Mortgage Brain has developed a sourcing solution allowing Tenet members to advise on second charge loans called TenetLoansBrain.
The system features a panel of second charge lenders in Shawbrook Bank, Precise Mortgages, Paragon Personal Finance, Masthaven Bank and Step One Finance.
Developed with Tenet, the system is based on Mortgage Brain’s LoansBrain system which it launched in January.
Mark Lofthouse, chief executive of Mortgage Brain, said: “The development of TenetLoansBrain has been a great success. The system was created in response to the aspirations of Tenet to enable its members to deal directly with the second charge lending community.
“We look forward to working with Tenet on additional projects going forward. Our ongoing partnership with them is another clear example of our proactive approach to developing software solutions that bring a myriad of benefits to all those involved.”
Tenet’s advisers can use the system to add a customer reference and either print or save search results as they require. In the first 10 days the system provided quotes of over £10m in new loans.
The system doesn’t include master brokers.
Gemma Harle, managing director at TenetLime, said: “Mortgage Brain’s reputation for developing next generation technology speaks volumes and places them firmly at the front of the field.
“Whilst we’re no strangers to working with them, Mortgage Brain’s professionalism, flexible approach and its understanding and responsiveness to our requirements was key to the successful development of our flexible secured loans sourcing solution.
“The launch of our direct to lender second charge panel will bring some real competition into the second charge market and by partnering with Mortgage Brain our members have the certainty and confidence of using the most accurate product data and advanced technology solutions to support their advice process.”