A Skipton-based company has helped get a specialist mortgage lender up and running in rapid time.

Homeloan Management Ltd (HML), which is a mortgage administration service provider, was taken on by Commercial First mortgages Ltd to help get it off the ground.

Commercial First, which provides loans to small-and medium-sized enterprises and owner-managed businesses, was launched in October last year.

It needed a company to administer its loans so it could start handling transactions.

The firms teamed up and the specialist mortgage company, which is based in Essex, handled its first completions before the end of December.

HML, which was set up 15 years ago, administers mortgages for more than more than 30 clients, ranging from start-up mortgage lenders to well established companies.

It set up a tailored solution for Commercial First, which was established by David Johnson and Martin Finegold.

Steve Haggerty, managing director of HML, said: "The breadth of our experience and the number of lenders we work for meant that we were able to develop an effective solution for Commercial First very quickly.

"The fact that the first completions have already taken place provides tangible evidence of how successful the partnership between our two organisations is proving to be."

Stephen Johnson, sales director at Commercial First, said: "We had created awareness and desire in the market and needed to deliver our product. Speed was of the essence and we were looking for a loan servicer with the right expertise to administer our loans.

"No other mortgage administration provider had the depth of experience or resources to match HML and we are delighted to be up and running so quickly. We look forward to seeing exciting growth in our business in 2003."

HML, which provides administrative services to banks, building societies, insurance companies and specialist lenders, was set up in 1988.

The company, which employs more than 515 people, has assets of more than £11.25 billion.