Users of miloanbroker.com, the secured and bridging loan sourcing system developed by Y3S, have generated over £1 billion of enquiries in the two years since it was launched.
The system allows mortgage brokers and IFAs to quickly ascertain whether a client will qualify for a loan and what the costs will be. Over half of all the UK’s brokers have signed up to use miLoan.
According to Y3S more than £15 million of completions have originated from miLoan applications, generating £500,000 of commission for brokers.
“We are delighted with the way the miLoan project has developed over the last few years”, said Matt Cottle (pictured), director at Y3S.
“Over 200 brokers a month have signed up for a user account because the system is open and transparent and has been developed with the user in mind, offering brokers a better way to source loans than what was previously available. miLoan business now accounts for 25% of all Y3S’s revenue.”
The company released a mobile version of the sourcing system in March this year.
Cottle added: “2013 has seen usage of tablets and smartphones to access the internet exceed traditional methods of computing for the first time.
“For us, it was important to get our mobile strategy right, and in March we launched miLoan for iPhone on the App Store, which has generated an additional £50 million of loan enquiries.”
