Target Group has gone live with its first acquisition of a secured loan portfolio.
The acquisition forms part of Target’s growth strategy, and has been carried out in partnership with Arrow Global.
In addition to owning the portfolio, the financial services outsourcing and software provider will continue to provide primary servicing support for all the loans and special servicing for their own accounts.
The Target customers will be serviced under their customer facing brand, 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.”
Paddy Byrne, CEO 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.”