A New Zealand non-bank lender has undergone a rebrand and launched in Australia with mortgage-secured loans
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New Zealand non-bank lender LendMe has become Zagga and launched in Australia.
The peer-to-peer lender offers loans of between $25,000 and $2 million, generally secured by a first mortgage on property. It launched in New Zealand 18 months ago and CEO and co-founder Marcus Morrison profiles the typical borrower as over 55 looking to make their retirement savings go the distance.
“We will continue to focus on this group, while also broadening our approach to take in high-net-worth investors, financial advisers and New Zealand’s 22,000 SMEs,” Morrison said.
For the Australian market Zagga will be focusing on those financial advisers and high-income borrowers with a larger minimum loan of $500,000.
The Aussie business is headed by experienced banker and business consultant Alan Greenstein and the chair is Peter Clare, a former CEO of Westpac New Zealand.
Morrison and the team will be hoping to build on the success of LendMe in New Zealand which has processed more than $5 million in loans. The average was $350,000 over 2 years with a LVR of 55%.
The technology used by Zagga Australia will aim to build a profile of customers to offer loans based on their criteria. This new development will also be rolled out in New Zealand.
The peer-to-peer lender offers loans of between $25,000 and $2 million, generally secured by a first mortgage on property. It launched in New Zealand 18 months ago and CEO and co-founder Marcus Morrison profiles the typical borrower as over 55 looking to make their retirement savings go the distance.
“We will continue to focus on this group, while also broadening our approach to take in high-net-worth investors, financial advisers and New Zealand’s 22,000 SMEs,” Morrison said.
For the Australian market Zagga will be focusing on those financial advisers and high-income borrowers with a larger minimum loan of $500,000.
The Aussie business is headed by experienced banker and business consultant Alan Greenstein and the chair is Peter Clare, a former CEO of Westpac New Zealand.
Morrison and the team will be hoping to build on the success of LendMe in New Zealand which has processed more than $5 million in loans. The average was $350,000 over 2 years with a LVR of 55%.
The technology used by Zagga Australia will aim to build a profile of customers to offer loans based on their criteria. This new development will also be rolled out in New Zealand.
