Debt industry leader moves into lending
October 1st 2008 04:16
Fox Symes Australia continues to work towards becoming a financial product and service provider and away from being dependent on debt agreement fees.
Profit before tax was down $4.0 million in the financial year to June 2008 to $4.4 million while revenue was up 18.4 per cent to $40.15 million.
Fox Symes executive director Tim Maher says the company has returned to profitable trading after some transitional costs in 2008.
“We have recorded some record growth figures in the first quarter of 2008/09 [which ends today]” said Maher
Establishment of the redidential mortgage lending business cost Fox Symes $1.8 million in FY08. Changing the IT platform and the debt agreement administration process to deal with the new legislation which came into force last year cost Fox Symes $1.2 - $1.6 million.
The mortgage lending business has lent $100 million of the $210 million facility from Westpac whih has been renewed by another year. The average Fox Symes mortgage is less than $200,000 with an LVR of under 65 per cent. 85 per cent of borrowers are income certified full doc applicants. Fifty per cent of loan applications are brokered to other lenders.
The bridging and factoring finance business has used more than the $10 miliion in funding from Westpac and is currently looking for a wholsale line of credit to continue.
Fox Symes is looking to move into a range of financial products that will cater for customers at each stage of their “financial lifecycle”.
“Now we help people to resiolve their debt issues. What we are developing now is the capability to offer them a range of mony management products and services that will cater for people throughout their financial lifecycle.
was $2.68 incomegrow into a fully fledged financial institution and will soon announce deals tocurrently negotiating partnerships with financial product providersTransition to broking, interest and and commission revenue
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