Refund Home Loans in administration but buyers waiting in the wings

Mortgage broking group of Refund Home loans have been placed into administration, but some buyers are considering acquiring a company that has more than 350 franchise and substantial stake in the growing alternative home loan market.

The announcement comes just 18 months after the Australian Competition and Consumer Commission slammed the company and Ormond, after he admitted making false and misleading statements to the franchise agreement with the ACCC itself.

It also comes just two weeks after re-named Ormond BRW as one of the richest people under 40 in Australia, with his fortune increased $ 5,000,000 to $ 33,000,000.

Ormond was contacted fashionable company this morning, but declined to comment.

However, a company spokesman said the company had endured "difficult 12 to 18 months."

"Banks have been tightening up their lending to small businesses, and that's just the reality of the situation. They have made it especially difficult," the spokesman said.

"The company is really under funded, and we have a director responsible. So, the banks had no choice but to put into voluntary administration."

Repayment has occurred since the beginning of the year, particularly in Queensland where the property sector has been the January floods.

However, the spokesman confirmed that four buyers are now involved and the franchise - which still operate - are also looking at buying a business.

The company hopes to use the company's strong brand as leverage, and its scope - the company has a loan book worth $ 2,000,000,000th

While the company does have $ 2,500,000 in liabilities, a spokesman says this is "a small amount of debt relative valuation of the company."

Looking administration has no effect on real estate or financial planning company departments. A sales process is underway, led by managers SV Partners.

It is not known whether competitors are eyeing stake in the company, although the franchisee's footprint would be very attractive for a number of current players.

Two other businesses operated by the Ormond Refund Real Estate or reimbursement budgets, not management, which remains unchanged.

Ormond launched Refund back in 2003, after working in the financial banking industry. A model company based on providing for reimbursement of fees it receives from creditors.

The company has been substantial growth in recent years, the franchise's growing more than 350, carving out a large part of the growing market for mortgage products originating outside the big four banks.

The refund will appear in Smart50 list of fastest growing Australian SMEs in both 2008 and 2009, ranked as the sixth and 43, respectively.

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article source :- http://www.smartcompany.com.au/finance/20111017-refund-home-loans-falls-in-administration-but-buyers-waiting-in-the-wings.html