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ISCOVER
Jessica Darnbrough
Refund Home Loans could yet again be on the market, as the proposed sale to State Home Loans now appears to have fallen through.
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After months of dithering by the administrators State Home Loans was unveiled two weeks ago as the successful bidder for Refund Home Loans for an undisclosed sum.
But as the Refund saga drags on this deal now appears all but doomed as certain pre-requisites for the buyer to provide have reportedly not been delivered.
According to a letter from Refund administrator SV Partners, if the stipulated conditions cannot be met by the end of this week, the sale will not proceed.
“We are continuing to explore alternative options to resolve the pre-requisites with State Home Loans, however, if a solution cannot be found, the sale cannot proceed,” the letter read.
“We regret the delays and major inconvenience caused to franchisees as a result, however, we can only reiterate that we are working as hard as possible to obtain a satisfactory result for franchisees and creditors.”
SV Partners also said it was continuing to negotiate with other interested parties including Independent Mortgage Professionals.
An amended contract was forwarded to Independent Mortgage Professionals’ lawyer last Monday encapsulating the terms of purchase.
It is understood that IMP intends to purchase the business as a “going concern” which will include the assignment of franchise agreements for those franchisees who have not terminated.
The Adviser made several attempts to contact Independent Mortgage Professionals, however, the number would appear to have been disconnected.
