Loan brokerage services

Tender description

Stevenage Borough Council is currently seeking tenders for the provision of a Secured Loan Service. The number of loans which will be made is unknown but could potentially range from 1 to 100+. Whilst the loan funds will be made available by the council we wish to fully outsource the entire administrative process for the loans from a customer’s first contact to the final settlement of their loan. This will include, amongst other things, the application process, risk assessment of the borrower, loan set up, registering of the charge, payments, arrears collection, loan redemption, all administration and day to day processing related to the loans, to an external company. It is essential that this company will be FCA regulated and fully compliant with General Data Protection Regulations (GDPR). Stevenage Borough Council (SBC) wish to fully outsource the entire administrative process for the loans to leaseholders from a customer’s first contact to the final settlement of their loan. SBC is shortly to embark upon a Major Refurbishment Programme of approximately 540 blocks of flats across Stevenage. The programme will run over a 5 year period. Most residents rent their home but approximately 1000 of them are leaseholders, having purchased their flats under the Right to Buy. These leaseholders will need to pay their contribution towards the cost of refurbishment to their blocks. Many will pay by arranging personal financial solutions, but for some residents this may not be an option, due to age, financial circumstances, etc. To assist these customers, Stevenage Borough Council will be offering loans secured by a charge on their property. The number of loans which will be made is unknown but could potentially range from 1 to 100+. Whilst the loan funds will be made available by the council (note that no funds will physically transfer to a leaseholder as the council would already have paid for the works — this is simply the repayment period the council is allowing for the leaseholder to reimburse these costs) we wish to fully outsource the entire administrative process for the loans from a customer’s first contact to the final settlement of their loan. This will include, amongst other things, the application process, risk assessment of the borrower, loan set up, registering of the charge, payments, arrears collection, loan redemption, all administration and day to day processing related to the loans, to an external company. It is essential that this company will be FCA regulated and fully compliant with General Data Protection Regulations (GDPR).