New non-bank Lendr building for the long haul

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With deep expertise in development finance, Lendr sees a rosy future for non-banks as it aims to back projects and investors with flexible funding tailored to construction and property challenges

EOIN O’GRADY knows an opportunity when he sees one – he’s spent years financing construction projects, watching developers wrestle with stalled sales and rigid funding rules. As general manager of the new non-bank Lendr, he is focused on demonstrating that fast, flexible finance for underserved borrowers delivers real value, especially in areas where traditional lenders are reluctant to act. But the move also reflects a strong conviction in the future of the non-bank sector in New Zealand as a whole. It has long been pointed out that non-bank lending in New Zealand is a minnow in the mortgage market compared to regimes overseas. For O’Grady, who also doubles as chief financial officer at Vincent Capital, that gap is a market imbalance waiting to be corrected. “We see strong potential for that share to increase,” he says. Lendr launched earlier this year with a clear focus: providing tailored solutions for borrowers seeking residual stock and investment property loans. Lendr supports developers and investors navigating tightening bank criteria and the high cost of private finance − offering fast decisions and flexible structures to help unlock equity and keep momentum in their projects.

Lendr is your trusted New Zealand partner for fast, flexible property finance. We offer tailored funding solutions for developers, investors, builders and trusts – specialising in first-ranking mortgage loans secured over residential property. Founded to serve borrowers underserved by traditional lenders, we move at the pace of your project with practical, personalised service. Whether you're self-employed, time-constrained or outside the standard lending criteria, Lendr delivers streamlined approvals and reliable access to funding when it matters most. From bridging finance to bespoke loan structures, we’re here to support your vision. Lendr – delivering fast and flexible property financing solutions.

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“We move quickly, but we don’t cut corners. Every deal is underwritten with a clear exit strategy and conservative assumptions. It’s about supporting good borrowers who fall outside the box − not lowering the bar”

EoIn O’Grady, Lendr

Speed over red tape

Published 07 July 2025

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“Brokers want a genuine partner − not just a credit gatekeeper”

EoIn O’Grady, Lendr

It’s a strategy paced to withstand short-term turbulence and position for long-term demand, but one underpinned by robust risk controls. “We’re very deliberate about how we lend,” O’Grady explains. “We move quickly, but we don’t cut corners. Every deal is underwritten with a clear exit strategy and conservative assumptions. It’s about supporting good borrowers who fall outside the box – not lowering the bar.”

“We can get an offer out within 24 to 48 hours,” O’Grady says, contrasting his company’s approach with banks that take weeks to process applications. The proposition is straightforward – fast decisions for borrowers who need certainty, even if they can’t tick every box on a traditional application form.

The timing reflects broader market pressures. Banks have tightened lending standards while compliance burdens have increased, leaving a growing segment of creditworthy borrowers without options. Lendr positions itself between rigid institutional lenders and expensive private financiers, offering what O’Grady describes as “a common-sense approach” to property lending – but never at the expense of discipline. The group’s construction finance background provides built-in advantages that other mortgage providers lack. “We have a very strong property understanding within the group,” O’Grady explains. “We’ve got guys here that speak development and construction language and understand what borrowers require.”

Market conditions drive demand

The company’s launch has coincided with challenging market conditions that have left many developers holding completed stock they cannot sell. Economic uncertainty has dampened buyer appetite, creating a bottleneck that traditional refinancing cannot address quickly enough. “There’s a lot of stock on the market,” O’Grady acknowledges. “Developers will start developing when they know they’ll sell the product at the end, and people will buy the product when they know the market’s stable.” O’Grady and his team have been planning Lendr for around 18 months, with the aim of timing the launch to meet the needs of what they see as a structural shift in New Zealand’s lending market. While economic headwinds persist, the company believes patient capital deployment now will position it for growth when conditions improve. “It’s about setting the right foundations and building a resilient book,” O’Grady says.

