Steady wins: How one firm gained investor trust
First Mortgage Trust (FMT), a New Zealand investment fund manager specialising in property lending, has announced it now manages over $2 billion in funds under management (FUM). This figure marks a milestone in the company’s operational history.
“This is a big moment for us. But more than the number, we’re proud of how we’ve got here, by being consistent, careful, and focused on people,” said Paul Bendall (pictured), FMT’s chief executive officer.
Established in the Bay of Plenty in 1996, FMT has expanded its presence, with offices now located in Auckland, Christchurch, and Wellington, serving investors across the country.
FMT attributes its operational approach to a “people first” philosophy. “We’re a proud Kiwi business made up of hardworking, smart people who care,” Bendall said. “We’ve now got over 70 employees nationwide.
“Our team shows up every day wanting to do right by our investors and borrowers,” he said. “That’s what makes us different, and it’s what our customers tell us they value, and why they choose us.”
The company’s growth has largely stemmed from referrals from existing investors and borrowers. “Most of our new investors come to us through word of mouth, from a friend, a family member, or someone they trust,” Bendall said. “That kind of trust is something you earn. It tells us we’re doing things right.”
Currently, more than 7,000 investors are involved with FMT, with investment options including a retail fund, PIE fund, and a wholesale fund, the latter available to wholesale investors.
FMT’s investments are secured by first mortgages on residential, commercial, and industrial properties across New Zealand. Bendall cited “conservative loan-to-value ratios, a diversified portfolio, and a strong reserve fund” as elements used to manage risk and provide returns. He stated their latest pre-tax annualised quarterly return is 6.76%, which compares to average one-year bank term deposit rates of 3.92%.
Bendall indicated FMT's focus is on “steady, sustainable growth, not chasing short-term wins.”
“We’re here today,” Bendall said. “We’re not the new kid on the block, we’re a trusted, respected name in the market.” The company reports that it has not experienced a loss of investor capital since its inception in 1996, a period that includes the global financial crisis and the COVID-19 pandemic.
As FMT approaches its 30th anniversary in 2026, the company maintains its commitment to long-term growth.
“We’re excited about what’s ahead,” Bendall said. “We want more Kiwis to know there’s a down-to-earth, reliable, and people-focused alternative when it comes to investing and property finance. We’re here for the long run, and we’ll keep doing things the right way.”
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