AssetCore Data Analytics at scale for L&Q
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 the communication between housing associations, funders, valuers and solicitors is time consuming and can lead to prolonged transactions and additional fees to rectify simple matters such as property lists and other inconsistencies which occur during the process.
Bringing together expertise from around the sector, 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 association as ‘owners of the data’.
Over the last 12 months, leading housing group London & Quadrant owning and managing over 70,000 properties has processed a number of property related “live” transactions using AssetCore’s loan security and asset information tool.
In February 2018, L&Q completed their second £500m 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. Inbuilt data validation performed checks on data logic to maintain integrity upon both the upload and subsequent update of the data throughout the transaction resulting in data which was accessible in “real time” to all parties. 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.
As a sector tool, dedicated to the storage and management of asset related information, AssetCore’s system development is very much driven by sector needs. The L&Q team provided feedback having now used AssetCore on a number of major transactions and one of the points raised was around streamlining the upload and the download of documentation by third parties. In early March, AssetCore deployed its phase one enhancement to the document area to support all users in future transactions.
Leading this exercise for L&Q, Yogeta Partridge commented, “we are in the early stages of using AssetCore for our property transactions but we have now completed a number of exercises where we have seen the real benefits of the system and particularly on the basis that there is a “pen holder” throughout the transaction. We feel confident that AssetCore can support our needs and the system will continue to evolve as a strategic tool for Housing Providers across the sector and is a great step forward to streamline the reconciliation of the property transaction data.”