Propp adds Allica Bank to its platform

Specialist mortgage comparison site Propp has welcomed Allica Bank to its fintech platform.

The bank is the most recent of 13 new lenders added to the system less than six months since launching in November 2020 with its original 40 finance providers.

The other 12 lenders include:

  • Halcyon Capital 
  • Somo
  • Bridging Link 
  • Proplend
  • MFS
  • Lowry Capital 
  • Goldcrest
  • Ultimate Finance 
  • Roma
  • Signature Property Finance 
  • Yorkshire BS 
  • Unity Bank

Propp specialises in bridging finance and commercial mortgages and leverages technology to simplify the process, while driving competition among lenders and increasing the choice available to borrowers.

It negotiates rates and returns bespoke quotes within 24 hours, which, according to Propp, provides savings on average of over £9,000 per year.

Michael Mann, business relationship manager at Allica Bank, said: “At such a critical time for the UK economy, it’s vital that established SMEs have the finance they need to succeed.

“That’s why we’re really pleased to be partnering with Propp, whose transparent and collaborative approach to commercial finance aligns closely with our own. 

“By working together, brokers and banks can help even more SMEs thrive at a time when they need our expertise and support most.”

Paul Elliott, managing director at Propp (pictured above), added: “[Allica Bank] has an excellent standing in the commercial finance space and their ambitious plans to support SMEs caught our eye initially. 

“Its tech-supported approach to commercial finance closely mirrors our own, and so it was a natural partnership.

“Often you find that incumbents within the market are fearful of disruption, but we’re finding that lenders approach us with enthusiasm, excited by the ambitions we have to increase transparency throughout the mortgage process and ultimately drive competition in the market.

“What we’re doing opens the door for challenger banks to take a slice of the pie that was ordinarily reserved for the big players. 

“The overall reaction to us has been overwhelmingly positive, which just reinforces the confidence we have in what we’re trying to achieve, and Allica Bank is the latest lender to lend us its support.”

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