Asset Loans Group, an Australian Securities Exchange-listed finance and property investment business on the Gold Coast, is up for sale.
Prior to being put into administration, Asset Loans provided first and second mortgage loans and a small number of unsecured loans to property developers. The credit crisis and successive interest rate rises have impacted heavily on the property market, with companies such as City Pacific recording losses of $139 million in the last financial year.
The outcome of the sale program will be a key determinant in the eventual dividend to Asset Loans creditors.
The sale of the group includes developments in North Queensland, Hervey Bay, Port Kembla and Bowen Marina. The administrators of the Asset Loans Group, Deloitte’s John Greig and Richard Hughes, anticipate strong enquiries from trade and financial buyers.
