Law firm turns peer-to-peer lender
Citizens Brokerage, an Auckland-based law firm, has become a peer-to-peer lender, offering loans on residential property.
Wednesday, February 1st 2017, 3:42PM
The business is run by solicitor John Turrell. He sought a peer-to-peer licence because of the rule changes for contributory mortgages.
Citizens Brokerage has a loan book of $35 million to $40 million and lends on residential property up to 66% LVR, with rates up to 7.5%.
Most of the business is done via brokers.
The exemption from compliance of lawyers and law firms who act as contributory mortage brokers ended when the Securities Act (Contributory Mortgage) Reguations 1988 ceased.
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