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North South expects property market to level

Friday 13th of May 2005

North South Finance operates in the second tier property finance market, predominantly offering first mortgage finance.

Managing director Darryl Eastgate said North South was growing its status as one of the country’s emerging non-bank, first mortgage property financiers.

Increased lending activity saw total assets grow to $76.7 million, up from $46.0 million. Investor funds placed with the company grew to $63.4 million. Total liabilities at year-end were $68.0 million.

There were no loan write-offs in the period. "Almost 80% of our loan portfolio is residential property with 70% secured over first mortgage – only 25% of the portfolio relates to property development projects," Eastgage said.

He said the company expects the property market to level at some stage and “we are in an excellent financial position in terms of liquidity which will allow us to continue to pursue the best of the lending opportunities available”.

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FMA outlines its latest expectations for advisers
Paul Flood: The danger is that the 'goalposts' (regarding what is acceptable or unacceptable adviser conduct) may be susceptible to change. Our 'Principles based' legal/regulatory environment lends itself to “prevalence-induced concept change” over time, perhaps not so much in the written laws and Code, as in the interpretation of the prescribed principles.
4 hours ago Steve Wright
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Just a tip, if you use more than six, six letter words in a sentence you lose most Kiwi's. So avoid client/adviser confusion when writing your post or article if you would like it read and understood. Ironically, my last sentence was not likely read.
6 hours ago Backstage
FMA outlines its latest expectations for advisers
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