FMT in $50 million commercial offer
First Mortgage Trust has launched a $50 million special offer for commercial property borrowers.
Wednesday, May 15th 2019, 10:05AM
The non-bank lender is offering an interest-only 5.99% floating rate for commercial borrowers, and launched the deal earlier this month.
FMT will take a 1% fee irrespective of the contract term, and will loan $750,000 to a maximum of $10 million, according to marketing materials.
Buildings must have an alternative use, and can not be single purpose properties. Annual rent rollover must cover interest payments.
The lender has set aside $50 million for the commercial property deal, which is available for a limited period of time. Loans will be offered on three year to five year terms.
The commercial deal is available in Auckland, Hamilton, Christchurch, Napier, Wellington, Nelson, Christchurch, Dunedin, and the Bay of Plenty.
Commercial buildings eligible for the loans must have 67% NBS building rating.
The deal comes after FMT secured more firepower in February, after its managing company, First Mortgage Managers Limited, was bought out by private equity firm Capital Group. Tony Kinzett, FMT CEO, (pictured), has promised "business as usual" at the firm, which also offers residential and rural mortgages, and equity release products.
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