Target Group is appointed as servicer following the purchase of Barclays UK Secured Lending portfolio

We are delighted to announce that Target Group have been selected to provide Third party administration and customer services in support of the purchase of Barclays’ UK Secured Lending portfolio by a group, including Goldman Sachs, Elderbridge and Pollen Street Capital. The portfolio consists of consumer facing loans and as part of the transaction, we will be appointed as servicer for the loans and our Elderbridge subsidiary will become the legal title holder.

We will be providing both primary and special servicing from our Newport and Chester servicing centres.  During the course of the transaction, we also provided professional consulting services including aspects of due diligence, compliance support, process optimisation and data analytics.

Ian Larkin, our Co-Group CEO, comments: 

“We are delighted to have been appointed by the purchaser group to deliver a seamless migration and ongoing high quality loan administration and customer services for the portfolio borrowers.  This deal reinforces Target as a market leader in supporting loan portfolio sale and purchase transactions involving on-boarding and customer servicing transition and represents another strong development for our business. We are delighted to be part of this transaction and look forward to bringing our market-leading servicing capability to support the loan book.

 “We already pride ourselves as being experts in portfolio migrations and servicing transitions across the widest range of asset classes in the market and specialists in both primary and special servicing. With full regard to our regulatory obligations, including treating customers fairly, we will apply our dynamic approach to servicing and portfolio analysis while incorporating advanced data analytics to consistently deliver market leading servicing and maintaining the highest standards of customer service.“