Non-Bank lender and Mortgage Manager, Mortgage EZY has announced it will acquire Great Pacific Finance’s $375 million loan book in a bid to build up its loan portfolio.
The non-bank lender’s executive chairman and founder Peter James said the purchase substantiates the company’s strong financial position in the market.
According to Mr James, MortgageEzy has had several offers to purchase other loan books in recent months, however, the company wanted to wait till the timing was just right.
“Timing is imperative and this was the most tactically significant and sensible one for Mortgage EZY now however, tomorrow is always another day,” he said.
Under the terms of this acquisition Trail obligations to the Great Pacific Introducers would be honoured.
The acquisition comes hot on the heels of the company’s recently launched uQUIT variable term loan, which slashed 20 basis points off standard wholesale pricing.
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