La Trobe Financial, which is an Australian lender specialising in non-conforming loans (i.e. if you are too risky for the big banks, you go to La Trobe) has decided that its time to cash in its chips (via the Financial Standard):
Melbourne-based La Trobe Financial, one of the largest non-bank lenders in the country, struck a landmark deal with New York-based private equity giant Blackstone.
In a deal announced this morning, Blackstone has taken an 80% stake in the privately-owned firm for an undisclosed sum.
Chief executive Greg O’Neill will retain 20% ownership and continue in his role while the existing management and executive team will also remain unchanged.
O’Neill said the opportunity for La Trobe to partner with Blackstone was the perfect fit for staff, customers and the business.
One more name to add to the list of real estate insiders who can see the writing on the wall.