News Round Up

The popular Good Returns mortgage rate table has been revamped to make it easier to find the best rates in town.

The table, which is updated daily, is now sortable by term and interest rate.

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Bridgecorp Investments has amended its latest $20 million issue by offering five maturities ranging from nine months to three years at six monthly intervals and by reducing the minimum investment from $5,000 to $1,000.

Managing director, Rod Petricevic, says demand for the capital notes has come largely from existing debenture holders who more often than not have more than one investment spread across a range of maturities.

There are now ten ‘carded’ debenture offerings from Bridgecorp and five different capital note maturities with rates ranging from 5.75% (3 month debentures) to 12.00% (December 2005 Capital Notes) for terms ranging from 3 months to 6 years.

The additional capital raised by the issue will enable Bridgecorp to continue to grow its finance book particularly in New Zealand.

Petricevic says Bridgecorp had moved away from property investment as part of its core business and focused instead on mortgage lending, and had now become a significant player in the New Zealand finance market.

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Praesidium Asset Management, which manages the Bridgecorp Mortgage Trust No 1, have decided to extend the offer and keep it open until 5 May.

Chairman, Stephen Maud said that the minimum subscription amount of $10 million has been exceeded making the issue unconditional.

The $30 million mortgage fund was launched in December and allows investors to select from three distinct unit offerings based on their preferred risk profile.

Praesidium says the new product is unique and has been designed to meet a niche in the mortgage investment market where investors require a certain return over a fixed time frame.

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