Simpson Dowsett Meggitt runs a contributory mortgage company called Simpson Dowsett Meggitt Lawyers Nominee Company Limited (“SDM Lawyers Nominee Company”).
Clients and investors are able to invest funds in SDM Lawyers Nominee Company which are then lent to third parties requiring mortgage funding. The loans made to a third party are usually secured by way of a first registered mortgage against the title of the borrower’s property.
The New Zealand Law Society Solicitors Contributory Mortgage Rules set out the strict requirements which are to be met by Solicitors Contributory Mortgage Companies. SDM Lawyers Nominee Company operates under these strict requirements.
SDM Lawyers Nominee Company vets borrowers and their funding proposals as follows:
We believe that the advantage to our clients and investors in investing in the SDM Lawyers Nominee Company is that their advance is secured over a specific property and that the loan is no more than two thirds of the value of the property.
Interest to our investors is paid monthly and is at a significantly more competitive rate than bank rates.
If you would like to enquire further please contact Neil Dowsett.