PHOTO: RICKY WILSON/STUFF A top Auckland finance company is offering $75m for affordable residential development.
A finance company largely funded by Auckland’s Mansons family has $75 million to lend for affordable residential property development.
Director of New Zealand Mortgages & Securities (NZMS), James Kellow, said the company remained confident of the Auckland region’s long-term future, saying well-designed and well-situated residential developments would always sell, and demand for affordable housing remained strong.
With a lending book of about $200m, NZMS had $75m on the table for viable projects. “I’d say all of this will be gone in six weeks.
“We’ve received $50.3m in recent repayments from successfully completed projects and have a further $127.5m due in from projects near completion. This means we’re ready to fund new projects and remain very confident despite current global circumstances.”
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