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As part of a $22 million deal, Liberty Financial (Liberty) will become a 50 per cent owner of Auckland-based Business Finance Limited (Business Finance).
The joint venture between non-bank lender Liberty and Business Finance – an equipment finance business with a retail deposit programme – highlights Liberty’s strong re-emergence from the market downturn of the last two years.
Liberty recently announced that it had dropped its rates on a number of its products. The company has also refined its offering to the broker market, stepping away from its traditional non-conforming base and opening up channels in the near-prime market.
The recent stake in Business Finance highlights the lender’s ongoing investment in strengthening its market proposition.
According to Liberty’s executive director Peter Rollason, the joint venture will endow Business Finance with the critical mass that it needs to continue its growth as an industry leader.
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