General Finance has announced the release of its new Prospectus, which was registered with the Companies Office on 16 July 2013.
General Finance is a wholly owned subsidiary of Cairns Lockie Holdings and has four directors - two independent non-executive directors and two full time executive directors. The independent directors are Peter Anderson and John Hiddleston. The executive directors are James Lockie and William Cairns.
The Cairns Lockie Group says it has originated over $1.1 billion of mortgage assets, in aggregate, since 1999.
General Finance is a finance company specialising in short term advances, secured over residential property.
"This is our tenth Prospectus. We are pretty proud about that," said principal James Lockie.
"After ten years, we think we know a thing or two about lending into the residential mortgage market. We must have done some things right to still be here.”
Corporate Trust Limited, trading as Foundation Corporate Trust, is the trustee. The auditor is PKF Ross Melville Audit.
The company said it had 'reasonable growth over the last year'.
- Lending (and receivables) increased to $8.1 million, up from $5.6 million.
- Debenture borrowings increased to $5.7 million, up from $4.0 million.
- Total assets increased to $9.6 million, up from $7.3 million.
Capital was maintained at $3.1 million, with a risk weighted capital ratio of 64% (well above the 10% required).
The company is unrated. It is not required to have a credit rating because it falls below the size threshhold that mandates one.
The company says they are engaged in loan origination and management, providing a range of residential loan services, including prime, no-financials, non-conforming, bridging, and second mortgage loans. No-Financials loans are those for which the borrower does not provide full financial information.
It's latest secured debenture stock interest rates are listed here in our tables of all market offers. They are currently
| Term | Current rates |
| % | |
| 6 months | 3.75 |
| 12 months | 5.00 |
| 18 months | 5.50 |
| 2 years | 6.25 |
| 3 years | 6.25 |
| 4 years | 5.50 |
| 5 years | 5.50 |
The minimum deposit is $5,000 and the maximum deposit that will be accepted is $100,000.
Interest is normally paid or accrued quarterly, but for deposits of $10,000 or more, interest can be paid monthly.
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