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Advanced payments of upfront commissions are being offered to brokers through a new partnership between Effi and Possibl.
Mortgage broking platform Effi has partnered with cash-flow solutions business Possibl to enable brokers to access upfront commissions in advance.
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While Possibl’s main customer base is property vendors looking to access funds in advance (for example to renovate before listing), the new partnership offers commission advances to brokers.
Using the Possibl platform through Effi, brokers can nominate the amount of upfront commission they would like to receive from a loan, which Possibl will then advance to them within 24 hours for a flat fee (on either 42 or 60 days). The fee ranges, depending on the amount advanced. Ongoing commission requests are also available.
As part of the partnership, Effi will credit 0.5 per cent of the approved and funded loan from Possibl into a broker’s Effi account for use on the subscription fee or lead purchasing.
Speaking of the new partnership, Effi chief executive Mandeep Sodhi said it could help ease cash-flow constraints for brokers as they would be able to access the cash from their upfront commissions without having to wait for their loans to settle. He suggested this could be particularly valuable for new brokers waiting to earn income from their first loans.
“At Effi we’re always looking for more ways to support our broker network and through this partnership, we’re tackling one of the biggest frustrations for brokers. Through Possibl, brokers will be able to easily and quickly access their upfront commissions, unlocking capital and reducing the need to wait up to 60 days for their hard-earned money,” he said.
The chief commercial officer of Possibl, Sam Gobran, added: “Cash flow is a huge issue for a range of participants in the property space, many of which are small businesses or sole practitioners.
"We’re particularly excited to help support brokers in growing their businesses and also assist with their own customers’ needs through our other products; whether it’s covering a vendor’s upfront costs incurred by preparing, listing and selling a property or accessing their deposit early.”
Effi has been adding to its product range recently after having expanded its open banking product search API and teaming up with a business loan comparison site to allow the site’s business customers who are looking for a home to connect with a broker.
The fintech said it was also now working on white-label widgets and landing pages that will allow Effi brokers to access the power of the API without having to build on top.
[Related: Effi partners with SME loan comparison site]
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