Specialist loans and savings bank, Shawbrook, has appointed leading financial outsourcing provider, Target Group, to manage and service its growing commercial mortgage portfolio. The new bank provides retail savings as well as three core loan products, commercial mortgages, secured loans and unsecured debtor-creditor-supplier loans.
Target will provide full account administration, customer servicing and arrears management for the commercial mortgage portfolio, enabling Shawbrook to focus on customer acquisition and origination of new business. Target is already providing outsourced service for Shawbrook’s secured and unsecured lending portfolios.
Nick McAuliffe, chief operating officer at Shawbrook Bank commented: "As a highly focused and agile specialist bank it’s extremely important to us that our customer experience is first class. Working with Target will ensure our customers receive an excellent service. Target’s tailored approach and experienced team will help us meet our business objective to grow the bank’s balance sheet and to provide a more flexible lending alternative to the big high street banks in the market today.”
Commenting on this new contract win, James Snow, CEO of Target said: “Our flexible loan servicing solution will provide the requisite support for Shawbrook Bank’s dynamic growth plans and business objectives. Target’s track record in delivering outsourced loan administration services for commercial loans and mortgages puts us in a strong position to deliver for our client.”
Target specialises in business process outsourcing and administration software for loans, savings and investment products. It is rated by Standard & Poor's for primary residential mortgage servicing and primary consumer finance servicing in the UK.