Portal Portfolio teams up with Target
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New secured loan provider Portal Portfolio has selected Target Group to provide loan origination and end to end servicing for its second charge mortgage product.
The contract, worth over £5m, creates further new jobs at Target’s expanding operation in Newport, South Wales.
Portal Portfolio’s secured loan product offers 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.
Tim Moore, managing director at Portal Portfolio, says: “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.”
James Snow, CEO, Target Group, says: “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.”
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