About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Wednesday, June 19th, 9:08PM
rss
Latest Headlines

Capital Group takes control of First Mortgage Trust

New Zealand investment firm Capital Group has bought the management company behind non-bank lender First Mortgage Trust.

Friday, February 1st 2019, 3:05PM

Capital Group finalised a deal to buy the underlying company behind FMT today, according to industry sources. The investment will see Capital Group effectively take control of running FMT, sources said. 

Capital Group confirmed the deal to TMM Online but refused to discuss further details. Capital Group Director Greig Allison said: "It is a very good business and incredibly well run. We are taking a long term view on the investment, in what we see as a growth sector."

Allison would not confirm the terms of the deal, but sources understand Capital Group has bought 100% of the company which manages the FMT mortgage lending business. FMT declined to comment, despite repeated requests.

FMT, based in Auckland and Tauranga, claims to be New Zealand's largest first mortgage non-bank lender. It, like many other alternative lenders, has enjoyed success over the past year, as more borrowers look beyond the big banks. FMT has built a loan book of more than $600 million in recent years as it grows its customer base.

The non-bank lender was formed in 1996 by three law firms, Sharp Tudhope, Cooney Lees Morgan and Holland Beckett Law. Two others, Edmonds Judd of Te Awamutu and Edmonds Marshall of Matamata, joined later. 

FMT manages two traded vehicles, a group investment fund and a PIE fund. The group fund achieved annualised returns of 5.30% in the year to September, while its PIE fund returned 5.7% over the same period.

Capital Group is a New Zealand investment firm, with private equity, private debt, and property investment divisions. The Auckland-based investment firm was co-founded by Greig Allison and Philip Bell to source property investments. It has invested in individual properties as well as wider projects, apartment blocks, and loan books. 

More to follow on TMM Online. 

Tags: FMT

« Non-bank mortgage lending soars in 2018First Mortgage Trust confirms Capital Group deal »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • A Capital Offence
    “Who ever made the decision to build all these 100s of units all at once must have rocks in their head. This philosophy of...”
    12 hours ago by Maxwell K
  • FSLAA starts June 2020
    “If I've got this right, this announcement means that the implementation of the new regime has slipped by another 4 months...”
    17 hours ago by Murray Weatherston
  • KiwiSaver and risk, how far out of bounds are we?
    “I think the situation under the rules that have been promulgated so far is actually quite clear. Under the new regime, when...”
    17 hours ago by Murray Weatherston
  • FSLAA starts June 2020
    “Great, just set up the application process and send us forms, so we can get on with it please? ...”
    18 hours ago by AdviserMan
  • FSLAA starts June 2020
    “While I know current AFA's will get through the new regime without too much in the way of hassles, I equally know that current...”
    18 hours ago by Comprehensive Planner
Subscribe Now

Mortgage Rates Newsletter

Daily Weekly

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.69 4.39 4.35 4.55
ANZ Special - 3.89 3.85 4.05
ASB Bank 5.70 4.45 4.39 4.55
ASB Bank Special - 3.95 3.89 4.05
BNZ - Classic - 3.89 3.95 3.89
BNZ - Mortgage One 6.40 - - -
BNZ - Rapid Repay 5.85 - - -
BNZ - Std, FlyBuys 5.80 4.69 4.59 4.79
BNZ - TotalMoney 5.80 - - -
Credit Union Auckland 5.95 - - -
Credit Union Baywide 6.15 4.95 4.95 -
Lender Flt 1yr 2yr 3yr
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.60 4.75 -
Housing NZ Corp 5.80 4.69 4.49 4.45
HSBC Premier 5.89 3.79 3.79 3.89
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
Lender Flt 1yr 2yr 3yr
ICBC 5.65 3.85 3.95 3.89
Kiwibank 5.80 4.60 4.60 4.84
Kiwibank - Capped - - - -
Kiwibank - Offset 5.65 - - -
Kiwibank Special - 3.85 3.85 4.09
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 6.10 4.89 4.99 -
Resimac 5.30 4.86 ▼4.14 ▼4.19
RESIMAC Special - - - -
SBS Bank 5.79 4.85 5.05 5.49
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 3.89 3.99 3.99
Sovereign 5.80 4.45 4.39 4.55
Sovereign Special - 3.95 3.89 4.05
The Co-operative Bank - Owner Occ 5.65 ▼3.89 ▼3.95 4.05
The Co-operative Bank - Standard 5.65 ▼4.39 ▼4.45 4.55
TSB Bank 5.69 ▼4.45 4.49 ▼4.55
TSB Special - 3.95 3.99 4.05
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.79 4.69 4.79 5.19
Westpac - Offset 5.79 - - -
Westpac Special - 3.89 3.85 4.05
Median 5.80 4.45 4.39 4.19

Last updated: 19 June 2019 9:13am

News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com