Phoebus Software has revealed that development finance lender, Business Lending Group (BLG), has gone live with the Phoebus system after signing a five‐year contract.

BLG specialises in development finance lending and is replacing its legacy lending systems, using Phoebus for everything from originations through to servicing, together with detailed and transparent 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.

It will enable them to view whole portfolios easily or drill down into what is happening with an individual loan.

In addition, the Phoebus system delivers an audit trail, providing an audit of all transactions, monitoring advances against the loan facility. It also has the ability to record details of each drawdown, advance payment, retentions and client contributions, including future projections and facility reconciliation.

Richard Pike (pictured), sales and marketing director at Phoebus Software Ltd, 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, added: “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.”