RESIDENTIAL property mortgage lender, RAMS Home Loans is heading for the Australian Stock Exchange and ANZ has been approached to sell its mortgage unit.
RAMS founded John Kinghorn is expected to float 80% of the company, whilst retain 20% in the company.
RAMS which has been the subject of a $1 billion takeover target of private equity firm Kohlberg Kravis Roberts is set to raise $700 million in an initial public offering.
RAMS’ has some 46 franchisees operated 71 stores across
If RAMS does list it will join in a handful of ASX-listed mortgage lenders/brokers including Mortgage Choice, which listed in August 2004 and as at December 31 2006 had a loan book of $27.7 billion – giving it a 4.6% share of the marketplace.
Meanwhile, ANZ Bank is undertaking a strategic review of its $7 billion wholesale mortgage distribution business, Origin, after receiving takeover offers.
In a brief statement to the ASX, the bank said “third parties” have expressed an interest in buying Origin.
Origin provides “third party branded” residential loans originated by mortgage managers.
Origin is one of the largest networks of mortgage managers in the wholesale business in
Australian Property Journal
