Mortgage News 14 May 2007

26 MARCH 2007 Resi sells loan book to Freedom Mortgages Leading non-bank lender Resi Mortgage Corporation has sold its mortgage book to a group of mortgage funding specialists who will trade as Freedom Mortgages Ltd. Freedom is in consultation with all Resi Mortgage Corporation staff. Freedom Mortgages will continue to operate from Resi’s Birkenhead office. Brokers will continue to have access to all current wholesale product ranges. Computer systems, postal address and telephone numbers remain unchanged. Announcing the sale today, Resi director Ros Kirkland said negotiations had been friendly and professional and both companies were pleased with the outcome. “It is ‘business as usual’ for borrowers and mortgage brokers. Both will continue to deal with the same people.” Borrowers and brokers would have a wider range of facilities available to them, as a result of the sale. Freedom’s directors are Auckland mortgage broking head Steve Ward, Hamilton property developer and financier Myles Prestidge, and Hamilton mortgage and finance company chief executive Terence McHardy. Mr Ward runs a brokerage originating business out of Auckland, with offices in Christchurch. He is also a director of a contributory mortgage company. Mr Prestidge is a director of several mortgage lending businesses based in the Waikato. Mr McHardy has a banking background and heads Advance Securities Ltd and Professional Mortgage Investment Trust, well-established businesses which has enjoyed substantial growth over the past few years. Mr Ward said Freedom Mortgages was positioned for significant growth. “Our objective is to quadruple our mortgage settlements in three years”. The new operation would continue with Resi’s current funders but would use Freedom directors’ expertise and contacts to increase the range of services and products.