Mortgage Brain has joined forces with Propp, the specialist property finance comparison site. The collaboration aims to support brokers with specialist finance referrals amid a dramatic surge in demand for bridging and commercial loans.
According to Propp’s data, since April 2022, inquiries for bridging products have seen a staggering rise of 156%, and requests for commercial products have increased by 140%. To address this burgeoning demand, Mortgage Brain and Propp have established a simplified process for brokers sourcing unregulated bridging or commercial loans. Moreover, brokers referring to Propp via Mortgage Brain will receive a significant procuration fee for each completed case.
The key features of this partnership include a generous broker procuration fee for each completed case with Propp, an opportunity for brokers to diversify their business beyond regulated lending, a streamlined process for faster referrals, remote access to the system, and first-rate advice from Propp’s specialist bridging and commercial finance experts for brokers’ clients.
Nationally, bridging lending is gaining traction, especially among homebuyers who have encountered disruptions in their property purchase chain due to recent housing market fluctuations. It is also becoming a popular tool among landlords and investors who, constrained by stricter buy-to-let margins, are turning to auctions for profitable deals.
The commercial market is rebounding after being initially impacted by the pandemic and then by rate hikes and instability following the mini-Budget. With lenders now returning to the market eager to lend, it presents an opportune moment for brokers to take advantage of the pent-up demand for commercial refinance.
Peter Williams, CEO of Propp, said: “We are delighted to have been given the opportunity to support Mortgage Brain’s network of brokers with specialist property finance referrals. Due to the current challenging mortgage market, brokers are looking at numerous ways they can generate an additional revenue stream, and we believe that bridging and commercial finance could be the answer.”
Pollyanna Puddephat, Head of Marketing at Mortgage Brain, echoed this sentiment. She said: “We are really pleased to be able to partner with Propp to support those brokers who are branching out into unregulated lending. With consumer demand for such lending on the up, this could provide ambitious brokers with a stellar opportunity.”
