More than seven months after SV Partners was appointed to complete a quick sale of Refund Home Loans, the business has officially now been sold.
According to a statement from the administrator, SV Partners, sent to The Adviser, a sale contract with Homeloans was executed on 18 May 2012.
Settlement of the sale is due to occur on 8 June.
Under the terms of the sale, Homeloans is expected to purchase the loan book, distribution network and “selected items of intellectual property of the company”.
“As part of the sale, current franchisees will also be offered the opportunity to become a Homeloans broker,” the statement from SV Partners read.
“The sale to Homeloans will see the company’s fixed and floating charge holders and employee entitlements paid out in full and will also provide a return to unsecured creditors. The sale will also see refunds owing to clients paid out and will provide an opportunity to franchisees to continue to operate a business and receive future trail income.”
Further details of the sale are expected to be released upon settlement.