General Finance founders target funding gap with EMortgage

Cairns said Emortgage, backed by his and Lockie’s Cardrona Capital vehicle, planned to become a “established private lender” to tap into rising demand for non-bank lending.

Emortgage has been part of Cairns and Lockie’s portfolio of business interests for several years, but the duo is set to ramp up the lender following the sale of main business interest General Finance in December.

Cairns and Lockie sold General Finance shortly after Christmas to financier Brent King and a consortium of investors including Malaysia-based Rewi Bugo, investment banker Marvin Lee, and Grant Baker, of the Business Bakery.

Emortgage is currently fully-lent but plans to secure more funding before going back out into the market, Cairns said. The company focuses on short term loans, and will not look for external funding, he added.