SS&C speeds up Velocity’s lendtech makeover
Velocity Commercial Capital has signed a multi-year agreement with SS&C Primatics’ Evolv platform to revamp its financial operations.
Velocity, a direct portfolio lender, provides investment property loans for residential 1-4, multi-family, mixed-use and small balance commercial properties.
“Controlled end-to-end automation from source systems to the general ledger is a key priority for us. After considering multiple vendors, we chose Evolv because of its strong reputation in the marketplace and expertise with complex loan portfolios and accounting standards,” says Mark R Szczepaniak, chief financial officer, Velocity Commercial Capital.
SS&C adds that Velocity selected Evolv as its integrated risk and finance management platform to comply with ASC 310-20 (FAS 91) requirements under US GAAP standard.
Evolv will automate Velocity’s amortisation of net deferred fees and costs for the loan and securitisation portfolios, in effect, “reducing manual processes and mitigating risk”.
In addition, Evolv’s will provide a centralised accounting process from data validation to disclosures and reporting.
Established in 2004, Velocity manages over $1 billion in commercial real estate loans and securitised assets.
In a separate deal, and at the start of this month, SS&C said it will acquire investment management solutions provider Eze Software from TPG Capital for an all-cash transaction of $1.45 billion.