FAQ

Why do you lend to higher levels than the banks do?

Property is a specialist area with its own risks and complexities. The retail banks are necessarily driven by a largely formulaic ‘tick the box’ approach with the aim of owning the customer throughout their financial life cycle. Cressida, on the other hand is a relatively short-term bespoke lender with a high degree of flexibility and the ability to structure facilities based on commercial outcomes rather than conforming with process.

What is a loan to valuation ratio?

A Loan to Valuation Ratio (LVR) is a common measure of risk for any lender and expresses the loan amount as a percentage of the value of the property. In most cases this value is determined by a registered valuer. For example, a loan of $750,000 against a property valued at $1,000,000 reflects an LVR of 75%.

How much can I borrow?

Provided the loan facility is secured on a first mortgage basis you could borrow up to 70% of a registered valuation of a commercial property up to around $5m, and up to 75% of a residential property up to around $3m.

How do you set your interest rates within the ranges stated on this website?

Our interest rates are set based on a risk-return curve. Put simply if a property is assessed as low risk, the lower the interest rate and vice versa. We consider our rates to be extremely competitive when benchmarked against our competitors. A breakdown of headline interest rates is available on our home page or refer to the Case Studies tab for examples of recent loan facilities.

Do you provide consumer loans?

A ‘consumer loan’ under the CCCFAA 2014 is one where the consumer uses or intends to use the credit, wholly or predominantly for personal, domestic or household purposes. From 01 June 2015 Cressida is no longer accepting loan applications for lending of this nature.

Are you a registered Financial Service Provider?

Yes, Cressida Capital Limited is registered as a provider of credit under a credit contract service and subscribes to the Financial Dispute Resolution Scheme. Further information on this scheme can be found at www.fdr.org.nz or at their physical address at Level 9, 109 Featherston Street, Wellington 6011.

How does the Anti-Money Laundering and Counter Financing of Terrorism Act affect you?

The Anti-Money Laundering and Counter Financing of Terrorism Act comes into effect in 2013 and is designed to help detect and deter money laundering and terrorism financing. Under this law all financial institutions in New Zealand are required to do more to verify a customer’s identity and, in some cases, account activity. This will help protect New Zealand from financial crime, improve our financial reputation overseas, and meet our international expectations.

The AML law requires all New Zealand financial institutions to:

  • Identify their customers before providing certain services
  • Monitor customer transactions on an ongoing basis when providing specific services
  • Clarify or update customer information including in some circumstances the nature and purpose of the customer’s relationship with the bank
  • Report certain transactions and suspicious activities and/or behaviours

Where are your offices?

Our offices are at Level 1, 3 Owens Road in Newmarket, Auckland.
We also travel whenever required to meet with clients.

To discuss your requirements further contact:

Bruce
McGhie

Bruce McGhie

Phone +64 (9) 918 5839
Mobile 021 912 006
bmcghie@cressida.co.nz

Nigel
Staples

Nigel Staples

Phone +64 (9) 918 5842
Mobile 021 687 848
nstaples@cressida.co.nz

Marty
Shepherd

Marty Shepherd

Phone +64 (9) 918 5851
Mobile 021 715 200
mshepherd@cressida.co.nz