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BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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BFCSA: Ho Ho Ho - Firstmac up for sale in $500 million auction

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Firstmac up for sale in $500 million auction

http://www.brokernews.com.au/news/breaking-news/firstmac-up-for-sale-in-500-million-auction-218111.aspx

Non-bank lender Firstmac will be put under the hammer with Goldman Sachs hired to find a strategic investor or buyer for the company, it has been revealed.


According to a report in theAustralian Financial Review (AFR), managing director and owner, Kim Cannon, is willing to consider selling a 30% to 40% stake in the business, or even the whole company.

Goldman has approached potential buyers including banks, private equity firms and offshore strategic players the AFR has reported, ahead of a two-part auction.

The non-bank lender has about $8 billion in mortgages under management and makes about $20 million in annual profit. The AFR estimates the business could be worth up to $500 million.

According to reports, Cannon has been approached several times about selling Firstmac, which includes online lender loans.com.au, including interest from big Australian banks. 

Buyers expect Firstmac's auction to be up and running within a fortnight, the AFR has reported. First-round bids are due in the second half of July.

 

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Guest Thursday, 02 April 2020