Peer-to-peer lending is still relatively under-used in NZ when it comes to borrowing for home purchases, business or construction finance, but one knowledgeable borrower discovered just how fast and flexible it could be when he was introduced to Zagga.
Business owner Mike Rollo had bought a Christchurch property with great potential but required additional funds to finish the renovations. The answer came thanks to a chance meeting with a former Bank Manager and golfing buddy of Mike’s.
“Knowing he had connections in the financial scene, I explained my predicament,” says Mike. “I asked if he knew anyone that could help me finance some home renovations on a run-down property I had paid cash for.”
Mike explained that he didn’t want to ask the bank, as he was in the process of winding down his company, and already had a mortgage on his family home. Fortunately, his friend knew just who to ask. One of his former banking associates, Bill Calder, was now General Manager of Credit Risk at Zagga, the online peer-to-peer lending platform.
Offering a range of personal, residential, commercial and rural loans, Zagga matches credit-worthy borrowers like Mike, to committed investors. With flexible lending criteria, competitive interest rates and larger loans, Zagga is able to help more borrowers. And, as Mike discovered, through Zagga’s technology, the whole process is surprisingly fast.
“A $120k personal loan was approved in no time at all. Unfortunately I had other issues and could not draw down on it straight away, but Bill was very patient.”
That patience stems from Zagga’s very personalised approach to borrowing. The Zagga team knows that every situation is unique, so they make a point of taking time to understand each borrower’s needs and help them find the most appropriate way forward. For Mike, the solution was to secure his Zagga loan with a first mortgage on another property he was renovating.
“Once I had finished, we moved in and I sold that other property. This allowed me to repay Zagga, and it worked well for everyone”.
For anyone else keen to secure a loan for their project, Mike would certainly encourage them to consider peer-to-peer lending, and to check out Zagga in particular.
“I would recommend Zagga based on my experience, friendly and on the case. Thank you Bill and the team.”