Titlestone Property Finance — which Paragon acquired in July 2018 — was already a Phoebus user and, therefore, Paragon’s whole portfolio will now be serviced on the Phoebus platform.
PSL’s integrated finance module allows the recording and reporting of details from each drawdown, advance payments, retention and client contributions, which includes future projections and facility reconciliation.
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In addition to this, its syndication and sub-participation module provides detailed funding reporting, including interest due dates and payment schedules.
“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,” said Richard Pike, sales and marketing director at PSL (pictured above).
Robert Orr, managing director of development finance at Paragon, added: “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 on to the Phoebus platform was a natural evolution.”