Acquisition opens up market for NZ Mortgages
Squirrel took a majority stake in NZ Mortgages about six weeks ago and is busy merging the back office functions of both advisory firms.
In an interview with TMMO, NZ Mortgages managing director and head of lending Nathan Miglani has stayed on in the business he founded as a solo adviser in 2017. Since then it has expanded to 20 staff and is writing $600 million in mortgages a year.
He says the business is benefitting from Squirrel’s big player status in the market when it comes to IT, compliance, technology and accounting. “It is looking after all the back office functions, so we can focus on mortgage advising.
Miglani says he was unable to expand further because there was too much to do just running the business. He is now looking at increasing business across the whole of the South Island, firstly targeting Nelson and then Otago. “Nelson is a great opportunity,” he says.
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