OneLend buys mortgage network
City Pacific yesterday said it sold its network of mortgage origination outlets to OneLend Corporations, a Melbourne-based mortgage manager. OneLend will pay $2.2 million for the business. City Pacific issued shares with a then value of $38.8 million to the vendors of what was then known as Terrain Finance in late 2004. City Pacific has made some small, add-on acquisitions to the business since then.City Pacific wrote off the goodwill in its financial services business in the June 2008 accounts.