Lender seeking projects
More than half of the money New Zealand mortgages and securities earmarked to invest in Auckland property development has been lent, New Zealand Mortgages and Securities says.
Friday, August 9th 2013, 12:00AM
by The Landlord
NZMS announced in February that it had $100 million available.
Head of lending James Kellow said this week that $55 million of funding limits had now been approved, for projects ranging from a retail redevelopment in Constellation Drive to apartments in Devonport.
Another $10 million of deals is under discussion.
Kellow said he was particularly keen to look at funding mid-range residential and medium or large-scale first-home developments.
NZMS invests its own capital and assess its own risks. Loans can be approved quickly. “In the last six months, we’ve also brokered $421 million in bank finance approvals, with deals ranging from $5 million upwards.”
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