General Finance Loans
We provide first and second mortgage finance secured over residential property for terms of up to 3 years.
We have an experienced team of mortgage lenders. We specialize in situational loans. This may be clients who are unable to obtain bank funding for various reasons or who simply want a loan quickly without having to go through a drawn out application process with a bank.
We lend on residential property including vacant land and lifestyle blocks in all New Zealand locations close to population centres.
We lend to all types of borrowers including Individuals, Trusts, Partnerships, and Companies
We lend for any legitimate purpose including:
- Home renovations and improvements
- Debt consolidation to enable you to reduce your monthly repayments
- Tax arrears
- Business working capital
- Bridging finance eg buying a new home before the current one sells
- Purchasing a property where the bank has declined to assist.
- Construction or development projects – This may be for the construction of a house, unit, multi unit developments, or the subdivision of land. Typically these loans are advanced by way of progressive drawdown so that funds are made available to meet building costs as the project is completed and as the value of the project increases. These loans are available to clients building their own home, builders, and developers.
We may provide finance in the following situations if the assets are available:
- Impaired credit history or in default with current lender
- No financials or can’t prove income or ability to service a loan
- Unable to pay interest – we can capitalise interest
Our loans usually require payment of interest only. We can also capitalise interest on loans if you do not have the cashflow to be able to pay the interest.
A General Finance loan can help you to establish a good payment history so that you can refinance through a bank, or provide you with time to sell your property at a time convenient to you.
Loan to Value Ratio
We lend up to 75% of the value of the property for first mortgages and up to 65% for second mortgages. We can also provide combined first and second mortgages for up to 80% of the value of a property.
The percentage we lend up to depends on the asset, the borrower, the servicing ability and other factors.
Some of the Benefits of a General Finance Loan
- A General Finance loan can enable you to establish a good payment history so that you can refinance through a bank, or provide you with time to sell your property at a time convenient to you.
- Loan terms of up to 3 years with rollover options are available
- Application requirements are minimal – usually a completed application form and copy of your photo ID is all we require. For regulated (Consumer) loans we will usually also need proof of income and the last 3 months bank statements in order to meet our responsible lending obligations.
- Fast response times: indicative approval within 1 day, loan offer within 2 days
- Loan documentation is completed by the clients lawyer – legal costs are lower and completion times are faster
- There are no hidden costs eg property inspection costs
- We pay broker fees direct on the day the loan is advanced. There is no delay.