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Firstfolio goes on the acquisition trail

Mortgage manager Firstfolio announced yesterday that it is in negotiations to acquire three separate mortgage businesses - First Chartered Capital, Loan Services Australia, and Xplore Capital.If all the transactions proceed, Firstfolio will add $6 billion of mortgage assets to its loan portfolio, taking the total to $18 billion.First Chartered Capital is a finance company with a $3.5 billion loan book; Loan Services Australia is a wholesale mortgage manager with a $2 billion book; and Xplore Captal is described as a boutique mortgage manager with a $400 million book.The First Chartered acquisition would include a franchised retail distribution network with 35 outlets. Xplore offers access to the Amway network.Firstfolio chief executive Mark Forsyth said in a statement the company had secured a $25 million facility to fund the acquisitions.

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