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Firstfolio has officially completed two of the three acquisitions it announced last month, taking the group’s total loan portfolio to $18 billion.
The company has completed the separate acquisitions of the $3.5 billion loan aggregation portfolio and 35-franchise retail shopfront network of east coast finance company, First Chartered Capital (FCC), and the $2 billion mortgage-managed loan portfolio of Loan Services Australia.
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Firstfolio’s chief executive officer Mark Forsyth said the transactions meant the group’s mortgage loan book had grown more than 30 per cent in 2009.
“The acquisitions of FCC and LSA have come together very well, and we expect a smooth integration process for the acquired assets, commencing in January,” Mr Forsyth said.
“The acquisition of FCC’s 35 franchised retail outlets represents a particularly exciting opportunity for Firstfolio to become a leading lender to SMEs along the eastern seaboard in 2010. The FCC franchise owners we have recently spoken with are seeing an increase in demand for finance, so the potential for Firstfolio to extract growth from this segment is significant.”
Mr Forsyth said the remaining acquisition of Xplore Capital’s $400 million mortgage-managed book would be completed early next year.
