CITY Pacific has bought Australian Beneficial Finance, a mortgage manager, in a transaction based on the performance of company.
The purchase price of the business is structured on an “earn-out” basis spread over three years based on performance. ABF is a mortgage manager specialising in residential mortgage management, commercial and development funding
ABF will add a further 89 brokers to City Pacific Finance’s current broker and franchise network and has established a book of $115 million in mainly ABF branded residential loans over the past year.
City Pacific recently announced that it expects to post a record profit between 15 and 20% above the 2006 result of $62.1 million for the full year ending June 30 2007.
Australian Property Journal
