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Paragon Bank selects Phoebus Software’s development finance module

Robert Orr, Managing Director at Paragon Bank

Phoebus Software has announced that North Carolina-based Paragon Bank has completed its migration of the development finance lending portfolio on Phoebus’ module. The migration, as the supplier states, will now allow the servicing of Paragon’s portfolio to be done on Phoebus’ platform.

Phoebus Software Limited’s sales and marketing director, Richard Pike, said, “The migration project with Paragon Bank has gone extremely well and is a 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’ solution aims to reduce and manage all complexities associated with specialist loans origination, record details of each development property and individual unit, capture, and update associated information such as project rental amounts and unit sales as the development progresses.

Phoebus’ syndication and sub-participation module allows for the provision of funding reporting including information regarding interest due dates and payment schedules.

Robert Orr, Managing Director at Paragon Bank 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 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”.

Recently, Phoebus Software announced a management buyout by NorthEdge Capital, after thirty years of private ownership.

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