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General Finance is a wholly New Zealand owned and operated finance company, located in premises in Ellerslie in Auckland. We are engaged in loan origination and management, providing a range of residential loan services, including no-financials, non-conforming, bridging, and some second mortgage loans. No-Financials loans are those for which the borrower does not provide full financial information.

General Finance is a subsidiary of General Finance Holdings Limited (a lending and investment business). General Finance and its associates have originated and managed, over $1.11 billion of mortgage assets, in aggregate, since 1999, peaking in 2007 with over $400 million of mortgages under management and 22 staff. The details regarding the parent company are given for information only, as General Finance is the sole member of the Charging Group.

General Finance has four directors - two independent non-executive directors and two full time executive directors. The independent directors are Peter Anderson and John Hiddleston. The executive directors are James Lockie and William Cairns. Full details of their backgrounds and experience are given below.

We are a loan originator, providing loan advances through a broker network to our customers. These loans are written for a variety of different purposes, with solutions tailored to the borrowers’ individual requirements. They generally enable borrowers to complete some short term transaction, such as preparing a property for sale, bridging a property acquisition, or funding a business purchase or expansion, including working capital. The loan advances, held in our name, are written over 3 to 60 month periods. A real estate mortgage or a right to a real estate mortgage is taken in all instances as security to support our lending. Mortgages taken, comprise either first or second ranking mortgage securities. At 31 March 2015, our gross loan advances had increased to $9.33 million, from $8.71 million at 31 March 2014, with loan advances forming 83% of our total assets.

The majority of loans under management are funded from debenture investments. The balance is financed by wholesale funders, who, on those loans, accept all the risks of interest rates, foreign exchange and collateral and register the security.

Our performance is affected by the number of loan advances that we make, the margin that we make between our borrowing and our lending rates, the losses we make on loan advances, and the amount of cash that we hold.

We commenced trading on 1 April 2001, initially writing and managing prime residential mortgages for an Australasian wholesaler, in competition with New Zealand trading banks. In 2002 we widened our product range, to include non-conforming residential mortgages (i.e. those outside normal trading bank criteria).

It became apparent in 2003 that there was a demand in the residential mortgage market for short term accommodations not being satisfied through traditional sources. We designed a first and second mortgage product to meet this demand, initially funded from our own resources. 

Due to the success experienced for this short term residential mortgage product, we decided, in 2004, that we would fund part of this growth through the issue of debenture stock. General Finance registered its first prospectus for this purpose on 9 November 2004.

We now operate as an established residential mortgage lender with an emphasis on targeting business from the intermediary market (including mortgage brokers, financial planners and insurance agents).