LendInvest partners with loan servicing firm Pepper UK
LENDINVEST has partnered with Pepper UK, in what is believed to be the industry’s first partnership between a UK online property finance marketplace and an outsourced loan servicing business.
The online mortgage lender will outsource the servicing of any new loan it originates to Pepper UK, while existing loans will migrate over in Autumn, it said.
All loans that require special servicing, such as those that involve arrears or expiries, will continue to be handled by the LendInvest team.
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The move will bring borrowers and their advisers various benefits, including the capability to calculate interest daily, rather than monthly.
It also fits with LendInvest’s long-term strategy to cater for borrowers’ needs at all stages of their property investment or development projects, the firm said.
“Collaborating with a hugely experienced loan servicing business like Pepper marks an important stage of development for the LendInvest business,” said the lender’s chief executive Christian Faes.
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“Not only does working with Pepper improve our own operational efficiencies, but the partnership promises significant benefits for both borrowers and investors.
“For instance, borrowers will have access to a deeply experienced and dedicated team of servicers throughout the term of their loans. Investors too will be comforted to know that our loans are serviced by a highly experienced and regulated servicer, making it easier for institutions in particular to invest in whole portfolios of loans.”
Pepper UK is part of the Pepper Group, an Australia-listed company that manages over £32bn of assets across its servicing and lending businesses, on behalf of 600,000 customers worldwide.
“We have worked very closely with the LendInvest team as it has expanded over the past twelve months and are confident that with Pepper on board, the service and experience received today by LendInvest clients will only be enhanced by our long-term partnership,” said Pepper’s chief executive Richard Klemmer.
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