Avanti Finance has raised $350 million in its recently completed securitisation, making it the largest amount sourced from this kind of transaction in New Zealand’s history, to date.
The funds from this most recent raise will be used for growing Avanti’s mortgage loan book, and Avanti has strong funding to support continued growth in the rest of the business.
“With this increase in our funding capacity, we’re excited to be able to continue to support the mortgage adviser community who have been an integral part of our success in this market,” chief executive Mark Mountcastle says.
Avanti Finance provides a broad range of finance solutions to the New Zealand market, including personal loans, vehicle loans, business loans and home loans, directed primarily at customers who are not served well by the main banks.
Most recently, the business has released several new products aimed at the ‘near prime’ market.
“We’ve seen a significant amount of interest in our new Near Prime home loan product and car loans, as well as in our open bridging solutions,” Mountcastle says. “It’s our innovative products that are a big reason for our continued success. They meet New Zealanders where they are, not where the banks need them to be. It’s why investors, both current and new, have shown such interest in assisting the funding of these products.”