Non-bank commercial lender Equity-One has accepted a deal that will result in the Melbourne-based company being acquired by Westlawn Finance Limited.
Equity-One managing director Dean Koutsoumidis (pictured) said existing clients can expect more positive aspects from the acquisition.
‘’We essentially service two groups of clients - our commercial SME borrowers and the investors that invest in those respective mortgages,” Koutsoumidis said. “In this sense, we are a true peer-to-peer platform. Westlawn has a long history of excellent outcomes for both its borrowers and investors, and, together, we plan to continue the services that our clients have grown to know and rely on us for.’’
He said the goal for Equity-One for 2022 is to continue to be relevant to its brokers and provide great service with no significant changes.
Westlawn is based in Grafton, northern NSW, and has nine branches across that region. It provides a range of financial services, including personal loans, mortgage broking, business loans, insurance broking, wealth management, and accounting and tax services.
Equity-One Mortgage Fund Limited is located in Melbourne and operates a contributory mortgage scheme (currently peer to peer), with approximately $350 million of funds under management.
Read More: Equity-One’s loan solutions stand test of time
Westlawn is a subsidiary of COG Financial Services Limited, a leading finance broker aggregator and equipment leasing business for SMEs.
“This is a highly EPS accretive transaction using a portion of the surplus cash on Westlawn’s balance sheet,” COG CEO Andrew Bennett said. “In addition, Westlawn will provide growth pathways for Equity-One Mortgage Fund Limited through the utilisation of its existing branch distribution network.”
Bennett said the Equity-One deal was a major milestone, enabling COG to continue its acquisition-led growth strategy by allowing it to acquire additional asset finance businesses to the value of $31 million without the need to raise additional equity.
