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CFML secures $100 million funding line from Westpac

Non-bank lender Conrad Funds Management plans to increase mortgage lending in 2020 with a new $100 million funding line from Westpac.

Monday, January 20th 2020, 6:00AM

Evan Barnes, Director, Funding Partners

Under the deal, Westpac will provide substantial firepower to the non-bank, which is ramping up mortgage lending activity across New Zealand. The funding line will provide $100 million.

CFML is targeting borrowers turned away by the major banks as traditional lenders maintain tight credit conditions.

Until now, CFML has operated with using wholesale and retail investors, and the partnership with Westpac marks the next phase as it aims to take a bigger slice of the growing non-bank lending market.
The increased size and scale of the company's lending platform will see it grow its lending book over 2020.

Evan Barnes, director of Funding Partners, which deploys CFML's funds, says CFML will offer "fast turnarounds" and solutions for advisers and their clients. Barnes says CFML will be able to move from application to settlement in under a week.

Barnes adds: "CFML offers extra points of difference, as it can lend to offshore borrowers, fund development properties, and take offshore income into consideration. We can lend on small apartments and want a geographic spread, not just in the main centres."

Non-banks increased lending by more than 9% in the year to June, according to KPMG's annual non-bank market report.

Non-banks are capitalising on growing opportunities, with more entering the market each year. Pepper Money, the Australian giant, launched in New Zealand in September.

Tags: CFML Lending non-bank lenders Westpac

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 3.19 3.19 3.49
AIA Special - 2.69 2.69 2.99
ANZ 4.44 3.15 3.25 3.85
ANZ Special - 2.65 2.75 3.35
ASB Bank 4.45 3.19 3.19 3.49
ASB Bank Special - 2.69 2.69 2.99
Bluestone 4.44 4.44 4.44 4.44
BNZ - Classic - 2.65 2.69 2.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.25 3.29 3.59
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 4.75 4.75 -
Credit Union South 5.65 4.75 4.75 -
First Credit Union Special 5.85 3.35 3.85 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 4.35 4.45 -
HSBC Premier 4.49 2.60 2.65 2.80
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 3.99 2.58 2.68 2.79
Kainga Ora 4.43 3.29 3.39 3.85
Kiwibank 3.40 3.40 3.54 4.00
Kiwibank - Capped - - - -
Kiwibank - Offset - - - -
Kiwibank Special 3.40 2.65 2.79 3.25
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Lender Flt 1yr 2yr 3yr
Resimac 3.49 3.45 3.39 3.69
SBS Bank 4.54 3.29 3.19 3.49
SBS Bank Special - 2.79 2.69 2.99
The Co-operative Bank - Owner Occ 4.40 2.79 2.79 3.39
The Co-operative Bank - Standard 4.40 3.29 3.29 3.89
TSB Bank 5.34 3.59 3.49 3.79
TSB Special 4.54 ▼2.65 2.69 2.99
Wairarapa Building Society 4.99 3.75 3.99 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - 2.65 2.69 2.79
Median 4.55 3.22 3.22 3.44

Last updated: 3 July 2020 8:15am

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