A new secured loan sourcing system, developed by Y3S Loans for mortgage brokers and IFAs, has been unveiled.

With miLoan brokers can use their online account to quickly obtain secured loans quotations from the UK’s second charge lenders which can then be submitted for processing or saved for the future.

MiLoan broker was developed following a surge of interest in an experimental loan sourcing tool that became available on the firm’s website earlier in February.

Users are offered commissions paid on day of completion, translating to around £1,600 for a £30,000 loan, with no claw back. Larger brokers or financial networks can create accounts for sub-users or appointed representatives. Built-in reports are available to view usage statistics. On a test launch in June, more than 400 brokers registered to use the system, Y3S said.

The cloud application is constantly connected to the user’s broker manager, who Y3S says is always on hand to help if required throughout the searching process.

Matt Cottle , director of Y3S, said: “We are providing brokers with a free