Yellow Brick Road Holdings Limited (ASX: YBR) (“YBR” or the “Company”) announced today that it has entered into a conditional agreement to acquire the privately-owned mortgage manager and originator RESI Mortgage Corporation Pty Ltd (“Resi”).
YBR’s Executive Chairman, Mark Bouris, said: “The acquisition of Resi is another important milestone in our strategy to become a leader in the ‘Non-Bank’ segment. Resi will provide YBR with:
•Enhanced scale and national presence in its mortgage distribution channel;
• A complementary business model in mortgage origination and management, including a credit team;
•Significant opportunities for growth of YBR’s comprehensive suite of financial services products and services through the Resi network;
• A reputable brand established over an almost 30 year history of operation;
• A strong management team and committed franchise network;
• A profitable business that earns commissions from its growing franchise distribution network and from its loan book.”
