Powered by MOMENTUM MEDIA
subscribe to our newsletter

Firstfolio to pursue growth opportunities

A Firstfolio director has acquired the company’s $29 million debt facility from CBA and is keen to pursue new business.

Firstfolio announced yesterday that it has entered into binding documentation with Welas Pty Ltd and CBA in relation to the acquisition by Welas of the company’s existing $29 million debt facility from CBA.

The ASX announcement noted that Welas is a company associated with Firstfolio director and substantial shareholder Tony Wales.

Firstfolio and Welas have also entered into binding documentation under which, immediately after completion of the acquisition, the maturity date of the assigned facility will be extended to 7 July 2016.

On completion of the acquisition of the assigned facility, and given the $29.3 million of subordinated loans currently provided by Welas to the company (subordinated facility), Welas is now Firstfolio’s sole senior debt provider.

Advertisement
Advertisement

Commenting on the acquisition, Mr Wales said that he was delighted to continue his ongoing financial support of the company, which, with a materially strengthened financing structure, is now well placed to pursue growth opportunities.

“I am a committed long-term shareholder and financier to Firstfolio”, Mr Wales said.

“Given the ongoing consolidation and evolution of the financial services sector, I believe the company is well financed to build on its market position and support its customers by delivering innovative financial service solutions,” he said.

Mr Wales’ comments were echoed by Firstfolio chairman Eric Dodd.

“This places the company on a strong financial footing to pursue new growth opportunities while enabling Firstfolio to reduce its debt in a measured manner over time,” Mr Dodd said.

PROMOTED CONTENT


“Firstfolio has a very strong nationwide mortgage broker network with one of the leading online non-bank mortgage providers in eChoice, which provides tailor-made solutions to clients through its innovative technology,” he said.

“The consolidation of our debt facilities and extension of the maturity of the Assigned Facility means we are very well placed to consider new alliances and build on the $18 billion in loans under management across the company.”

Welas will be the company’s first ranking senior secured debt provider for the total amount of approximately $58.3 million.

Firstfolio to pursue growth opportunities
mortgagebusiness

Latest News

The big four bank has confirmed that it is rolling out a new program of work to increase the speed in which it provides unconditional approv...

The ASBFEO has called on government to fund a revenue-contingent loan scheme for SMEs to help them manage cash flow once support measures en...

The fintech’s debit card and pay facilities will come offline today following the neobank’s decision to exit the banking business. ...

FROM THE WEB

Join a group of highly informed brokers.

Broker Pulse, a community-driven knowledge base of lender performance Reveal exactly which lenders are making life easiest for brokers and their clients by taking this monthly survey and joining a group of highly informed brokers who leverage these insights every month.

JOIN NOW
podcast

LATEST PODCAST: A new mortgage lender enters the fray

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.