Target Group has gone live with its acquisition of a secured loan portfolio in partnership with Arrow Global.
Target provides primary servicing support for loans and special servicing for their own accounts, while its customers will be serviced under the name Elderbridge.
Andrew Birkwood, chief investment officer at Arrow Global, said: “We are extremely pleased to be working with the team at Target on this project.
“The secured debt sale market provides good growth opportunities, and it’s great to be able to keep pace with that by developing new initiatives and offerings.”
Target’s end to end servicing and arrears management service enables firms to collect overdue loan and mortgage payments and control all associated risks.
Paddy Byrne, chief executive at Target Group, added: “This is a very exciting time for the sector and we’re pleased to be able to expand our remit in line with the rapid pace of the industry.
“Having the adaptability to move into new areas of the market is a central part of our corporate strategy over the coming months, and the purchase of this portfolio comes at a very exciting time for us.
“The project has already been very successful, delivered on time and to budget, which is a reflection of the hard work and dedication of everyone at Target and Arrow Global.”