National Mortgage Company acquires the shares of AFM, 16th March 2015.
Australian First Mortgage has announced it will merge with one of Queensland’s most prominent non-bank lenders.
Founding directors Tanya White, David White and Iain Forbes have confirmed that National Mortgage Company has acquired the shares of Australian First Mortgage, in a move that will see the new combined entity grow its loan book to over $4 billion, write $1 billion a year in new business and generate revenue of over $30 million per annum.
AFM managing director Tanya White said the merger is a “hand-in-glove” fit.
“The merger compliments both of our existing operations and will provide our brokers and their customers with higher levels of service and support,” she said.
“It will combine NMC’s back office capabilities with AFM’s broker distribution platform and robust branding to build scale and growth.
“In addition, coupling AFM’s national footprint and deep aggregator network with NMC’s operational infrastructure will put the merged entity amongst the largest non-bank lenders in the country, where it can access increased funding lines at very competitive pricing.”
The move follows the earlier announcement of the retirement of industry stalwart and joint AFM founding director Iain Forbes.
With the approaching retirement of Mr Forbes, Australian First Mortgage has been actively considering opportunities across a range of complementary financial service providers and, as such, identified growth opportunities within National Mortgage Company.