Former Resimac NZ GM finds new home
Arrow Finance has appointed Luke Jackson as its new chief executive officer, marking a new chapter for the former general manager of Resimac NZ.
Jackson (pictured above) began his role this week, taking charge of market identification, strategy development, and growth initiatives.
Expressing his enthusiasm, Jackson stated, "I’m excited to lead this New Zealand-owned non-bank.
“The current market presents significant opportunities for property transactions, though challenges like debt-to-income restrictions and a slowing economy will affect some."
He added that local non-bank finance providers will become an increasingly important part of the market.
Tim Yeoman, founder of Arrow Finance, expressed his excitement about Jackson's appointment, saying, "With Luke's extensive experience and strong market presence, we’re well-positioned to fast-track our ambitious goals."
Non-bank sector continues after Resimac exit
Jackson’s move comes six weeks after fellow non-bank Resimac announced it would shut down its New Zealand home loans business from July 1.
The news, which came as a shock to many advisers and others in the mortgage industry, followed a comprehensive review of the New Zealand mortgage market.
The review determined that the “competitive environment will remain restrictive for non-banks for the foreseeable future”.
This led to Luke Jackson stepping down from his position after over five years at the helm.
Non-bank lenders have consistently stood strong in the face of challenges in the turbulent market, with many reaffirming their commitment to the non-bank sector in the fallout of Resimac’s exit.
Arrow Finance providing fast relief to borrowers
Arrow Finance, established in August 2022, specialises in providing short-term, non-regulated property loans in New Zealand.
“Banks are taking up to a month to go through loan applications,” the company’s website stated. “A lot of businesses don’t have the luxury of waiting around, and they’re also tired of dealing with all the frustrating paperwork and strict requirements from traditional lenders.”
“If you’re in the market for business, investment, or property development finance, Arrow Finance have your back. We will actually take the time to understand what you’re all about and understand your situation before we craft a loan structure that suits.”
