"We appointed PSL to replace our legacy systems with the Phoebus Development Finance Solution."
Business Lending Group has signed a five‐year contract with Phoebus Software.
BLG specialises in development finance lending and is replacing its legacy lending systems. It will use Phoebus for originations through to servicing as well as monitoring of its whole portfolio.
The Phoebus system will provide BLG with interest and LTV calculations, 24/7 system monitoring and a real‐time analysis which will enable BLG directors to see the live situation of any loan across their development lending book.
The system also provides an audit of all transactions, monitoring advances against the loan facility and can record details of each drawdown, advance payment, retentions and client contributions, including future projections and facility reconciliation.
Additionally, it delivers transparency to funders, with the ability to show details of the development property and individual units. Phoebus’ syndication model allows BLG to report back to shareholders and funders on the state of each investment they make, including how much interest is due and when the payment will be received.
Richard Pike, sales and marketing director at Phoebus Software, said: “The Phoebus development finance solution is the most robust and functionally rich solution in the market for this rapidly expanding sector. BLG is a high profile, forward thinking company which is keen to expand its business and grow market share and they are adopting the Phoebus solution to enable them to do that.”
Stuart Parfitt, managing director at Business Lending Group, commented: “We appreciate new, clever technologies that help our lending team be more efficient and enable us to provide outstanding customer service. We appointed PSL to replace our legacy systems with the Phoebus Development Finance Solution.
"The platform allows BLG to efficiently originate and service loans. It has been designed to make operational cost savings whilst also significantly improving our efficiency. The easy to use, transparent audit facility also greatly enhances our ability to report back to funders on the performance of their investments.”