Over the last 12 months, London & Quadrant has processed a number of property-related ‘live’ transactions using AssetCore’s loan security and asset information tool.
Documentation and data relating to properties held by housing providers is often held offline, in traditional spreadsheet and paper-based formats. When managing these property portfolios, this legacy approach means that communications between housing providers, funders, valuers and solicitors is time consuming and can lead to drawn-out transactions and additional fees to fix simple matters such as property lists and other inconsistencies.
AssetCore provides an online tool to standardise and facilitate the exchange of property information in real time between all participants granted access by the housing provider.
In February 2018, L&Q completed its second £500 million bond issue. Working with a security portfolio of several thousand properties and related documents, the L&Q team had to share, reconcile and work on their data with key service providers and stakeholders. AssetCore’s live information-sharing capabilities enabled the team to provide direct access to the latest information with the legal, trustee and valuation teams involved.
AssetCore’s reporting area provided all those involved with powerful data querying and historical reporting to analyse and manage the information at each stage of the process. This was particularly valuable when finalising the completion documents.
Yogeta Partridge, treasury solicitor, London & Quadrant, said, “While we are only in the early stages of using AssetCore for our property transactions, we have now completed a number of exercises where we have seen the real benefits of the system, particularly on the basis that there is a ‘pen holder’ throughout the transaction.”