With Bank's playing it tough on new and existing lending, Non Bank lenders are fronting up with non-bank products to give you more options.

A Non Bank Lender, Sub Prime or Private Lender is what you may need if your Bank has said No or is making life difficult.

It was not that long ago that lenders were fearing a double dip recession, especially after the Chrstchurch tragedy. There is though of late,  signs of increased confidence returning to the New Zealand market, with the larger cities like Auckland and Wellington and provincial centres like Tauranga, Hamilton and New Plymouth showing growth in the real estate sales. This though, could be still be described as patchy, with some suburbs benefitting more than others. We are still finding though that the Banks' are  very much entrenched in conservative no risk credit policy to protect themselves from any further bad debts. Though to give them some credit they are making an effort to assist first home buyers with the cautious re introduction of low deposit home loans. There is now an incraesing need for Non Bank or Private lenders who will assist those clients with either residentail or commercial funding when their bank says NO. The interest in looking for alternative means of funding outside the mainstream  Banks, lead to the introcustion of an exciting new website www.nonbank.co.nz, giving New Zealander's a better understanding of alternative lenders in the market. 

Whilst the Banks' policy may be considered a wise move, it has had a serious impact, firstly on the growth of new business or property ventures and secondly with the person who needs a hand consolidating debt, a loan repayment holiday, bridging finance or some breathing space to allow for the sale of a property. You will hear on the news that applications for building consents are way down and that there is a shortgage of homes.Some of this is caused by builders being unable to find funding for "spec" homes.

We are working with a number of Non Bank lenders, some who specifically target residential and commercial build projects, who operate in the space outside where their normal  Bank will help them. Too often when the bank says “NO” we are seeing clients just give up, or obtaining funding with horrendous rates and fees. Refer Non Bank Construction.

Often we can direct a client to a Non Bank, Private lender or Finance Company with interest rates as low as 9.5% and saving you in excess of 4% in interest costs and fees. On a $300,000 loan this would be in excess of $12.000.00 over a 12 month term!

If your Bank has said “NO” do not despair and do not be pressured into accepting a loan offer that seems unreasonable.

Our Non Bank Lenders include private investors, who use their solicitor to target investments, private individuals, who we have been dealing direct with for in excess of 10 years and companies, who have a combination of their own capital and a funding line. In some instances second mortgages are also available. With the demand for Non Bank Loans ever increasing we have a dedicated Non Bank website with an online enquiry form.

Contact us for more information
info@firstratemortgages.co.nz
or Freephone 0800 699436 (0800 OXYGEN)

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First Rate Mortgages - "Financial Fresh Air"