Crown Mortgage Management has been called under standby to service a £1 billion securitized commercial property portfolio of small and medium sized loans. It says its appointment represents the first time a ‘standby servicer’ has ever been called upon to take over a commercial or residential portfolio in the UK.
Julien Holmes, managing director, Crown said: "This is very similar to work we’ve carried out for investment banks and specialist lenders on their securitized portfolios in the past. When we are appointed as standby servicer, we always put extensive planning in place which has enabled us to make a smooth transition with this portfolio, therefore having minimal impact on the borrowers concerned.
"Our specialist team has had the advantage of servicing very adverse accounts well before the market turned, and this experience means that we are ahead of the game in terms of realizing the maximum value for a client."