CMIT denies report that it was deferring repayments
11th Sep 08, 5:26pm
Wellington-based Capital Mortgage Income Trust (CMIT) denied comments made a week ago by high profile financial advisor Chris Lee that it was deferring repayment requests. CMIT is not deferring repayment requests, CMIT General Manager Ian Taylor said. In his most recent weekly newsletter, Lee apologised for writing that CMIT was deferring repayment. CMIT did see some outflow of funds, with $1 million out in the past month, Taylor told interest.co.nz. "More out than in over the last month," he said. "But that's what happens sometimes with funds." Taylor said that CMIT currently had past due loans of $1.6 million, all commercial property loans in the Wellington area and all 90 days or less. "Impaired loans are zero," he said. CMIT's latest newsletter in June said that 35% of the NZ$41.7 million fund was invested in commercial property. Residential loans amounted to 54% of the fund. 10% was held in cash and 1% was in farming. The fund has no fixed terms of investment.