Rebrand comes following M&A deal
The Christchurch-based NZ Mortgages has completed its rebranding to Squirrel, finalising a merger with the nationwide mortgage company that was first announced in September.
Founded in Auckland in 2008, Squirrel has expanded to become a leading non-bank lender and mortgage broker in New Zealand, managing more than $400 million through its investment platform and providing specialized mortgage and construction funding solutions.
The rebranding follows months of integration of systems and processes to unify the two entities and represents Squirrel’s second significant expansion move in recent years, having previously merged with The Home Loan Shop in Wellington in 2022.
Expansion and enhanced services in Canterbury
Nathan Miglani (pictured left), the founder of NZ Mortgages and now the head of Squirrel South Island, expressed enthusiasm about the merger.
“I’m thrilled to now have the support of a much larger team, enabling me to focus my efforts on Canterbury and growing Squirrel’s presence in the South Island,” Miglani said.
“We might be rocking a new name and a new look, but NZ Mortgages clients can still rely on the same advice and expertise they’ve come to know over the past few years—with the benefit of access to Squirrel’s market-leading construction lending solutions and digital technology which makes it far easier for clients to apply for a home loan.”
A strategic move for Squirrel
David Cunningham, CEO of Squirrel, said the merger is a crucial step toward establishing the company's national presence and achieving its short-term objective of generating $1 billion in mortgage sales annually in the South Island.
“We invest heavily in technology and innovation, but we’re also acutely aware that when it comes to guiding clients through the process of buying a property, it’s so important to have access to a local team who have that intimate local market knowledge,” Cunningham said.
“Partnering with an established team on the ground in Canterbury meant we could really hit the ground running.”
Boosting construction lending
Squirrel is committing significant resources to meet the surging demand for construction loans, especially in the South Island, allocating $150m for these projects.
John Bolton (pictured right), founder of Squirrel, commented on the growth in demand.
“Construction lending has nearly doubled year-on-year. Having a dedicated local team in Canterbury positions us to better serve these needs,” Bolton said.
“Squirrel’s unique loan solutions have helped to make us one of the largest non-bank lenders in the sector, and Canterbury has been an important part of that growth. I’m grateful to now have a team on the ground, and excited to see what’s possible from here.”
Squirrel-NZ Mortgages merger expands national presence
With the merger, Squirrel now boasts a team of more than 120 employees and is responsible for originating around $3 billion in mortgages annually, which is one in every 20 new mortgages in New Zealand.
The company plans to increase visibility with a local advertising campaign featuring its Canterbury team on bus-backs and billboards starting this month.
