CFML

What CFML does

Conrad Funds Management Limited (CFML) is a privately held, boutique New Zealand fund manager and non-bank lender headquartered in Parnell, Auckland, operating since 2016. The company runs a two-sided model: investor capital is pooled into the CFML Mortgage Fund, a multi-rate Portfolio Investment Entity (PIE) under the Financial Markets Conduct Act 2013, and that capital is invested in shares of CFML Lending Limited, which in turn originates first-ranking mortgage loans over residential freehold properties (with surplus cash placed in on-call and short-term deposits at NZ-registered banks).

CFML Loans offers seven differentiated first-mortgage products — Prime, Standard, Prime 80, 321, Specialist, Investor 10 and Commercial Loans — covering owner-occupied, investment, specialist and commercial borrower profiles, with both interest-only and principal-and-interest repayment structures plus refinancing services. All loans are secured by first-ranking mortgages over residential freehold property. The CFML Mortgage Fund delivers quarterly distributions (net of fees, before tax) that have ranged from approximately 3.90% to 7.51% depending on the quarter, and the fund carries qualifying "Growth Investment" status for Immigration New Zealand purposes.

The business monetises through quarterly management, supervisor and mortgage administrator fees drawn from the fund, plus net interest margin earned by CFML Lending. Distribution is sales-led: loans are originated through a network of NZ mortgage advisers, brokers, accountants and solicitors, while investments are taken direct via the corporate website with application forms for individuals and companies/trusts, and quarterly withdrawals subject to 45 days' notice. CFML is governed by an independent board chaired by Frank Chan, with PwC as auditor, Chapman Tripp as legal counsel, and Covenant Trustees Limited as fund supervisor.

Name

CFML

Legal name

Conrad Funds Management Limited

Website

https://conradfundsmanagement.co.nz

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

1–10 employees

Short description

Conrad Funds Management Limited (CFML) is a boutique Auckland-based New Zealand fund manager and non-bank lender that pools investor capital into the CFML Mortgage Fund to originate first-ranking residential mortgage loans for borrowers across New Zealand.

Ownership category

akta.pro rank

Product category

Mortgage Lending and Fund Management

NAICS

Real Estate Credit (522292), Open-End Investment Funds (525910)

SIC

Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Private Credit — Real Estate Debt (Bridge, Mezz, CMBS-like) (FSAHAJAI)

akta.pro secondary industry

Real Assets — Real Estate Debt (Whole Loans, Mezzanine, CMBS/CLO) (FSAHAIAB)

Keywords

• Mortgage fund management
• Residential mortgage lending
• Non-bank lending
• Investment fund management
• First mortgage finance

Headquarters

HQ city

Auckland

HQ country

New Zealand

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Compliance, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Management Fees: Ongoing management fees paid quarterly from the CFML Mortgage Fund. There are also Supervisor Fees and Mortgage Administrator Fees that are paid from the fund quarterly.
2. Interest Income from Lending: Returns are dependent on interest paid on loans secured by first-ranking mortgages made by CFML Lending, plus interest earned on on-call and short-term deposits at New Zealand registered banks.
3. Mortgage Lending Interest: CFML Loans generates revenue through interest charged on residential 1st mortgage finance for residential, investment, and commercial lending requirements.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

CFML operates the CFML Mortgage Fund, a managed investment scheme that pools investor capital and invests it in shares of CFML Lending Limited, which in turn provides loans secured by first-ranking mortgages over residential freehold properties in New Zealand. Through its CFML Loans arm, the company offers a suite of residential first mortgage loan products (Prime, Standard, Prime 80, 321, Specialist, Investor 10, and Commercial Loans) to individual and commercial borrowers, with interest income on mortgages and on-call/short-term bank deposits funding investor returns.

Product overview

CFML (Conrad Funds Management Limited) operates two main product lines: the CFML Mortgage Fund as an investment vehicle, and CFML Loans as the lending arm. The CFML Mortgage Fund is a pooled managed investment scheme that provides returns to investors through first mortgage lending. CFML Loans offers seven distinct residential first mortgage loan products (Prime Loans, Standard Loans, Prime 80 Loans, 321 Loans, Specialist Loans, Investor 10 Loans, and Commercial Loans) catering to various borrower profiles including owner-occupied, investment, and commercial properties. Both lending products and investment features include refinancing options and flexible repayment structures.

