The acquisition comes as part of Target’s wider strategy of growth and expansion following its takeover by Tech Mahindra in June last year. 

Target Group hopes that combining Commercial First’s capability with its own primary servicing will allow it to deliver to its clients a market-leading, end-to-end servicing proposition for residential and commercial lending.

“John Barbour and his team have built a special servicing capability in Commercial First that is recognised within the industry as being second to none,” said Ian Larkin, co-group CEO at Target Group.

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“This acquisition fits extremely well within our plans to adapt and innovate in order to deliver exceptional support for our clients.” 

Commercial First provides clients with services in the real estate lending market, which range from loan administration to the full arrears, litigation and repossession cycle. 

John Barbour, chief executive of Commercial First, said that the transaction established a long-term solution for its mortgage servicing activities.

“We very much look forward to working with Target Group’s extensive list of clients and strengthening those relationships while at the same time bringing a new unrivalled service to market for those providers who are looking to outsource all or some of their administration, IT and services,” explained John.

“The next 12 months will be very exciting times as we welcome a number of significant new clients.”