YBR snaps up leading mortgage manager

by Adam Smith09 Jul 2014
Yellow Brick Road has continued its acquisition push, snapping up a major mortgage manager.

The company had tipped it was circling a mortgage manager for acquisition, and has this morning announced it will acquire 100% of Resi Mortgage Corporation.

Resi managing director Peter James said the acquisition was "an important strategic move" for Resi.

“Both companies share a common vision to provide a genuine diversified “non-bank” alternative for the benefit of the Australian borrowing public.  YBR’s capability in relation to product development, marketing and wealth management services will enhance the capacity to achieve this very important goal,” James said.

James said the Resi business would remain a separate brand and maintain its current management structure, with Angelo Malizis remaining as CEO.

“The YBR Group intends to build on the RESI brand strength and has a number of properties, products and platforms which they plan to introduce to RESI franchisees for the benefit of their customers.”


  • by Regional Broker 9/07/2014 9:26:52 AM

    This will be good for YBR and its major shareholders , RESI were also major writers via the Advantedge system , wonder how the NAB are feeling ?

    Hopefully they will leave this as a franchise operation.

  • by Old Broker 9/07/2014 1:29:05 PM

    Whats a business worth that makes no money. ROE and ROI should be interesting and also if the banks are keen to throw in more money to keep it alive. Like to see what the market prices the stock at.

  • by Coast Broker 9/07/2014 5:19:15 PM

    Another Firstfolio?