Firstfolio acquires non-bank lender Calibre
Australian Banking & Finance, December 2011
Mortgage provider and financial services company Firstfolio, has announced the completion of its 100 per cent acquisition of non-bank mortgage lender, Calibre Financial Services.
The $13 million dollar deal, funded by a combination of cash and long-term debt from the Commonwealth Bank will enable Firstfolio to grow into the non-bank lending space, leveraging Calibre’s proprietary lending and trust management platform, while further diversifying Firstfolio’s revenue streams.
These include the provision of professional loan and trust management services in Australia and internationally.
Sydney-based Calibre is a non-bank operating with a warehouse funding line from the Westpac. It issued its first mortgage-backed security to institutional investors in October 2007.
