Richard Tucker and Kate Conneely of KordaMentha were today appointed voluntary administrators to the Boomer Home Loans Group.
Boomer was established in 2020 as the first specialist non-bank lender for over 55s in Australia offering reverse mortgages as well as new home loan products to the over-55 market.
The appointment followed withdrawal of planned financing from an institutional funder which had been in very advanced negotiations with Boomer for the past eight months. As a result of the strong relationship with the financier and in anticipation of final approvals, Boomer had scaled its business and team to assist its clients.
Boomer is based in Perth and has a customer-base around the country. Mr Tucker said the administrators' priority would be to find an alternative capital partner.
Mr Tucker said: "There are excellent growth prospects for Boomer, given the demographic trends in Australia. The company has received significant interest in its products since launching them to market in May."
"Boomer is a distinctive brand that offers a niche service other lenders are unable to bring. Given the amount of capital in the global markets, we believe Boomer will provide an attractive platform for capital to find a home in a tier 1 jurisdiction with tier 1 capital."
The administrators will shortly begin seeking urgent expressions of interest for the recapitalisation of the Group.