Tue, 23 Mar 2010 | DIVISION SALE
US business lender GMAC Commercial Finance is disposing of its UK loan book as part of preparations to exit the country by the end of this year.
The US financier attracted media attention in 2008 when it, along with other lenders, withdrew its funding from Woolworths, leading to its highly publicised failure.
GMAC has already offloaded most of its UK business loans book, once worth around £250 million, and it has also quit most of its regional bases.
In preparation for closure of its British business, the American finance group is also to relocate to a smaller office from its present headquarters in Brighton.
GMAC, formerly part of the US car group General Motors, offers loans of up to £300 million to medium-sized businesses. It has also been a significant lender to Focus DIY and fashion house Jaeger.
The group's UK residential mortgage subsidiary GMAC RFC has recently ceased to provide new mortgages, and is believed to be seeking a buyer for its remaining mortgage book in the UK.
It has already sold off a substantial portion of its mortgages to other well known lenders including Bradford & Bingley.
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