Affiance seeks control of Lawfund

Affiance is negotiating to take a majority stake in mortgage aggregator Lawfund Australia. Affiance reached an agreement to buy a 42.4 per cent stake from some existing Lawfund shareholders for $2.74 million. Affiance thus values Lawfund in the order of $6.5 million. Lawfund claims to represent more than 1,000 mortgage brokers who earn trailing commissions on a loan portfolio of in excess of $5 billion, according to the company website.