General Finance, niche home loan lender, says banks getting tough on riskier borrowers

Mon, 02 Nov 2015

By Jonathan Underhill Nov. 3 (BusinessDesk) - General Finance says banks are taking a tougher line on some riskier borrowers, creating an opportunity for the niche mortgage lender to offer bridging finance that could help them restore their credit profile. The small Auckland-based lender, with a loan book of about $9.2 million, says anecdotal evidence from people who've been turned down by banks is that the mainstream lenders are enforcing tight rules on credit and some of those rejected had "one-off" reasons for poor credit such as a bu...

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