$75m on offer for new developments
New Zealand Mortgages & Securities (NZMS), which is largely backed by Mansons TCLM, is so confident in the region’s future that it has announced it has $75 million of new lending available to the residential development sector.
NZMS director James Kellow says while some developers are struggling to get capital, they have plenty for viable projects and they expect the quantum of their lending in the next few years to mirror the past few.
“We’ve received $50.3 million in recent repayments from successfully completed projects and have a further $127.5 million due in from projects near completion. This means we’re ready to fund new projects and remain very confident despite current global circumstances.”
With a lending book of about $200 million, he says NZMS is well positioned to deal with any economic fall-out resulting from the global Covid-19 pandemic.
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