Couta has sold and run for the hills, so it's time to pile in chaps.
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Sea Dragon were touting Heartland as the best bank in the world a month or so ago. Obviously no accommodative enough with even mote shareholder money being pumped in to keep SeaDragon afloat.
Just as well heartland have strong processes in place to manage these sort of loans / overdrafts
Sitting in the Heartland board room Jeff looks out the window and surveys the Auckland landscape, heartland New Zealand he says to himself. Beyond the ANZ sign he sees many cranes. Jeez there is a lot of building activity going on. Probably many apartments, he knows there is a housing shortage in Auckland.
Michael wanders in with a freshly brewed coffee.
You look in thoughtful mood Jeff. What's going through that brain of yours
Michael, I think we have a social responsibility to help out and try to solve thris housing shortage. Apartments is the answer, as long as not in my neighbourhood.
That would be very noble of us. Important to think of the community isn't it Jeff.
Yes Michael. We are going into apartment finance. The opportunity is just friggen too big miss out on .....and apartments are niche aren't they Michael.
Ok Jeff. I'll set things in motion. Lending to prospective apartment owners easy done. With our cost of funds being so low we could offer 5% mortgages and tie in with a special rate to furnish it.
Great Michael. But don't forget the developers need money as well. That's where the money is I am told.
Agree Jeff. I ll get the boys out doing a few deals
This is good Michael. I get a buzz with being socially responsible and lending into niche areas in heartland New Zealand ......and that $56m for 2016 looking good now. I was a bit worried about how we would meet that expectation.
All makes sense Jeff
As Jeff looks out over Auckland again he says Michael, I can this working out well.
Gee winner is that an old transcript from Handover finance, I'm sure Hotchins and Watson had that conversation back in 2006:eek2: PS-They sure had a lot of lovely half completed apartments in Queenstown back then aye.
In other news I see Landcorp doggidly pressing ahead with their Waikato dairy conversion expansion plans so they are obviously still bullish but then again they reckon their profit forecasts still good for the year despite sector downturn.
Blockhead was yarning to a 60 odd year old lifelong sheep farmer the other day in the midst of a dairy farm conversion, there were patches in his already thinned hair where he was frequently scratching and asking "what am I doing"
Before his first season is even started he has reduced staff by around 1.5 units, he can't turn back now, all the infrastructure is there glistening and waiting to be paid for.
Not so many new Hyundai and Kia SUV's parked outside the coffee shops in Geraldine these days either, dairy incomes not being spread as lavishly as a couple of seasons ago.
Heads Up to Jeff - Greece is looking for a big loan, I'm sure they're good for it :)