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Connect right for MMC

By Elliott Davis on June 28 2006

Seed capital provider MMC Ventures has directed £1.45 million towards mortgage processing business Connect Mortgages, which will use the cash to upgrade its IT systems, strengthen its management team and enhance its sales force.

Based in East Sussex, Connect offers an outsourced mortgage processing service to mortgage advisers, brokers and the like. ‘Essentially it removes the burden of administration from these firms and enables them to focus on winning new business,’ MMC’s Chris Clothier explains. ‘Some firms offer a similar service, but they tend to be affiliated with specific lenders, which obviously isn’t ideal for the brokers.’

In addition to its cash, MMC’s influence has already been felt in other areas. New finance director Duncan Harper has been recruited, while David Miller – a member of MMC’s investor syndicate and veteran of the financial services sector – has been installed as chairman. ‘David brings small company management experience and financial service credibility to the table,’ Clothier asserts.

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