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Describe your firm in a few sentences
Lofti is the UK’s first three-in-one property management platform for small-to-medium-sized agents and portfolio landlords.
The goal is to simplify complex operational tasks that are currently done using multiple software vendors.
These tasks are usually prone to errors, take too much time, require extensive training and can be expensive because paying many vendors compared to paying one can make a big difference.
The lender, valuer, conveyancer and landlord can communicate instantly at the same time
Most-common tasks that we have automated include tenant onboarding, such as referencing, which is embedded on the platform; tenancy creation; payments; and property maintenance. Our product is available as a cloud-based desktop version as well as a mobile app for tenants, contractors and landlords.
We are also regulated by the Financial Conduct Authority to ensure a seamless service from property management to property financing, with the associate insurance protection in place.
What plans do you have for the future of your firm?
We are working on what we think is going to transform the way landlords refinance their properties.
Imagine a platform where your properties are already managed and you can receive a mobile notification to say your mortgage is due on a named date. Based on your property profile, we can provide information on which mortgage we think you should be getting and from which lender.
I realised how big the UK mortgage market was and how vital our service was to landlords
For example, a lender may be willing to give you an extra 15% of equity to get to a 75% loan-to-value. The user (landlord) clicks on the recommendation and, behind the scenes, the entire data required for the underwriting is automatically shared with the lender via a one-time password to access the Lofti doc hub for that property.
The conveyancer and the valuer are immediately sent log-in details to ask for any information they require. This also enables the lender, valuer, conveyancer and landlord to communicate instantly at the same time.
It may seem like a sci-fi movie, but we are piecing together all workflows needed to achieve this.
What led you to become a broker?
Pure accident. I wanted to be a relationship manager from my time in commercial banking and fell into mortgage advice. As I got a good grasp of property, I realised how big the UK mortgage market was and how vital our service was to landlords.
The goal is to simplify complex operational tasks that are currently done using multiple software vendors
What single thing could lenders do to improve brokers’ lives the most?
After many interactions with lenders, and applications for professional portfolio landlords, it would be great to see more being done for this part of the market.
Holistic underwriting and increased appetite for these types of client would unlock even more lending opportunities to drive growth and development for both the end-user and the credit provider.
What advice do you have for a broker just starting out?
Treasure your business development manager (BDM) and use them to your benefit.
Our product is available as a cloud-based desktop version and a mobile app for tenants, contractors and landlords
You save so much time, and improve the outcome for clients, by tapping in to your lender’s BDM (if they still have one) and, more than likely, if they cannot help they will know someone who may.
How can the industry encourage a new intake of brokers?
Shout about the success stories delivered for clients, and about new advisers who have been given the right training and support on their journey to competent adviser status and beyond.
If you would like your firm to be featured in Broker Focus, please email Mortgage Strategy reporter Becky Bellamy at: becky.bellamy@emap.com
This article featured in the July edition of MS.
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