A specialist UK loan distributor has put its money where its mouth is and released the first set of data relating to its self-proclaimed first-ever bridging loan sourcing system. Back in February, B&C was treated to an exclusive sneak peek at the process, and since its official launch on March 1 this year, Y3S’s miLoan Bridging has faced many a critic and left a media storm in its wake which centred on sourcing tools within this niche market.

Now, just over one month on, the Y3S team are proud to announce that miLoan Bridging has attracted in excess of £35 million worth of quotes by its users. A total of 200 quotes were generated during March, with the average loan amount coming in at £176,407. 

Andrew Gage, director of Y3S Bridging & Commercial, the company responsible for packaging the applications, said: "We worked closely with the miLoan team to put all of our knowledge and experience into this system to make it the very best it could be.  The engine is much more complex than anything else that has been attempted and we are very excited about the initial success.”

Y3S estimates that 25 per cent of mortgage brokers are registered with miLoan, which has operated as a secured loan sourcing system since July 2011 with 3,000 users, and attributes much of its latest triumph to the fact it is one of the country’s fastest growing intermediary portals.

The data has also exposed which lenders have come out most often during searches thus far, with Cheval, Lancashire Mortgage Corporation and Bridgebank Capital emerging as the top three short term lenders respectively. 

Speaking on behalf of Cheval, which accounted for 48.5 per cent of search results, Finance Director Gavin Diamond commented on the “very impressive” system: “It provides intermediaries with an excellent guide as to indicative terms available for a particular application, and a starting point for the Y3S Bridging & Commercial team to really come to the fore.  As experts in their field, they place the enquiry with the most appropriate lender and package it accordingly. 

“We are proud to be associated with Y3S, and there is no doubt that the system will ensure that they remain significant players in the short-term lending space.”

Both Cheval and Lancashire Mortgage Corporation are already sharing in miLoan’s early success; several applications are already being processed with first completions due later this month.

Marc Goldberg, Director of Lancashire Mortgage Corporation, part of the Blemain Group, added: “miLoan offers an innovative and fresh approach for intermediaries to source bridging finance products and I’m delighted that we will soon have loans funded as a result. It’s good to see this service allows intermediaries to source potential products and earn incremental income.”