Resimac buys out non-bank lender

by Calida Smylie01 May 2014
Non-bank lender Resimac has purchased mortgage company State Custodians.

Resimac, a wholesale funder, became majority owners of online lender State Custodian in 2011 and now owns 100%.   

State Custodian CEO Heidi Armstrong has resigned.

She founded the business with David Westerman – the director of online sales – in 2006, but told Australian Broker that with the most recent acquisition she felt it was time to go.

“It’s one of those things – how long can you stay? I’m very proud of building up State Custodians and it’s just time. So there’s nothing other than it’s time for a new chapter.”

Armstrong is reticent on her future plans. “At this stage I just want to make sure the transition is smooth. I’m assessing a number of opportunities both within the industry and related fields. But at this stage I’m not specifically moving in any particular direction.”

But Armstrong is “very happy” with the sale, as she believes the company – which won Money Magazine's non-bank lender of the year three years running – will be in good hands with Resimac

She declined to comment on who her successor is, or details of the acquisition. 

Resimac CEO Warren McLeland could not be reached for comment, but a statement from the company thanked Armstrong for her contribution and wished her well for the future.

Resimac terms itself the “pioneer” of Australian Residential Mortgage Backed Securities, issuing more than $14.5bn since 1988 through 25 domestic and international RMBS issues.


  • by Old Broker 1/05/2014 11:59:01 AM

    Tough Business folks...remember turnover is not profit...