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Blackwell eyes gap in market with new funding line

A NZX-listed trading house with links to the old NZ Finance begins lending in New Zealand, particularly on Auckland residential properties.

Thursday, February 15th 2018, 10:44AM

by Dan Dunkley

Finance company lender Blackwell Global has entered the market with a new funding line, aiming to gain market share amid reduced risk appetite from banks.

Mark Thornton, chief executive of NZX-listed Blackwell Global Holdings, which was formed last July by Blackwell’s reverse takeover of NZF Group, said he hoped to ramp-up lending into the New Zealand market following a successful debt raise.

Thornton said Blackwell’s issue of 3-year bonds, achieved with backing from offshore investors, would help the newly-formed company gain market share amid a lack of liquidity in the market, after banks tightened lending in recent months. “We are confident we have found a good niche. Banks have issues funding in New Zealand at the moment, and it is a very good opportunity.”

Thornton declined to reveal the size of the debt raise but said the scope of its funding line would depend on the level of interest from the market.  He added Blackwell would seek to gain from other non-bank lenders with “funding constraints”. “We believe we have a robust funding mechanism in place, to grow bigger and better,” Thornton added.

Over the past month Blackwell has begun lending to customers, focusing mainly on Auckland residential property. Brokers have noted Blackwell offering secured lending of 75%-80% on residential properties, and 65% on commercial sites. Thornton said Blackwell was “happy to consider” 1% commission payments to brokers or negotiate as business came in. Blackwell is also expected to provide residential construction funding for landowners with “good equity levels”, Thornton added.

Global firm Blackwell, which has a commodities trading arm and foreign exchange division, has a presence in markets including Australia and the United Kingdom. Thornton said New Zealand property had a growing appeal among international investors. “New Zealand is seen as a politically stable country with good prospects, and residential property is viewed as safe and stable.”

Tags: Blackwell Global

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Lender Flt 1yr 2yr 3yr
AIA 4.55 2.55 2.95 3.29
ANZ 4.44 3.10 3.50 3.84
ANZ Blueprint to Build 1.68 - - -
ANZ Special - 2.50 2.90 3.24
ASB Back My Build 1.79 - - -
ASB Bank 4.45 2.55 2.95 3.29
Basecorp Finance 5.49 - - -
Bluestone 3.49 3.34 2.99 3.34
BNZ - Classic - 2.55 2.95 3.25
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Std, FlyBuys 4.55 3.15 3.22 3.85
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.95 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland Bank - Online 1.95 1.85 2.35 2.45
Heretaunga Building Society 4.99 3.80 3.90 -
Lender Flt 1yr 2yr 3yr
HSBC Premier 4.49 2.19 2.45 2.69
HSBC Premier LVR > 80% - - - -
HSBC Special - 2.25 - -
ICBC 3.69 2.15 2.35 2.75
Kainga Ora 4.43 2.67 2.97 3.13
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.75 3.34 3.34 4.14
Kiwibank - Offset 3.75 - - -
Kiwibank Special 3.75 2.49 2.49 3.29
Liberty 5.69 - - -
Nelson Building Society 4.95 2.99 3.24 -
Lender Flt 1yr 2yr 3yr
Pepper Essential 4.79 - - -
Resimac 3.39 2.98 2.79 3.29
SBS Bank 4.54 2.69 2.99 3.29
SBS Bank Special - 2.19 2.49 2.79
Select Home Loans 3.49 3.34 2.99 3.34
The Co-operative Bank - First Home Special - ▲2.29 - -
The Co-operative Bank - Owner Occ 4.40 ▲2.49 ▲2.89 ▲3.19
The Co-operative Bank - Standard 4.40 ▲2.99 ▲3.39 ▲3.69
TSB Bank 5.34 ▲3.30 ▲3.69 ▲4.04
TSB Special 4.54 ▲2.50 ▲2.89 ▲3.24
Wairarapa Building Society 4.99 3.55 3.49 -
Lender Flt 1yr 2yr 3yr
Westpac 4.59 3.15 3.49 3.89
Westpac - Offset 4.59 - - -
Westpac Special - 2.55 2.89 3.29
Median 4.54 2.68 2.99 3.29

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