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First Mortgage Trust confirms Capital Group deal

Non-bank lender First Mortgage Trust has confirmed its management company has been taken over by the private equity firm Capital Group. The announcement comes after TMM Online revealed the deal on Friday.

Monday, February 4th 2019, 1:39PM

FMT has announced First Mortgage Managers Limited, which manages the FMT loan book, has been sold to the Auckland-based private equity firm.

TMM Online revealed on Friday that Capital Group had agreed a deal to take control of the non-bank lender. Speaking on Friday, Capital Group director Greig Allison said his firm would invest with "a long term view".

Capital Group invests in a broad range of real estate assets, from apartment blocks to loan books.

First Mortgage Managers manages funds on behalf of FMT. FMT, was founded in 1996 as the successor to five regional law firms' nominee companies and has grown to hold $770 million in funds under management.

The sale will not impact the way FMT's funds are run, and Capital Group has given FMT management its full backing. 

FMT says it will continue to lend only on first registered mortgages on residential, commercial, and rural land and buildings.  Peter Washer, chairman of First Mortgage Managers, said it would be "business as usual within the organisation". 

FMT CEO Tony Kinzett (pictured), added: "While this news does represent change at an ownership level of the management company, we are pleased that it remains ‘business as usual’ with no change to office locations, and a continued unchanged lending policy for our valued clients."

Tags: FMT non-bank lenders

« Capital Group takes control of First Mortgage TrustRoyal Commission calls for adviser remuneration overhaul »

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Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.19 4.25 4.49
ANZ Special - 3.69 3.75 3.99
ASB Bank 5.20 4.25 4.19 4.39
ASB Bank Special - 3.75 3.69 3.89
BNZ - Classic - 3.69 3.75 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
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 4.80 4.95 -
Housing NZ Corp 5.19 4.29 4.29 4.49
HSBC Premier ▼5.79 ▼3.65 ▼3.69 ▼3.85
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
Lender Flt 1yr 2yr 3yr
ICBC 5.65 3.85 3.95 3.89
Kiwibank 5.80 4.30 4.40 4.74
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.55 3.65 3.99
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.69 4.79 -
Resimac 5.30 4.86 4.14 4.19
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 3.78 3.78 3.99
Sovereign 5.30 4.35 4.29 4.55
Sovereign Special - 3.85 3.75 4.05
The Co-operative Bank - Owner Occ 5.15 3.79 3.84 3.99
The Co-operative Bank - Standard 5.15 4.29 4.34 4.49
TSB Bank 6.09 4.65 4.59 4.85
TSB Special 5.29 3.85 3.79 4.05
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.69 4.79 5.19
Westpac - Offset 5.34 - - -
Westpac Special - 3.69 3.75 3.99
Median 5.50 4.29 4.25 4.19

Last updated: 23 August 2019 8:51am

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