Equitable launches new finance company
While some finance companies are falling over others are springing up.
Friday, July 21st 2006, 12:00PM
It will invest the money raised primarily in commercial second mortgage property transactions and asset finance transactions on equipment, machinery, and commercial vehicles.
Investment will be made across a number of sectors, including rural, marine, manufacturing, and transport, the company says.
Equitable has been operating since 1972 and has made a name for itself by lending in quality first mortgages.
“Through Bastion we will offer an additional investment option which will leverage off the second mortgage opportunities identified through Equitable, along with asset financing opportunities that we identify through the wider shareholding Group,” Bastion chief operating officer, Ross Aitken says.
“Equitable already has relationships with many borrowing clients but the asset finance or second mortgage finance needs of those companies are sourced through other providers. They will now be able to seek their asset finance or second mortgages through Bastion.
The Equitable Group is owned by the Spencer family.
“Bastion’s association with the wider Spencer shareholding group will provide a unique insight into the risk profile of asset-based businesses, which will assist us to make quality lending decisions,” Aitken says.
He says that the company had already identified a number of good funding opportunities.
Bastion Finance will be taking a judicious approach to the market.
“It is clear that some sectors of the property market have reached their value peak, and investment in the second-hand car market has had terrible consequences for some investors and companies. We have conservative growth expectations and we have no intention of moving into the consumer finance end of the market.”
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