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Mortgage 2000 business loan service on web

Mortgage 2000 has set up an online commercial mortgage auction service for IFAs.

The company&#39s website, www.financesupermarket.com, is offering the new business-to-business service which compares the deals offered to IFAs from 13 commer-cial lenders.

The system identifies the best commercial mortgage available for a client, demonstrating how remortgaging can save commercial borrowers money. It encourages clients to submit their requirements online.

Mortgage 2000 says the system will save clients at least £4,000 a year on the average £200,000 commercial mortgage.

IFAs complete an online proposal on behalf of clients, which is forwarded to the lenders on the panel. The processing takes about 10 minutes before IFA can select the best bid from the range. Commission is 0.2 per cent for each completed business.

The lenders on the panel include Barclays, RBS and Citibank and a number of smaller building societies.

Financesupermarket.com commercial channel controller Richard Mason says: “The potential is huge and IFAs business clients have nothing to lose. The big four banks have had it their way for too long and this an opportunity for IFAs to market themselves direct to businesses and make inroads into what has been a business leading club.”

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