AssetCore signs licence agreement with Independent Corporate Trustee
AssetCore has signed a licence agreement with The Law Debenture Trust Corporation p.l.c., the UK’s leading independent corporate trustee. Working with a wide range of UK and international entities, Law Debenture provides both bond and security trustee services to a number of leading housing associations and its signing of a licence agreement with AssetCore will enable HAs using the AssetCore system to share standardised property security data with them.
Commenting on today’s announcement, Nathan Pickles Director at AssetCore said “we are very pleased to announce our agreement with a leading trustee business like Law Debenture and expect to follow this up very shortly with other significant announcements regarding major banks, institutional investors, law firms and valuers joining AssetCore. The roll out of the system across lenders, trustees and professional advisers will ensure that housing associations using AssetCore will quickly gain access to the streamlined processes, cost efficiencies and improved liquidity which it is able to deliver.”
Darren Levene, a Director in Law Debenture’s corporate trust business, commented: “We are delighted to be working with AssetCore to assist in the development of their security and asset data system and look forward to working alongside clients who wish us to be ‘AssetCore enabled’. Maintaining a current and accurate list of the real estate data underlying each housing association transaction is critical to trustees and to lenders. This process tends to be administration heavy, so any system that makes the reconciliation process easier and more transparent for the parties concerned should prove to be extremely beneficial”.
Law Debenture is unique as a specialist provider of trustee services and a key player in the housing association market. As it is not bank-owned, it will have no other financial involvement on the deal (so, for example, it will not be trading in the debt) and no other relationship with a borrower which might give rise to a conflict of interest. This independence gives comfort to both the lenders and the borrower.
Launched in December 2015, AssetCore is a fresh new approach to store, manage, analyse and share asset and property security data and documents in the housing finance sector. AssetCore is also an Asset & Liability register solution.