Property

Housing project rescue bid stalls

Buyers of houses in a Sockburn development have to wait until the end of the week to find out if they get to keep their homes after a bid to rescue the project failed.

Sunday, September 26th 2004

The Epsom Road development was created by Permanent Homes.

Two weeks ago the nine people who had bought homes in the development were shocked to receive letters from Permanent Homes' lawyers, which said the company's mortgagee, Bridgecorp Finance, had served Property Law Act notices against it and the purchasers were probably unsecured creditors.

Local property developer Matthew Faid, of Pegasus Property Ltd, attempted to pull together a rescue package for the development, setting a deadline of Tuesday for a deal to be confirmed with Bridgecorp.

Faid said yesterday that negotiations had failed because it was too early for the finance company to make a decision.

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Property investors refocus on cash flow

Unity First Home Buyer special	3.99
SBS FirstHome Combo	3.99
TSB Special	4.39
Co-operative Bank - First Home Special	4.39
ICBC	4.39
SBS Bank Special	4.49
Unity Special	4.49
ANZ Special	4.49
Westpac Special	4.49
Kiwibank Special	4.49
Co-operative Bank - Owner Occ	4.49

ICBC	4.59
ANZ Special	4.69
TSB Special	4.69
BNZ - Std	4.69
Wairarapa Building Society	4.79
Nelson Building Society	4.87
Westpac Special	4.89
Co-operative Bank - Owner Occ	4.89
Kiwibank Special	4.89
SBS Bank Special	4.89
Unity Special	4.89

ICBC	5.19
Westpac Special	5.29
TSB Special	5.29
BNZ - Std	5.29
SBS Bank Special	5.69
Co-operative Bank - Owner Occ	5.69
Kainga Ora	5.69
ASB Bank	5.69
AIA - Go Home Loans	5.69
Kiwibank Special	5.79
Westpac	5.89

SBS FirstHome Combo	3.29
AIA - Back My Build	3.34
SBS Construction lending for FHB	3.74
CFML 321 Loans	3.95
Co-operative Bank - Owner Occ	4.99
Co-operative Bank - Standard	4.99
Heartland Bank - Online	5.30
ICBC	5.39
Kiwibank - Offset	5.65
Kiwibank	5.75
Unity Standard	5.79

Property

Housing project rescue bid stalls

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