Mortgage manager secures investment

GLOBAL real estate investment manager firm Forum Partners has completed an investment in the Crown group of companies including Suffolk-based Crown Mortgage Management, an independent provider of mortgage management services.

GLOBAL real estate investment manager firm Forum Partners has completed an investment in the Crown group of companies including Suffolk-based Crown Mortgage Management, an independent provider of mortgage management services.

Crown Mortgage Management specialises in the management of commercial and residential mortgage loans - in essence, chasing debts on behalf of lenders - and currently has more than �3billion of loans under management.

It has achieved significant growth in recent years as mortgage lenders have chosen to outsource the ongoing management of their mortgage portfolios in order to achieve better performance and control costs, and is seeing further demand for its services amid the economic downturn.

Forum Partners, which has US$1.9 billion in assets under management on behalf of investors internationally, previously provided Crown with an equity facility and intends to provide further capital - the value of which has not been disclosed - as well as funding Crown's UK and international growth.


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Julien Holmes, managing director at Crown, said: “We are delighted to partner with Forum, which partnership will accelerate our growth plans. Prior to the credit crunch we were already seeing a significant number of mortgage lenders choosing to outsource the management of their portfolios.

“The dramatic downturn in the mortgage market, characterized by increasing arrears and repossessions, has left many more lenders with a need to seek outsourcing solutions. This experience has been felt not just in the U.K., but globally and Forum's participation will strengthen our development.”

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Crown Mortage Management had a workforce of more than 100 employees at offices in Ipswich and London, together with affiliates in Germany, the Benelux countries and the United States.

Russell Platt, chief executive of Forum Partners, said: “It is anticipated that financial institutions and mortgage lenders will require improved and rigorous mortgage management services in today's environment. We have had a longstanding relationship with Crown and look forward to continuing and expanding this partnership.”

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