All companies incorporated in Cayman Island except Global Investments Limited which is incorporated in Bermuda and GIL Management Services Pty Limited which is incorporated in Australia...

Pepper Residential Securities Trust No.6 Seiza Series 2006-1 Trust (Warehouse) Seiza Augustus Series 2007-1 Trust US Residential Mortgage - Backed Securities Mortgages plc Securitisation Avoca VI CLO Investment Lease to Avoca VII CLO Investment

Seiza pulls back on funding

Published: 21-05-08

http://www.theadviser.com.au/breaking-news/704-seiza-pulls-back-on-funding

Tough capital market conditions have forced Seiza Capital to reduce funding for some products, including low-doc loans. Jo Parkinson, director of Seiza, told Mortgage Business the boutique funder was “very much still in business”, playing down rumours that the lender had ceased funding new loans.  However Mr Parkinson said Seiza would be prioritising its funds for “higher quality applications” and would focus particularly on its self-managed super fund lending – which he said was prospering. “It makes sense to write the best loans we can with the funding we have” he said.

Lender Seiza in strife

September 25 2008

Vanessa O’Shaughnessy

http://www.smh.com.au/business/lender-seiza-in-strife-20080924-4ne4.html

ANOTHER Australian mortgage provider has fallen victim to the high cost of credit caused by problems in the US subprime mortgage market.  Seiza Management has been placed in voluntary administration, while its parent company, Seiza Capital, has about $1.25 billion under management.  The company offered commercial and residential mortgages, without mortgage insurance, which were backed by its listed Seiza Augustus Series 2007-1 Notes and its unlisted Seiza Series 2006-1 Notes.  The notes have an estimated value of about $400 million and $850 million respectively.Said Jahani, of administrator Grant Thornton, said the notes should retain their value.  It was the "back office" that had gone into administration and a third-party manager was being sought to ensure payments were collected from mortgages, and noteholders' interests were protected.  "From our perspective, it's business as usual," Mr Jahani said.

But Seiza Capital's annual report for 2006-07 shows the company that employed 86 people had been running at a loss.  Directors Simon Robinson, John Rogers and Terrence Leighton reported a loss of almost $6.4 million in 2006-07 and $7.5 million in 2005-06.  And auditors at KPMG said: "The future viability of the group is dependent on its mortgage business becoming profitable".  Since that time, defaults in the low-end US mortgage sector have prompted a repricing of credit, making it harder for mortgage originators to attract wholesale funding.  That situation has already forced the sale of non-bank lender RAMS Home Loans to Westpac, and while Challenger Financial and Bluestone Group have reduced the number of loans they write, Macquarie Group has ceased writing mortgages in Australia.

According to Seiza's website, part of which has been taken down, the company offered "jumbo" mortgages of up to $5 million and low-documentation loans valued at under $750,000.  Mortgage insurance, which is usually required by lenders to protect them against defaults, was not payable. But the company charged a risk fee based on the size of the client's deposit on a property.  Seiza's commercial loan products included self-managed super fund property loans and full-documentation and low-documentation loans of $250,000 to $5 million.

Perth-based former employee Margot Sutherland said she was made redundant several months ago, along with the rest of the sales team.  But until then the company attracted clients through brokers, offering "unusual type loans". Most clients were investors, Ms Sutherland said.It appears Seiza Management offered loans directly to customers as well as providing a "white label" product that allowed mortgage managers to sell loans under their own brand names.  An answering machine took calls to Seiza Capital's Sydney headquarters yesterday.

Brisbane-based Bruce Jones, who appeared as a contact on the company's website, said he no longer worked for Seiza Capital. "I don't want to go into it," he told BusinessDay.  In a letter to the ASX, Grant Thornton's Mr Jahani said the Seiza notes were issued by Australian Executor Trustees.  "We expect that the trustee will be in contact with noteholders in due course to seek instructions by way of noteholder resolution as to the course of action the trustee should take as a consequence of the appointment of the administrators," he said.

Slow down for Seiza

10/06/2008

http://www.infochoice.com.au/investment/investment-broker/news/slow-down-for-seiza/34160/2/16

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

http://www.brrmedia.com/asx/SEB/seiza-augustus-series-2007-1-trust/

http://www.delisted.com.au/company/seiza-augustus-series-2007-1-trust

http://www.delisted.com.au/company/seiza-augustus-series-2007-1-trust