The automated DIP function means that brokers can go from enquiry to application completely online and in a matter of minutes.
As a result, the specialist bank’s underwriters can spend more time working on complex cases.
This feature was discussed in an exclusive filmed interview with Bridging & Commercial (which can be viewed above).
The portal — which is now open to whole of market, having been shaped by broker feedback following a successful pilot phase with Masthaven’s premier panel of brokers — will be in addition to support from the bank’s account managers.
“We recognise the power of technology and will continue to invest in tools that simplify and speed up the end-to-end loan process wherever possible,” said Jon Hall, chief commercial officer/deputy CEO at Masthaven.
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What else does the broker portal offer?
- direct access to key documentation, which brokers can share with customers
- quick quote calculator
- auto-filling forms making it faster to progress cases and reduce errors
- instant DIPs for straightforward cases and credit-backed DIPs when cases are reviewed by Masthaven’s underwriters
- online applications
- case tracking
- a simple, direct process, meaning brokers aren’t wholly reliant on calls to Masthaven and responses from the team to progress a case
- document upload facility
Masthaven completed its first loan originating solely from an automated DIP during the portal’s test phase.
The Loan Partnership brought the first charge loan case to the bank so that its clients could secure their dream home.
“Masthaven has launched a system we think will set the standard for the future,” commented Andy Pelley, director at The Loan Partnership.
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“[It has] really thought about the broker’s application journey, creating a portal that’s easy to use, simple to understand and a proven time-saver.
“We’re able to get quotes in seconds, obtain DIPs in minutes and even get credit-backed DIPs within four hours — we’re not aware of anyone else offering this.”
Jon explained that the human element of any loan application was “even more valuable” to the bank.
“This is why we have developed our brand-new portal: to improve and enhance broker workloads so they can run their businesses more effectively, freeing up additional time to support customers face to face when needed.
“This is just one step we’re taking this year to emphasise that we’re a digitally focused lender with a human approach to product and lending decisions, fully supporting brokers at every touchpoint.”
The launch of the portal — which was delivered by digital solutions provider Dock9 — is part of the specialist bank’s ongoing investment in technology.
“Masthaven has proved [to be] a forward-thinking partner and has pushed relentlessly throughout the project to deliver an exceptional digital solution for its brokers,” added Mark Lusted, managing director at Dock9.