With effect from June 16, each of the twenty partners will receive pre-agreed monthly lending tranches for their exclusive use.
Money Partners says it will not disclose its tranche sums but that they reflect the market’s present appetite for the funding of specialist mortgages.
All other accredited introducers will no longer be able to submit applications direct to Money Partners or through Money Partners Touch, the lender’s direct to broker channel.
These introducers will be invited to select a distribution partner from among the panel introducers with access to lending tranches. The process is automated via MoneyPort and subsequent applications can be submitted to Money Partners via the chosen partner.
The lender says it hopes to reopen its direct product offering to all accredited introducers when conditions allow.
Money Partners sales director Martin Gilsenan says: “Limiting distribution is never an easy decision for lenders whose success relies on intermediaries. But we cannot ignore market realities and the restrictions they impose on us. Through careful management of the limited funds at our disposal, we can achieve the distribution we need while delivering high service standards. It also means continued access to competitive specialist products for all our introducer partners. In a market that has undergone sudden and painful change, this is a positive development.”