Listed mortgage and financial services company Affiance Group is to enter a residential lending joint venture with Mirvac subsidiary James Fielding Capital.
Heads of agreement were signed yesterday for the joint venture, which will offer tailored lending products for the high-value end of the residential market.
Affiance chief executive Mark Forsyth said the venture was in line with the group’s strategy of establishing a “leading position in niche high-value segments” of the residential lending market.
“We expect that the venture will meet the increasingly diverse and sophisticated financing requirements of today’s property buyer, both investor and owner occupier,” he said.
Affiance will bring to the new joint venture its “mortgage management experience, proprietory software and systems, and a strong distribution network”.
The network will be enhanced by its acquisition last month of a major shareholding in residential mortgage broker/aggregator Lawfund Australia, with a loan book said to be in excess of $5 billion.
James Fielding will provide the new joint venture with its “funds management expertise, capital raising and trust management support, while Mirvac will assist with development and marketing”.
