Mortgage banker Cairns Lockie is setting up a nominee company, broadening its scope for mortgage lending.
The nominee company will operate in exactly the same way as solicitors' nominee companies, pooling retail funds and then lending them out on individual mortgages. Cairns Lockie's directors say that this will allow them to advance funds on propositions which are bankable but which, for various reasons, they are currently unable to go ahead with.
"A number of these propositions are in fact semi-commercial and, as residential lenders, until now we have been unable to do them."
They expect to pay investors around 3.0 to 3.5 per cent above the current two-year Government stock rate.
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