Masthaven has announced the launch of a new online broker portal for its short-term lending division.

The portal, available to the whole of the market, will give brokers access to quick quotes, instant Decision in Principles (DIPs) and the ability to apply online, as well as visibility of case progress.

The bank added that its new portal has been shaped by broker feedback, following a successful test phase with the group’s premier panel brokers.

During the test phase, Masthaven issued its first bridging loan – brought to the bank by The Loan Partnership – that originated solely from the system’s automated DIP function, a feature that gives brokers the ability to go from enquiry to application online in minutes.

Masthaven CCO and deputy CEO, Jon Hall, commented: “Our broker portal is testament to our ongoing commitment to creating systems that benefit both brokers and customers alike. 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.

“But the human element of any loan application is even more valuable to us. 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.”

By giving brokers a portal that provides instant DIPs, Masthaven suggested its underwriters can spend more time working on complex cases.

The Loan Partnership director, Andy Pelley, added: “Masthaven has launched a system we think will set the standard for the future. It’s 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. We’re delighted to have brought the bank’s first completed loan coming from an automated DIP – it took a matter of minutes and was a seamless process. The portal will help brokers, packagers and clients immeasurably.”

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