North South expects property market to level

Auckland based specialist property financier, North South Finance has reported an audited after-tax surplus of $3.1 million for the year to March 31, more than double last year’s $1.3 million. Interest and fee revenue rose from $6.1 million to $11.8 million.

Friday, 13 May 2005

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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