miLoan system generates £100m of enquiries

Almost 4000 individual quotations have been requested through the intermediary-only search engine which displays results for the UK's secured loan lenders including the newly formed Shawbrook Bank.

To mark the achievement, Y3S is launching an updated version of the site this week, with myriad new features designed to enrich and quicken the user experience, including a new debt management plan module the company says offers what is 'probably the cheapest debt management plan in the UK today'.

Commenting on the success of the system to date was project director, Matt Cottle:

"We developed miLoan to provide a new secured loan experience for mortgage intermediaries based on a hunch and some feedback from our introducing brokers.  Simplicity, speed, free to use and the best commission are all basic principles of miLoan. 

"The latest version takes those principles to the next level.  Our 1800 users are in control of their own secured loan introductions and so far 80 secured loans have completed paying brokers an average commission of £1564 and the pipeline is growing consistently. 

"With the user base increasing at a rate of 380 a month, miLoan is fast becoming the must-have tool for brokers looking for an alternative to remortgaging; we hope to have 75% of the mortgage intermediary market on board by 2013."

Maeve Ward, Head of Sales at Shawbrook Bank added:

“We are delighted that our new products are proving a great success with miLoan users.  We have worked very closely with Y3S to innovate our range according to the needs of UK mortgage brokers who are an excellent source of high quality secured loan business.”

The release of the debt management module this week will be followed by a bridging loan module due to be launched in early 2012.  Further growth is expected to come through a joint venture with TrigoldCrystal to integrate miLoan into Prospector.