Ex Mortgage Express boss on God's work
Andrew L'Almont, who resigned last month after 12 years as chief executive of Mortgage Express, started this week in a new role developing business for the Baptist Savings & Development Society.
Friday, April 1st 2011, 5:00AM
by Jenny Ruth
L'Almont is tasked with growing the society's existing lending book from $65 million currently to $100 million within two years and is also starting up a mortgage and insurance division catering to the 42,000 baptists in New Zealand.
The society's existing lending is to churches and funds associated buildings such as childcare centres.
L'Almont says he has been on the 42-year old society's board for about two years. A board meeting last September had decided the organisation needed to hire somebody in a business development role but nobody had been appointed.
"When I decided to leave Mortgage Express, the chairman rang me and said: 'Do you think God's got a sense of humour? That job we asked you to create would actually be perfect for you,'" L'Almont says.
Such an organisation is necessary because banks are reluctant to lend to churches because "nobody owns a church."
The society has never had a bad loan, L'Almont says.
While the society has used its own capital to fund its lending, L'Almont says it will be looking to raise more from its membership and preparing a prospectus will be one of his tasks.
With the growing Baptist denomination needing 70 new churches in New Zealand and a number of church properties in Canterbury needing repairs following the earthquakes, it will be a challenge to meet the church's needs, he says.
But in expanding into mortgage lending and insurance, it will mostly act as a broker. "We will have relationships with a whole range of banks and insurers."
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