During the past few months, LendInvest has been working on bringing its clients a broker portal that will see the application process “move completely online” for short term loans, the company revealed in a blog post.
The LendInvest team noted that as they approach the testing phase, their Head of Lending Operations, Lauren Eaton, has shared insights and details regarding the initiative and what it could mean for short-term lending in the foreseeable future.
While commenting on why they’re looking to offer a new short-term lending broker portal, Eaton explained:
“We already have an online portal for our BTL product and brokers like the end-to-end online journey. We wanted to build something similar but more suited to the short-term process.”
“Brokers will have your own dedicated login for the portal so they can manage all of their short term deals in one place. The portal will allow them to submit enquiries and applications as well as track the progress of live cases. It’s easy to navigate around and has lots of features to make completing deals with us easy and hassle free.”
Eaton further noted that submitting deals via the portal means brokers will be able to keep track of their progress or find out details regarding loans “whenever they need to.” She added that brokers will “have the ability to generate instant heads of terms using our calculator, upload supporting documents and information to a deal.”
“They can also manage outstanding requirements through a task function and get direct access to underwriters and BDMs through a chat function.”
Responding to a question about whether it will improve processing speed for STL deals, Eaton remarked:
“Absolutely, the processing of loans on paper applications is not efficient for brokers or the team. Having the process online will allow us to package and instruct valuations quicker. We have also built a section that will allow brokers to quickly see what remains outstanding on a case, enabling brokers to work on satisfying this quickly with their clients. This should assist with the overall processing speed on loan applications.”
While commenting on what other technology they’ve recently introduced to improve the service, Eaton revealed:
“We recently integrated a number of our third-party search providers to assist with our case packaging. This will be used on the short-term lending side to enable us to speed up packaging and underwriting decisions. We regularly use Credit Kudos (our Open Banking provider) on BTL and this is something we are looking to introduce on the short-term side.”
Eaton confirmed they’ll be going live in the “next few months” with the intention for it to be “a phased roll out in order for us to take onboard any early feedback.”
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