Phoebus Software Limited (PSL) has started the year with a sunny smile via a four-year contract with London-based specialist lender Lendco.
As part of the deal, Lendco’s existing book of buy-to-let mortgages, bridging and refurbishment loans will be migrated onto the Phoebus platform in Q1 2022.
Ian Ferguson, Operations Director at Lendco, comments: “PSL is a strong brand and their technology is an exceptionally good fit for specialist lenders such as ourselves that wish to undertake servicing in-house. The interaction with PSL from start to finish has been first class and they are a company that delivers to their commitments.”
According to Phoebus, its solution was delivered into user acceptance testing (UAT) within three months of Lendco signing off its requirements. The solution went live in December 2021 and encompasses Lendco’s primary & special servicing requirements and helps its securitisation needs. Phoebus’ originations and migrations API will be used to automate the onboarding of cases.
PSL is based in Solihull. It was founded in 1989 and became fully independent in 1997. In 2019 PSL went through a management buyout funded by Northedge Capital.
The Phoebus solution is described as a multi-channel, multi-product and multi-currency banking, lending and deposits solution. It has various functionalities – such as originations, primary and special servicing, general ledger, treasury and securitisation.
PSL has over 20 clients in the UK and Ireland and over £75 billion in assets are serviced on its solution.
Lendco was set up in 2018. It is a joint venture between SPF Private Clients and Cabot Square Capital.
SPF is a financial services intermediary and has over 20 years’ experience in assisting borrowers source property related debt and related products.
Cabot Square Capital is a supplier of investment capital to small and mid-sized companies in the UK and Western Europe.
