A Perth-based brokerage has purchased a residential loan book worth more than half a billion dollars.
Professionals Finance’s acquisition of Finance Company Australia’s book brings their total loan book size up to approximately $550 million.
Professionals Finance chairman Rob Rooke said the acquisition is part of a longer-term goal to become one of the top five brokerages in Australia by 2020.
“As a rapidly growing business, we’re energised by the size and scale of this opportunity,” Mr Rooke said.
“Such attractive terms don’t come around that often, so we’ll be looking to build our profile across a range of financial products.”
In addition to the purchase, Professionals Finance has added 30 new brokers since 1 July, with plans to add a further 12 by the end of the year.
“Our desire to have more brokers servicing our strong Professionals Real Estate network in more areas across Australia is really starting to take shape,” Mr Rooke said.
“We want to be easily accessible for customers looking to gain finance, which means meeting them face-to-face, understanding what their goals are, and then providing tailored advice.”
Professionals Finance joined the third-party channel earlier this year and has a strong partnership in place with Professionals Real Estate.
Just last month, Professionals Finance broker Joshua De Buelle received national recognition after he was placed 10th in The Adviser’s top 30 brokers under the age of 30 rankings.
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