Leveraging established networks

Lendr launched with the advantage of an established pipeline of developer clients and broker relationships, allowing it to gain early traction without the typical hurdles faced by new lenders. “We already had an established network and trusted relationships with experienced developers,” says O’Grady. The benefits of these existing relationships are mutual, he points out, as taking a loan with Lendr “frees up their capital so that they can put new developments in place”. The company also has the benefit of established broker relationships, providing immediate distribution channels that startup lenders typically spend years developing. Initial feedback from mortgage advisers has been positive, with brokers expressing appetite for lenders that can say yes quickly and communicate clearly. “Brokers want a genuine partner – not just a credit gatekeeper,” O’Grady notes. The company plans systematic outreach to individual brokers and aggregators over the next six months, building on existing relationships while expanding its network. Education and training form part of this broker engagement strategy. Lendr provides one-on-one support and case study breakdowns to help advisers understand which deals suit the company’s criteria. “We work with our broker network to get feedback from them as to what works, what doesn't work, what they believe will differentiate us,” O’Grady explains.

Technology and structure advantages

Long-term ambitions

O’Grady’s vision is to establish Lendr as a leading presence in New Zealand’s specialist lending market, built on strong foundations, sustainable growth and a reputation for reliability and responsiveness. The expansion plan includes diversifying beyond residual stock financing into investor lending and extending loan terms. “We’d like to have a mix that’s not just development but also investors looking for potentially a two-year loan,” O’Grady explains. Funding diversification represents another priority. Currently relying on internal capital, Lendr plans to establish external funding relationships to support growth while reducing cost of capital. The company’s five-year vision encompasses becoming “a leading non-bank lending brand with a strong digital platform, scalable funding structures and a reputation for reliability”.

Market expansion opportunity – when the time is right

O’Grady believes New Zealand’s non-bank lending market has room for multiple players as it grows towards Australian-style penetration rates. Rather than fighting for existing market share, Lendr expects the overall alternative lending sector to expand as banks maintain conservative lending standards. “There is still a little bit of sluggishness in the economy – that’s why we’re not rushing to build a book that could potentially be not of the creditworthiness that we want. We are laying the groundwork now but see real scale coming from 2026 onward.”

The investor market will be crucial to future strategy. After a surge of interest following the start of central bank rate cuts last year, the number of investors active in the market dropped off after the quarter to March. While timing of an economic recovery remains uncertain, O’Grady expects next year to provide better growth conditions as investor confidence returns. “We need the investor market to start really coming back into play,” he says. The approach reflects a disciplined growth strategy – building a sustainable business rather than chasing short-term opportunities. With established relationships, proven technology and strong capital backing, Lendr enters a market where speed and certainty increasingly trump pure price competition. For borrowers struggling with bank bureaucracy and timeline pressure, Lendr offers an alternative that combines property expertise with lending flexibility.

payments or traditional amortisation, depending on borrower needs. “We can structure it in a way that helps the developer release an amount of equity and capital that they need to move forward,” O’Grady says. This flexibility particularly appeals to developers transitioning from construction to holding costs. By refinancing completed stock through Lendr, developers free up capital for new projects while awaiting optimal sale conditions.

What is Lendr’s focus?

Providing tailored solutions for borrowers seeking residual stock and investment property loans

Source: Lendr

Source: KPMG Financial Institutions Performance Survey, 2024

Potential for growth of New Zealand non-bank sector

~ 50% 15−30% ~ 8%

US Australia New Zealand

Lendr leverages the group’s proprietary technology systems, avoiding the infrastructure development costs that burden many startup lenders. This existing platform enables rapid decision-making while maintaining risk management standards. The company can structure loans flexibly: 12- or 24-month terms with options for partial capitalisation, interest-only

What is Lendr’s focus?

Providing tailored solutions for borrowers seeking residual stock and investment property loans

Source: Lendr

Source: KPMG Financial Institutions Performance Survey, 2024

Potential for growth of New Zealand non-bank sector

~ 50% 15−30% ~ 8%

US Australia New Zealand

What is Lendr’s focus?

Providing tailored solutions for borrowers seeking residual stock and investment property loans

Source: Lendr

Source: KPMG Financial Institutions Performance Survey, 2024

Potential for growth of New Zealand non-bank sector

~ 50% 15−30% ~ 8%

US Australia New Zealand

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