Target Group, the financial services outsourcing and software business, today announces the purchase of the operating business of Commercial First. Commercial First are a leading provider of commercial and residential mortgage servicing, due diligence and property valuations for clients ranging from blue chip banks and fund managers to private equity and mortgage securitisations.
Established in 2002 and based in Skipton, Commercial First provides clients with market leading services in the real estate lending market ranging from loan administration through to the full arrears, litigation and repossession cycle. With additional complimentary services such as debt recovery, professional negligence claims, property management, lettings, cash bond administration and investor reporting.
Ian Larkin, Co-Group CEO at Target Group, says:
“John Barbour and his team have built a special servicing capability in Commercial First that is recognised within the industry as being second to none. Combining this capability with our primary servicing will enable Target to deliver to our clients a market-leading end-to-end servicing proposition for residential and commercial lending. This acquisition fits extremely well within our plans to adapt and innovate in order to deliver exceptional support for our clients.”
John Barbour, Chief Executive, Commercial First said:
“The transaction establishes a long term solution for our mortgage servicing activities bringing together Target Group’s impressive primary servicing and technology capability with the Commercial First team’s proven track record in special servicing and ancillary mortgage activities. We very much look forward to working with Target Group’s extensive list of clients and strengthening those relationships whilst at the same time bringing a new unrivalled service to market for those providers who are looking to outsource all or some of their administration, IT and services. The next 12 months will be very exciting times as we welcome a number of significant new clients.”
The purchase is part of Target’s wider strategy of growth and expansion; it follows the announcement in June of its acquisition by Tech Mahindra, the leading global information technology specialist.