Bublitz, who got out of Strategic after it was sold to Allco, cropped up last year when his involvement in related party loans to Viaduct Capital shareholder Phoenix Finance Holdings fell foul of the Treasury and cost the lender coverage under the government's retail deposit guarantee. Since then, he has reemerged to front Mutual Finance in a deal that will see him assume 100% ownership in October. Mutual Finance launched a prospectus to raise some $4 million in March, and has turned its business around with a full-year profit likely after it posted a $126,000 loss in the 12 months ended March 31, 2009 after it cut its provisioning for bad loans in the eight months ended November last year.

The company was exempted from requiring a credit rating with its assets of $4.2 million coming in below the $20 million cap.

Lindsay Kincaid, the last of the company's old owners, stepped down from the board last week after Bublitz's shell company Argus Capital boosted its holdings to 80% in March.

In its March prospectus, independent chairman Paul Hocking indicated the company is in a position to grow from its "relatively small base" and said it will operate in the same manner as it did under its previous owners.