MA Financial Group has secured full ownership of non-bank mortgage lender MKM.
MA Financial is an ASX-listed diversified financial services company focusing on asset management, lending, corporate advisory, and equities. It manages $6.9 billion in assets under management.
The company secured a 47.5% stake in MKM in October 2020 and by taking full ownership, MA Financial can now capitalise on the growth in Australia’s residential home loan market. It also complements MA Financial’s acquisition of leading broker aggregator Finsure, which it purchased from BNK for $151.6 million in December.
Joint CEO of MA Financial, Chris Wyke (pictured) said the acquisition of MKM would create a new and exciting player in the Australian lending market.
“MA Financial sees the Australian residential mortgage market as a huge growth opportunity,” Wyke said
“Becoming part of MA Financial is an exciting evolution for MKM, which has been providing Australian borrowers with tailored home loan solutions since 2004.
“We plan on using MA Financials’ funding firepower to allow MKM to offer new and unique solutions to the third-party mortgage broking market and fill strategic gaps in the product offering currently available to Australian brokers.’’
Wyke said MA Financial would provide significant financial backing, along with powerful technology and deep proprietary capabilities in credit and lending, so that MKM can become a lending partner of choice.
He said MA Financial has wanted to build a scalable platform in the residential mortgage lending market for several years
MA Financial planned to make substantial investments by scaling up MKM’s operations and introducing a diverse and comprehensive range of products for brokers to offer their clients.
“There will be more to come regarding our strategy with MKM and the generational opportunity for non-bank lenders in the Australian mortgage market. We look forward to sharing this with MKM’s customers, brokers, and distribution partners in due course,” added Wyke.
As part of the acquisition, MKM founders and managing directors Graham Mendelowitz and Mervyn Kark will depart the company. MA Financial management thanked the pair for growing the business from a small specialist lender into a near prime and mainstream home lending company.
