Geneva Finance gets extra $20 million in funding
Geneva Finance has had its wholesaled funding line increased by $20 million to $50 million with the money being used to underwrite the company's growth aspirations.
Geneva chief executive Shaun Riley says the increase reinforces Geneva's brand vision to become the mainstream non-bank lender for New Zealanders.
In the past 12 months, Geneva Finance has widened its range of financial products with the launch of home loans, commercial asset finance and a full range of insurances.
Riley says Geneva's debenture programme has seen strong demand in recent months.
The funding is provided by Bank of Scotland International (BOS) Australia.
PFS to offer high yield fund
Christchurch-based PropertyfinanceSecurities says it plans to offer another rated bond offer this year.
Last year it launched its Rated Mortgage Bond programme, which is an NZDX listed offering with a BBB rating.
The group plans to develop and launch a High Yield Retail Fund later this year as a further extension of its funding strategy.
"This will enable the group to sell, on a risk priced basis, each loan it creates but retain long term management fees from the various funds.
"This evolution of the group's business model provides a competitive distinction from the traditional finance company model," chairman Barry Sunderson says.
This week's relaunches
Two companies relaunch themselves this week. As previously reported on Good Returns, Equitable has reorganised its business to make it operationally more efficient and also more transparent to investors and raters. The company is offering special launch rates.
Also this week, AlliedPrime officially mergers with Nationwide Finance - the business it recently bought from Hanover.
Comment: Pricing risk or buying market share?
The government's plans to make it mandatory for finance companies to get credit ratings has made me think some more about the value of these things.
As I have commented before the average retail investor has little clue about how scales work, and in some ways that is no surprise because they are convoluted. [READ ON]
