hard work that our development team put into building the UK’s first bridging loan sourcing system.
“The real winners are the 3000 broker users that can access a high quality bridging loan comparison tool and a great additional revenue stream, 24/7.”
“Given our strong working relationship with the Y3S team, any innovation that generates good quality leads can only be to our mutual benefit,” said Gavin Diamond, director of Cheval. “I am convinced that there will be many more completions generated through miLoan in the near future.”
“The miLoan bridging module is a welcome shot in the arm for brokers,” added Matt Cottle, director of Y3S. “The news of this first completion will no doubt silence the cynics.”