PEFLOANS are issued by Property Equity Finance Ltd – a company registered in Christchurch, New Zealand and directed by Alain Liger. Property Equity Finance Limited was created in 2000. It was based on the Easyhome concept. Easyhome was developed by Alain Liger in the 90s when there was no option available to buy a house with no deposit. It combined a period of high capital payment with low interest to build up equity in a record time up to when it was safe for mainstream banks to take the relay and refinance the whole lot. Many young couples accessed ownership thanks to Easyhome. When it became clear that demand for the product was high, Alain met an investor, Ronald Ball, and they created Property Equity Finance Limited to further develop the concept. After a few months, the Christchurch based company was able to offer finance all over the country and the activity of second mortgages took off from Whangarei to Invercargill. A major bank added a facility to assist the growth. In 2006 and 2007, PEF kept lending with a low Debt to Servicing ratio (not allowing overall lending that would stretch borrowers’ capacity to a dangerous level) and the company market share shrunk but when the Global Financial Crisis destroyed so many small lenders, PEF went through unscathed. In 2009, after the passing of Ronald Ball, Alain bought back his shares and carried on managing the loan book. Overall, PEF has issued $42 million of second mortgages, (1300 clients & $350 million of properties).