Castle Trust has introduced what it claims to be the industry’s first quotation engine powered by artificial intelligence.

Brokers can receive instant quotations, generated in real time by the engine for all first and second charge loans up to £750,000.

In addition to quoting rates, the algorithms behind the calculator also generate the maximum achievable loan size for a given transaction. It also offers functionality to generate rates for any blend of serviced and roll up interest.

Castle Trust says the launch heralds a new era for the lender, with further technological innovation planned for later in the year.

In addition to launching instant quotations for loans below £750,000, Castle Trust has streamlined its processes to deliver faster bespoke quotations on loans between £750,000 and £25m.

Alex Upton (pictured), director of sales at Castle Trust, said: “This is a huge leap forward for Castle Trust – our intermediary partners are already reaping the benefits. Offering instant quotations is a new departure for us and reflects our desire to make our pricing both simpler and easier to access.

“We set out to create the first truly intelligent quotation engine in the industry, which reflects Castle Trust’s commitment to becoming a leading UK FinTech. It has been very well received by the market – watch this space, there’s more to come.”