Amazing Loan From Fortress
The Age
5 May 2008
Scott Rochfort, Sydney
US FINANCIER Fortress Credit Corporation has provided a $100 million loan to payday lender Amazing Loans.
Amazing Loans has confirmed it had obtained the three-year loan from Fortress Credit, which recently came to the rescue of troubled Brisbane property group City Pacific.The company, whose shares have plunged 75% in the past year and which burned through $6.1 million in the March quarter, said the new loan would help it expand.Amazing Loans' shares last traded at 12?. It is expected to come out of a trading halt this morning."The facility provides a solid foundation for expansion of the business," said Amazing Loan executive chairman Paul Mathieson in a media release. "Our company has come a long way in two years to have the scale required for a $100 million facility and we look forward to our new phase of growth," he said. Amazing Loans, which charges up to 39.9% for its personal loans, failed to say how much interest it would have to pay on the Fortress loan.Fortress recently provided a $100 million loan to City Pacific's First Mortgage Fund, which recently froze redemptions to its unit holders. Fortress also recently provided short-term financing to stricken Gold Coast property concern Octaviar, formerly known as MFS. Amazing Loans' shares were initially suspended from trading in late February when the company failed to lodge its half-year results on time.It finally reported a $4.5 million half-year loss in mid-March which allowed the stock to resume trading. At the time, the company's auditor Ernst & Young said there was "significant uncertainty" whether the company could continue as a going concern.Featured Payday Loan Lender
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