Queensland-based business Option2Buy is facing receivership after only a few short months in the market.
The new home financing company which operates in Brisbane, the Gold Coast and Sunshine Coast is reportedly working on a financial restructure.
Considering the problems the business is facing, acting chief executive director Gen Jenkinson has claimed they have been “impacted dramatically” by the global credit crunch.
According to The Age, many of its 150 staff have not been paid and have been told not to report to work.
The impact on its customers is not yet known.