Finance broking franchise City Pacific Finance, part of troubled listed non-bank lender City Pacific, has been sold to OneLend Corporation for $2.2m.

Subject to certain conditions being satisfied, the transaction will be settled on 12 December.

Melbourne-based OneLend describes itself as "specialised home loan company" and obtains its funding from "a range of national and international funders"

According to its website, City Pacific Finance has 40 franchise offices operating from Cairns to Ballarat and holds a residential mortgage trail book of over $3bn. The franchise group writes new residential mortgage business of about $1bn each year.

The sale of the business was announced on the ASX at 10am this morning.

As part of the ASX announcement, City Pacific said it continued to "actively promote and negotiate with a number of interested parties in respect to the company's other financial services subsidiaries".
 
Its other financial services businesses include mortgage manager CityPac Home Loans, City Pacific Marina Finance and Australian Beneficial Finance.