Tauranga's First Mortgage Trust announces $1 billion milestone

First Mortgage Trust general manager Tony Kinzett. Photo / File

Tauranga-based First Mortgage Trust has reached a significant milestone, announcing it has more than $1 billion of investor funds now under management.

Chief executive Tony Kinzett said the $1b figure further cemented the trust's position as New Zealand's largest non-bank first mortgage provider.

The trust has more than 4600 investors and receives investor inquiry from all parts of the country.

Kinzett said many of the trust's former borrowers had repaid the confidence shown in them by coming back as investors.

"The trust has consistently delivered solid returns based on well-considered commercial, industrial, residential and rural property loans, secured by first mortgages, primarily located in the economic strongholds of New Zealand.

"With borrowers coming back as investors, and the knowledge that current investors are referring others, it shows that we are taking care of people and their requirements at a very high level."

First Mortgage Managers chairman Michael Smith said reaching the $1b figure marked the trust as a true success story.

"The trust's financial growth has depended on its resolute conservative approach and the respect we've shown for our investors' trust and confidence.

"Year after year, First Mortgage Trust has gone from strength to strength, both in terms of serving our investors and in meeting the needs and aspirations of borrowers."

Both Kinzett and Smith took the opportunity to acknowledge the First Mortgage Trust team and their commitment to customer deliverables. Kinzett noted that growth had never been pursued simply for growth's sake.

"While it's always satisfying to reach milestones such as this, we would never look to grow simply for the sake of it. The business fundamentals always come first," he said.

Kinzett said the aim was now to build on the capability and capacity the growth offered, to keep making good decisions and to ensure the organisation was optimally structured in a post-Covid environment.

"That means working smarter to ensure our client engagement and business performance are second to none. We want our investors and borrowers to continue to stay loyal and to tell our good news story to others", he said.

The milestone comes at an important time in the organisation's history; next year marks the trust's 25-year anniversary since opening its head office in Tauranga in 1996.

- SUPPLIED CONTENT