Paragon Bank has completed the migration of its development finance lending portfolio onto the Phoebus development finance module.
Titlestone was already a Phoebus user and the migration means Paragon’s whole portfolio, with a total value of over £570m, will now be serviced on the Phoebus platform.
Richard Pike (pictured), sales and marketing director at Phoebus Software, said: “The migration project with Paragon Bank has gone extremely well and is testimony to both parties working effectively in partnership to achieve key objectives.
“The development finance market remains buoyant and our investment into providing a standalone solution to deal with all of the complexities of this type of lending confirms the importance we put on this expanding sector.”
Phoebus invested heavily into creating a standalone development finance module for this specialist area of property finance.
The solution records full details of each development property and individual unit, capturing and updating associated information such as project rental amounts and unit sales as the development progresses.
Phoebus’ integrated finance module allows the recording and reporting of details of each drawdown, advance payments, retention and client contributions, including future projections and facility reconciliation.
Robert Orr, managing director at Paragon Bank, said: “Following the Titlestone acquisition, it became apparent that the Phoebus development finance solution provided all of the requirements of both our portfolios.
“Therefore, the consolidation of the books onto the Phoebus platform was a natural evolution and we look forward to seeing the operational benefits the solution will bring to our business moving forward”.