Receivers seek buyers for four Waratah Cooperative Housing Society mortgage portfolios worth $102 million

Receivers are seeking expressions of interest for more than $100 million worth of mortgages attached to collapsed Queensland-based lender, Waratah Cooperative Housing Society.

Based in Toowong, Brisbane, the society was placed in receivership in December last year after it defaulted on its loan with the Commonwealth Bank.

The cooperative received commercial financing from the Commonwealth Bank and then lent it on as residential home loans to Queensland-based borrowers.

Receivers Michael McCann and Graham Killer of Grant Thornton are seeking expressions of interest for three loan portfolios comprising 500 residential home loans worth $80 million.

Receivers Damian Templeton and Philip Hennessy from KPMG are seeking expressions of interest for one loan portfolios comprising 140 residential home loans worth $22 million.

Expressions of interest close on July 25.

Last year Queensland-based Poinciana and Jacaranda Co-operative Housing Societies were placed in receivership after defaulting on a commercial loan used for residential lending. The two lenders had loan books of $120 million providing mortgages for homes in regional Queensland.

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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