Strategic investors about to get first payment

Chief executive Kerry Finnigan said the finance company has asked its secured debenture holders to confirm their bank details so it can prepare to make its first payment under the terms of its moratorium agreement by the end of the year.

He is more upbeat about the state of the market compared to his September letter to investors, which reaffirmed the deteriorating picture of the property market, saying "property values are stabilising and are showing signs of recovery after a tough six to 12 months."

"We got hammered by the IFRS requirement, which will reverse over time," he said

After 12 months in moratorium, Finnigan says Strategic is in the same boat as everyone else as things slowly recuperate: "The reason we went into a moratorium is that we don't want to sell in a distressed state at prices below fair market value."