KordaMentha Restructuring has now commenced a recapitalisation and sale course of for non-bank lender Boomer House Loans.
The recapitalisation course of has began following the appointment of Richard Tucker and Kate Conneely of KordaMentha Restructuring as voluntary directors of Boomer House Loans on August 15.
The non-bank lender was based in 2020 to offer different mortgage options for older Australian’s together with reverse mortgage amenities and is Australia’s first over 55s specialist house mortgage lender designed for purchasers aged 55 and older.
On August 16, it was introduced the Perth-based firm was getting into voluntary administration.
Boomer House Loans launched reverse mortgages in Could 2022, raised greater than $13m in capital and recruited 30 individuals to its workers. Boomer had additionally signed main sponsorship offers with the Fremantle Dockers AFL membership and the Wests Tigers NRL membership for the 2022 and 2023 seasons.
“Boomer has closely invested in its merchandise which have been attributable to launch later this 12 months,” Tucker mentioned. “Boomer has additionally developed an end-to-end expertise platform to assist its merchandise that integrates Boomer’s proprietary software program, Boomer’s web site and third-party functions.”
Tucker mentioned that he confirmed the recapitalisation of enterprise course of was underway with the directors additionally reviewing presents for a sale of the enterprise.
“A sale of the enterprise would come with Boomer’s mental property, together with its expertise platform,” he mentioned. “Boomer is uniquely positioned to offer mortgage options to clients over 55, nonetheless requires new funding to assist operations and the deliberate mortgage guide.”
Tucker mentioned Boomer has clients across the nation.
“There are wonderful progress prospects for Boomer given the demographic tendencies in Australia,” he mentioned.
“The corporate has acquired vital curiosity in its merchandise since launching them to market in Could. “It’s a distinct model that gives a distinct segment service different lenders have been unable to deliver. Given the quantity of capital within the world markets, we consider Boomer will present a pretty platform for capital to discover a house in a tier one jurisdiction with tier one capital.”
A spokesperson for Boomer House Loans mentioned the enterprise was making ready to launch merchandise to the market in 2022, nonetheless required extra capital to assist the enterprise.