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General Finance reports growth

General Finance has reported a significant increase in lending over the past year.

Friday, August 9th 2013, 3:13PM 1 Comment

The company has registered its latest prospectus with the Companies Office. It specialises in short-term advances, secured against residential property.

The non-bank lender reports lending and receivables growth up more than $3 million over the past year, to $8.1 million from $5.6 million.

Debenture borrowings increased $1.7 million to $5.7 million and total assets increased to $9.6 million from $7.3 million.

Director James Lockie said the company was proud of registering its 10th prospectus. “After ten years, we think we know a thing or two about lending into the residential mortgage market. We must have done some things right to still be here.”

Capital was maintained at $3.1 million, with a risk-weighted capital ratio of 64%.

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Comments from our readers

On 10 August 2013 at 11:32 am Ivan said:
I would say they would have to raise their interest rates a damn site more than they are now for anyone to even think about investing with them. High risk demands high rates. Their not a bank.

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