Sentinel raises $20m to fund international expansion

Reverse mortgage specialist Sentinel has raised $20 million from the Australian firm Quadrant Private Equity to help fund its international expansion plans.

The new equity almost doubles Sentinel's capital to $44 million.

Sentinel group managing director Richard Coon said the group had ambitious expansion plans which included two or three new country launches each year.

He said these launches would normally be done in conjunction with local distribution partners.

"Our proven business model including comprehensive funding and reassurance arrangements means we can launch into a new country very rapidly with the right partner," he said.

Sentinel is New Zealand's leading provider of home equity release loans.

These loans allow cash-poor, but asset-rich home owners to unlock the equity in their property without giving up ownership of their home or having to move out.

The group also includes Australian Seniors Finance in Australia, and Seniors Money in Ireland.

- NZPA