Refund Home Loans franchisees still plan to bid for the business, but have expressed frustration with administrator SV Partners.

A letter obtained exclusively by Australian BrokerNews has revealed details of a bid to be put in by a group of Refund franchisees. The letter, sent by a franchise representative, claims Refund brokers would give full support to a sale of the business to a "genuine buyer", but failing this would bid seriously for the business themselves.

A sale of the business to franchisees would enable Refund brokers to own their own trail books, decide on their own branding and set their own business models. This would also mean Refund brokers would no longer be required to offer commission refunds.

The letter has claimed that franchisees have found investors willing to fund the bid, and has asked for a three-year commitment on behalf of Refund brokers supporting the bid.

The letter also blasted administrator SV Partners, saying the administrator has avoided input from franchisees and is selling the business "as if they are selling a herd of cattle".

The communication also claimed the administrator "would have happily sold the business" to a bidder that was purportedly rejected by the company's aggregator, Choice.

"It is the opinion of a number of franchisees that the sale of the business can be achieved within days rather than weeks, to the maximum benefit of all creditors, if SVP would present the top bidder(s) to the franchisees together with our bid. In that way we can all make a considered decision concerning the merits of the various options," the letter said.