can be stressful, especially when accounting is not your forte’.
Steve has always taken over the process, telling us exactly what to do
and what not to do and has made the process very smooth. I highly recommend
using Steve as a Mortgage Broker...
- Greg & Nancy Doherty
your mortgage is with the collapsed Property Finance Securities. And
you feel like this woman...you're not
getting the service you want – or
you're looking for a better deal - refinancing your Property Finance
Securities mortgage can be an option for you.
Generally we can get a reduced interest rate and better more flexible mortgage structure with repayment to suit you - not the lender.
ADVOCO's principal, Steve McGowan understands and keeps up to date with the ever changing lending policy of each of the banks. This allows him to get the right home loan for you and your family.
Steve also has
an ability to be able to see "outside the square" when it comes
to mortgages. "Finding a solution for difficult home loans is the
most rewarding part of the job." says Steve.
The highlight of his career was helping five families have their home returned to them in a illegal "buy back scheme." For this Steve was publicly thanked by Kevin Milne on TV One's Fair Go show. For personal trusted service call Steve today on 0800 ADVOCO (0800 238 626)
brought in for Property Finance
Last updated 00:00 29/08/2007
Property Finance, the sixth finance company in 15 months to collapse, said today it had asked its trustee to appoint receivers. The company, which has debentures of over $80 million and loans of over $630m, reported on Friday it was in deep trouble and unlikely to be able to honour its debts.
Property Finance went into receivership after the group's trustee rejected a restructuring plan for the Christchurch loan group. PFG managing director Darryl Queen said after talks, the trustee - Graham Miller of Auckland-based Covenant Trustee Company - had decided on the receivership in the interest of debenture holders.
PFG - which offers home and commercial loans - owes around $81 million to around 3000 secured debenture holders. The company in receivership is Propertyfinance Securities - a wholly owned subsidiary of the NZAX listed group PFG. PFG follows a series of finance company collapses, though the reasons behind its problems is separate to the others.
It had been affected by a fundamental change in credit markets flowing on from volatile international markets, and default problems in the US home loan market. Last year Provincial Finance, Western Bay Finance and National Finance collapsed. The first two this year were Bridgecorp, owing investors about $500m, and Nathans Finance.
Queen said the board remained comfortable that the underlying quality of the company's assets should enable all debenture holders to be repaid in full. "(But) notwithstanding the merits of a restructure plan proposed by the company to the trustee, the opinion of the trustee is that the appointment of a receiver is in the best interests of the debenture holders," the company said.
Property Finance's main bank is ANZ National.
Chairman Barney Sundstrum said the directors deeply regretted the need to request a receiver be appointed, but believed the NZAX-listed company had been "affected by a fundamental change in the credit markets nationally following the recent concerning trends in international markets".
Last week, Sundstrum said he was confident that the quality of the company's assets - mostly first mortgages on development properties and residences - would eventually see all debenture holders paid out in full.
Property Finance's trustee is Covenant Trustee and its auditor is Ernst & Young. The company suspended trading in its shares on Friday and said it stopped taking deposits on Wednesday when it knew it had big problems.
Sundstrum said funds to second tier lenders had dried up while contagion from the "mess" on the international scene had affected the wholesale market. Around 4000 investors have lent Property Finance, which trades under the name PropertyFinance Securities, $80m in debenture stock.
Sundstrum was not immediately available for comment today, but on Friday said: "We have no reason to believe debenture holders won't get paid back in full."
The previous Friday, Property Finance took apparently desperate action to raise capital, selling its 13.3 per cent stake in fellow NZAX-listed company CBS Canterbury for $5m and a 9 percent stake in NZAX-listed Loan and Building Society for $1.9m. It had planned to marry the three companies, although the other two said they were not party to the plans.
Southern Cross Building Society bought the stakes, worth a combined $7 million. Sundstrum denied the company knew it was in trouble when it sold the shares last week.
Property Finance, formerly Avon Investments, reported in its 2007 annual report it had loans receivable of $412.6m, and cash or cash equivalents on hand of $109.2m. The accounts showed it had debt notes of $425.9m and debenture stock of $86.6m.
Property Finance's shares last traded at $1.10, having fallen from $1.38 in June. The company is capitalised at $15m.
Maybe your mortgage is with one of the many home loan lenders that have 'packed their bags' and left the market such as; Argosy, Bluestone Mortgages, Freedom Mortgages, GE Money (TEA, AMS) Property Finance, United Home Loans, Pacific Home Loans, Pioneer or Wizard Home Loans, we may be able help you refinance back to a bank.
Click on the home loan providers logo for more information
We eat and breathe bank lending policy, with our 29 years of banking and broking experience we can give you the advice you need to get you into the right home loan.
Depending on your home loan contract Property Finance Securities administrated by Standby Services break fees may apply.
Call us on 0800 ADVOCO (0800 238 626) or email us.