Second Mortgage On Investment Property
New finance company launched by Equitable Group
A new entrant to the finance industry, Bastion Finance Limited, was launched today by The Equitable Group.
The Equitable Group, which is owned by the Spencer family, currently has in excess of $350 million in funds under management.
Bastion Finance will offer a fixed interest first ranking secured debenture with returns generated primarily from commercial second mortgage property transactions and asset finance transactions on equipment, machinery, and commercial vehicles.
Investment will be made across a number of sectors, including rural, marine, manufacturing, and transport.
“The Equitable Group has had an exemplary record since 1972 of offering a range of investment products which have been secured by quality first mortgages," Bastion Chief Operating Officer, Ross Aitken, said.
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Market slumps on fears rates rise will curb consumer spending
LONDON stocks dived after the Bank of England's unexpected interest rates hike added to concerns that higher borrowing costs will hurt consumer spending, stall the property market and slow corporate investment.
Disappointing results from ICI and Unilever also deepened the gloom. But takeover hopes lifted jeweller Signet and turnaround hopes provided a lift to Morrison Supermarkets.
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