New company expands property specialist business
Specialist debt provider Reesby & Co (Martyn Reesby) has established a new company, Deposit Bond NZ Ltd, to smooth property purchases.
Mr Reesby said it essentially took up where Christchurch-based NZ Home Bonds Ltd left off. Deposit Bond organises a bond equating to 10% of the purchase price, replacing the normal 10% cash deposit required of the buyer of a residential property.
“The bond is issued & guaranteed by American Re-Insurance Company (AMRE), which is rated AAA by Standard & Poors, the highest possible credit rating.
“In the event the buyer does not purchase the property, AMRE will pay out the deposit within 2 business days of demand. The product is ideal for those purchasers who do not wish to go through the hassle of borrowing additional funds from their bank for the deposit,” Mr Reesby said.
Reesby & Co has sourced more than $2.5 billion for property developments & investments and New Zealand companies since 1994. Mr Reesby was at Fay Richwhite for 9 years and 3 of his staff have come from senior ANZ Bank positions.