Describe your business in a few sentences
Lofti is the UK’s first three-in-one property management platform for small to medium sized agents and portfolio owners.
The goal is to simplify complex operational tasks that are currently performed using multiple software vendors.
These tasks are typically error-prone, time-consuming, require extensive training, and can be costly, as paying multiple vendors rather than just one can make a big difference.
Lender, appraiser, assignor and owner can communicate instantly at the same time
The most common tasks we have automated include tenant onboarding, such as SEO, which is built into the platform; lease creation; Payments; and maintenance of the property. 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 finance, with the associated insurance protection in place.
What plans do you have for the future of your business?
We are working on what we believe will transform the way homeowners refinance their properties.
Imagine a platform where your properties are already managed and where you can receive a mobile notification that your mortgage is due on a certain date. Based on your property profile, we can provide you with information on which mortgage you should get and from which lender.
I realized how important the UK mortgage market is and how vital our service is for landlords
For example, a lender may be willing to give you 15% additional equity to achieve a loan-to-value ratio of 75%. The user (owner) clicks on the recommendation and, behind the scenes, all the data necessary for the subscription is automatically shared with the lender via a one-time password to access the Lofti documentation hub for this property.
The courier and the expert immediately receive login credentials to request any information they need. It also allows the lender, appraiser, assignor and owner to communicate instantly at the same time.
It may sound like something out of a sci-fi movie, but we pull together all the workflows needed to make it happen.
What led you to become a broker?
Pure accident. I wanted to be a relationship manager since my time in commercial banking and fell into mortgage advice. As I gained a good knowledge of real estate I realized how important the UK mortgage market was and how vital our service was for landlords.
The goal is to simplify complex operational tasks that are currently performed using multiple software vendors
What is the one thing lenders could do to make life for brokers the most?
After many interactions with lenders and inquiries from professional wallet owners, it would be good to see more done for this part of the market.
Holistic underwriting and increased appetite for these types of customers would open up even more lending opportunities to drive growth and development for both end user and credit provider.
What advice do you have for a broker just starting out?
Cherish your Business Development Manager (BDM) and use it to your advantage.
Our product is available as a cloud-based desktop version and as a mobile app for tenants, contractors and landlords
You save so much time and improve results for clients by logging into your lender’s BDM (if they still have one) and more than likely if they can’t help you they will know someone who can.
How can the industry encourage a new wave of brokers?
Shout out about the success stories delivered to clients and about new Advisors who received the right training and support on their journey to Competent Advisor status and beyond.
If you would like your business to be featured in Broker Focus, please email Mortgage strategy reporter Becky Bellamy at: [email protected]
This article originally appeared in the July issue of MS.
If you would like to subscribe to the monthly print or digital magazine, please click on here.