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Fund opens housing development options

Thursday 18th of March 2021

The non-bank lender says its fund is for developers who are finding it more difficult to secure funding from banks.

Pearlfisher director Tony Abraham says the fund gives borrowers an opportunity to access non-bank funding for well-considered projects that are at the low to medium end of the risk spectrum. And which meet Pearlfisher’s investment criteria.

Abraham says developers will need to have consents and a construction contract in place and have pre-sold a percentage of the development before funding is considered.

“We will only lend at a level that meets our criteria and we are comfortable with.”

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Latest Comments
FMA wants clearer fees
@first time caller - I can see the complexity you highlight, but as above, investors should be able to see what they are paying without having to reference multiple documents. Investment admin can track and report deductions for tax, withdrawals, fees et al, would be /should be straightforward to aggregate advice fees into costs at member level... at least I hope so.
10 hours ago Goldcard
FMA wants clearer fees
@goldcard - how would you propose that a fund manager calculates the TER to include adviser fees given not all clients pay them and different advisers charge different fees, not to mention some advisors charge different fees to different clients? The advice fee gets disclosed in the adviser's disclosure statement and the statement of advice, so the client can add that to the published TER of the fund they are invested in to see how much they are paying overall.
1 day ago First time caller
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Schedule 4 of the FMCA regs 2014, particularly clauses 2(1) and 53(3) provide the basis for excluding individually charged advice fees from the statutory TER. This was introduced with the best of intentions, but now it is little more than an invisibility cloak for deductions from member accounts.
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