Innovative start-up secured lender chooses Target Group’s outsourced service for competitive edge

17 January 2011

New secured loan provider Portal Portfolio has selected outsource loan administration experts Target Group to provide loan origination and end to end servicing for its innovative second charge mortgage product. The contract, worth over £5m, creates further new jobs at Target’s expanding operation in Newport, South Wales.

The deal sees the establishment of a strong working partnership between Portal Portfolio and Target, with the companies working closely to deliver Portal’s innovative products. Portal Portfolio’s secured loan product is unique in the market with loans linked to funds invested in pension schemes.

Portal Portfolio will focus on primary customer acquisition activities including marketing, sales, and initial loan qualification, when they will hand-over to Target to manage the back office administration involved throughout the life of the loan product. Target will perform loan origination, underwriting, packaging and on-going servicing of customer accounts on Portal’s behalf. Target’s customer service and support teams will use the very latest tools and techniques to successfully manage customer accounts to ensure optimum return.

Tim Moore, managing director at Portal Portfolio said: “Our requirement was for outsourced loan origination that would be prepared swiftly and efficiently, and for our customers to receive seamless high quality servicing. Target came highly recommended as experts in their field with a vast amount of experience in the secured loans market. We are delighted so far with the service we have received. Target has very quickly put in place the detailed systems and processes that we specified to allow us to make large numbers of secured loans to premium clients.”

“Target’s attention to detail has been outstanding. We have every confidence that this will enable us to deliver the exceptional customer service that is essential to the growth of our business” he added.

Commenting on winning this new contract, James Snow, CEO, Target Group said:
“Target is expert in originating and administering all types of lending products including secured loans, and this contract is a welcome addition to our established client base. Our flexible servicing solution will complement Portal’s ambitious growth plans, enabling them to start-up efficiently and grow rapidly, whilst controlling costs. Because of their unique funding line and success to date, Target is delighted to be working with this innovative new lender.”

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development