Pepper (UK) Limited has recently been appointed as the Primary and Special Servicer to a portfolio of c £620million of commercial real estate (CRE) mortgage loans, the first CRE servicing contract to be secured by Pepper.
With assets under management now exceeding £5.2bn in the UK, rising to in excess of £8.0bn by mid-2015, based on contractually committed growth, Pepper is an established servicer of residential and Buy to Let (BTL) loans, covering the full spectrum of prime through to non-performing loans; however the new portfolio, acquired by a highly active private equity fund from an asset disposal by an international banking group, is Pepper’s first move into the commercial real estate servicing market.
Commenting on this latest success Richard Klemmer, CEO, said: “Pepper is delighted to have won this mandate. Pepper has achieved significant growth in the residential space in recent years and this latest contract opens the door to the wider commercial lending sector, a market which we are really excited about.
“We believe there is a gap in the servicing market for clients who are acquiring mixed portfolios of small to medium ticket commercial real estate backed loans, blended with traditional residential loans. Pepper is very strongly positioned to capitalise on this market opportunity and the new contract success opens the door to a significant new market for Pepper.”