An independent valuation of the Mike Pero Mortgages business reckons a 50% stake in the firm is worth $2.76 million.
The review, completed by Simmons Corporate Finance, was done after NZF agreed to sell its half share in the business, plus a half share in Mike Pero Real Estate, to its joint venture partner Liberty Financial.
In a statement to the NZX on Friday, NZF says its board is yet to review Simmons Corporate Finance's valuation and the proposed sale is subject to shareholder approval.
A notice of meeting will be lodged shortly.
NZF and Liberty gained control of the Mike Pero Mortgages business in 2006 following a successful takeover bid of the company that was at that time listed on the NZX.
At that times its offer valued the company at $20.63 million.
Melbourne-based Liberty is a big player in the Australian lending markets and has been active in New Zealand, particularly in second-tier lending. However in the past year it has entered the prime home loan space and offers a very competitive floating rate of 5.64% (see how it compares here )
Liberty also bought non-bank deposit taker Business Finance and has become active in the deposit taking space.
