Login
ISCOVER
Mortgage Choice’s chief executive Michael Russell has spoken about the group’s decision to sell its wholesale aggregation business, LoanKit.
Yesterday, Finsure announced it had purchased the wholesale aggregator for an undisclosed sum.
Commenting on the purchase, Mr Russell said the “unsolicited offer” came as a surprise to the brokerage.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
“Mortgage Choice did not have LoanKit on the market for sale,” he said.
“The reality is, we received an unsolicited offer and, in evaluating that offer, we deemed it in the best interest of LoanKit and Mortgage Choice to sell that business.
“We are very confident the business is being sold into good hands and the purchaser has the best intentions to grow that business.”
Speaking about some of LoanKit’s recent achievements, Mr Russell said LoanKit’s settlements were up 45 per cent over the financial year and loan book growth was up 69 per cent for the same period.
“In addition, broker numbers have increased from 256 to 330 throughout the year. This is a young, exciting business that has a lot of growth to look forward to over the years to come, and we wish everyone involved in LoanKit much success,” said Mr Russell.
Mr Russell went on to say that the branded brokerage had no plans to purchase another wholesale aggregator in the near future, instead choosing to focus on the growth of Mortgage Choice.
