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ISCOVER
Staff Reporter
Pepper Australia has officially concluded its acquisition of GE Capital’s $5 billion residential mortgage portfolio.
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The acquisition, which was initially announced on 25 May 2011, will enable the non-bank lender to grow its assets under management quickly.
Pepper managing director and chief executive Patrick Tuttle said the acquisition of this loan portfolio is transformational for the non-bank lender.
“At a time when non bank lenders are seeking to grow their market share, this acquisition will help rebuild a competitive marketplace, and broaden the choice of home lending options for consumers,” he said.
“We now look forward to completing the detailed integration of day-to-day servicing and management of the GE Capital loan book with Pepper’s existing lending and third-party servicing operations. This will create exciting employment opportunities as we establish a new loan servicing and customer service centre in Parramatta, further expanding upon our existing origination and servicing platform located in North Sydney.”
Pepper executive chairman Mike Culhane said the strong support of senior facility providers, Commonwealth Bank of Australia, National Australia Bank and Westpac Banking Corporation, as well as mezzanine investors comprising Deutsche Bank AG, Värde Partners, Inc., York Capital Management, IFM’s Alternative Fixed Income Fund, MKM Capital and Sturt Capital, was instrumental in enabling Pepper to complete the transaction.
