The Close Brothers Banking division has selected Sword Apak’s core banking system, Aurius, to support its expanding property finance operations across the UK.
Close Brothers makes loans, trades securities and provides financial advice and investment management services. Close Brothers Group plc is listed on the London Stock Exchange. The Close Brothers Banking division has a long-established reputation in the UK property finance market and the decision to invest in Aurius reflects the strategic importance it places in the growth of its property finance business and its belief in the use of cutting-edge financial technology.
Aurius will support two property businesses – Close Brothers Property Finance and Commercial Acceptances – and the products that they offer include financing for residential and pre-let commercial developments, loans to acquire or retain investment properties, bridging loans and other short term financing for purchasing and developing properties.
Frank Pennal, Managing Director of the Property division, is confident Sword Apak’s offering is right for the business: “Our highly successful property finance businesses are expanding to meet the demands of clients and we needed a robust and flexible finance solution to match. Sword Apak’s Aurius fits the brief perfectly and the company has the professional capability and technical expertise to deliver a great solution.”
Aurius is designed as an out-of-the-box core banking solution for medium-sized specialist banks. For the Close Brothers Banking division the system will provide dedicated property finance functionality with support for every stage of the development finance loan cycle. The division will be able to fully automate many of its property lending processes across key business lines including Residential Development, Investment Property, Commercial Pre-Let Development, Bridging Loans and Small Scale Residential Development or Fixed Term Loans.
“Sword Apak is ideally placed to support Close Brothers Property division,” says Tony Allen CEO Sword Apak. “We have many years’ experience of supplying banking and asset finance software systems with live implementations in 27 financial services businesses across the UK, Europe and the USA. We also have an ongoing relationship as a technology supplier to Close Brothers Banking division – Close Brothers Motor Finance has used our Wholesale Finance solution for over five years.”