News Round Up
Monday, August 14th 2006, 6:34AM
Sentinel has come out in support of the released Retirement Commission report on home equity release schemes.Sentinel managing director Richard Coon says his company’s own research also confirms people who use an HER scheme are generally satisfied with their home equity release plan.
The commission suggested people considering HER schemes look at alternative products. Sentinel, says that as a minimum, people considering an HER scheme should use a company which meets the Safe Home Equity Release Plans Association (Sherpa) code of practice.
Currently only one company is listed on Sherpa’ website as meeting the code of practice – that is Sentinel.
Rifleman shooting for dollars
New finance company Rifleman Finance Group has registered its prospectus and is about to make an announcement on two “imminent” development deals.
Rifleman’s offer is for the issue of up to $150 million of interest bearing secured debenture stock.
The company believes it has identified a unique opportunity to provide expert, specialised financial services to New Zealand’s property development and property investment markets.
“Inflation, the slowing economy and tighter debt servicing costs will quell the market’s appetite somewhat but quality finance companies will prosper in this environment,” it says.
Rifleman managing director Murray Greer says that major banks are tightening their credit criteria, thus making more room in the market for finance companies.
“We will lend primarily to experienced and proven property developers, with the company’s loan advances generally secured by second mortgage over real property. Rifleman will typically also require that its advances be secured by guarantees and other forms of collateral security.
“We intend to diversify risk by lending across a range of residential, industrial and commercial property. The company’s lending activities will initially be limited to New Zealand, though these activities may be extended to selected overseas markets in the future,” Greer said.
Liontamer closes one fund, keeps another open
Liontamer has closed the super-booster units part of its new GLOBAL Series 2 fund, but is still accepting applications for booster units.
It says aplications for booster units have been extended by two weeks to August 25.
It says that it is on target to achieve a participation rate close to 150% for the Super-booster units (these units have 90% capital protection).
Booster units, which have full capital protection are looking to have a participation level of around 120%.
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