NZF sets a date

Non-bank lender NZF has set a date for an annoncement on who its new business partner will be. The company yesterday said it is courting two parties and it expects to announce which one will be successful on April 29.

NZF says it is in the final stages of negotiation with a new business partner. The new partner would offer NZF "the most effective solution for its current and future capital needs, in order to take advantage of growth opportunities that exist within the Residential Mortgage Backed Securities market in New Zealand."

It says the process has taken much longer than originally expected due in part to the negative ramifications of the Christchurch Earthquake but also NZF's desire to secure the best possible long term business partner.

NZF stopped the origination of new home loans last year when this process started. It has not yet resumed lending.