HML appointed back-up servicer for HP portfolio

HML has won a deal with car finance specialists MotoNovo Finance, a division of FirstRand Bank Limited in South Africa operating as a registered branch in the UK, to act as back-up servicer to a portfolio of hire purchase loans.

The Turbo Finance 2 PLC portfolio was originated and then successfully securitised by MotoNovo Finance at the end of March, and comprises over 52,000 loans totalling £314 million.

Ian Cornelius, HML’s commercial director, said: “As an experienced servicer with the scale to absorb additional workloads at short notice