Slow down for Seiza

Seiza Capital is the latest specialist lender to scale back its operations as it comes up against funding limits.

Seiza chief executive Simon Robinson said the group laid off a number of staff last week.

Industry sources said there were 15 redundancies, about half the company's staff.

Robinson said that number was exaggerated. “We are in the same boat as everyone else in this industry. We are pushing against our limits and we have to slow origination.”

“We are still doing originations and we are servicing our book. We will tread water until the funding situation improves.”

Robinson said there was no threat to the group's warehouse arrangements.

Robinson said the most promising part of the business was lending to the trustees of self-managed superannuation funds for property investment. He said there was plenty of interest from brokers and indications of a good business opportunity.

Source: The Sheet