Firstfolio in the market again
Mortgage manager Firstfolio is maintaining the helter-skelter pace of its acquisition program. Just two days after reporting that it had closed its offer for Xplore Capital, it announced yesterday that it plans to acquire Apple Group, a large Tasmanian mortgage broker.Firstfolio will pay $4.25 million for Apple Group, which has a $600 million loan book and settled $200 million of loans last year.If the acquisition proceeds it will create a dilemma for Firstfolio, which markets its aggregator services through its Firstfolio One brand. Chief executive Mark Forsyth said the group would have to consider whether to keep two brands. He said: "Apple is a very strong brand in Tasmania. We will be looking at it."Last November Firstfolio announced the acquisition of three separate mortgage businesses - First Chartered Capital, Loan Services Australia and Xplore Capital.With those deals the group took its loan portfolio from $12 billion to $18 billion. Forsyth has said he wants to get the loan portfolio to $30 billion this year.