OFG has closed its commercial mortgage lending and related funds management activities.
OFG said its small lending base, coupled with an increasingly competitive commercial mortgages sector, has led the company to conclude that shareholder capital could be more effectively deployed into other activities.
The company will pay back $27 million in capital as current loans mature on its balance sheet over the next 12-18 months.
The company does not expect this change to impact on its FY07 or FY08 financial results.
Australian Property Journal