Differentiator

Problem solved

Functional benefit

Brands

• CFML Prime Loans: Residential mortgage loan product for borrowers meeting specific criteria
• CFML Standard Loans
• CFML Prime 80 Loans
• CFML 321 Loans
• CFML Specialist Loans
• CFML Investor 10 Loans
• CFML Commercial Loans
• CFML Mortgage Fund

Products and services

• CFML Mortgage Fund

Quantifiable outcome

• Quarterly distribution returns ranging from approximately 3.90% to 7.51%
• +1 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Partnerships

Eight partnerships are on record, tiered core and supporting.

• PwCcoreOthersPwC serves as the auditor and tax advisor for CFML. Company Number: 437730. Listed as a key external provider on the company's governance and regulatory pages.
• Chapman TrippcoreOthersChapman Tripp is listed as a legal services provider for CFML, appearing on the company's governance and regulatory pages alongside other key external providers.
• Financial Services Complaints Limited (FSCL)coreOthersIndependent dispute resolution scheme approved by the Ministry of Consumer Affairs. CFML Lending membership number: 7237. Conrad Funds Management Limited membership number: 6400. Members may refer complaints to FSCL if not resolved within 40 days or if not satisfied with the company's response.
• Covenant Trustees LimitedcoreOthersCovenant Trustees Limited serves as the supervisor for the CFML Mortgage Fund. Company Number: 2194946. Listed as a key external provider on the company's governance and regulatory pages.
• Information Logistics Company Limited (Infolog)supportingTechnology or IntegrationIdentity verification services provider used by CFML to meet AML/CFT obligations. Personal information may be provided to Infolog when using their identification verification services.
• Centrix Group LimitedsupportingTechnology or IntegrationConsumer credit reporting services provider used by CFML for credit checking purposes. Personal information may be provided to Centrix when using their consumer credit reporting services including credit information collection.
• London Stock Exchange Group (LSEG)supportingTechnology or IntegrationOngoing checks provider used by CFML to meet AML/CFT obligations. Personal details may be provided to LSEG for politically exposed persons list checks and other compliance verification.
• EquifaxsupportingTechnology or IntegrationCredit reporting agency used by CFML. If a borrower defaults on payment obligations to CFML, information about that default may be given to Equifax, which may share it with other Equifax customers.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Regional players

• Resimac: Australian non-bank lender with a growing NZ presence, originating residential prime and specialist mortgages through a broker network — same broker-led GTM and specialist-borrower positioning as CFML Loans.
• Firstmac: Large Australian non-bank lender with residential mortgage and personal-lending products; comparable business model and product mix but operating exclusively in Australia rather than New Zealand.
• Pepper Money: Australian non-bank lender focused on residential and asset finance for non-conforming borrowers; closely comparable in target customer segment and non-bank lending model, though Australia-only.
• Liberty Financial: Australian non-bank lender and fund manager with residential mortgages, asset finance, and investment products; structurally analogous to CFML across lending plus managed-fund operations but AU-only.

Direct peers

• First Mortgage Trust: New Zealand mortgage investment fund that pools investor money to fund first-mortgage loans, mirroring CFML Mortgage Fund's structure and target investor base. Most directly comparable peer in the NZ non-bank mortgage-fund category.
• Squirrel Mortgages: NZ fintech non-bank mortgage provider working through advisers to originate residential loans for borrowers outside traditional bank criteria; directly comparable in customer segment and broker-led GTM motion.
• Avanti Finance: New Zealand non-bank lender offering residential and asset finance, including first-mortgage products, with a similar broker-driven distribution model and a comparable focus on borrowers outside the major bank criteria.

Broad incumbents

• Heartland Group Holdings: NZX-listed NZ non-bank lender offering reverse mortgages, asset finance, and livestock finance; broader portfolio than CFML but the most relevant listed incumbent operating a similar residential-lending-plus-fund strategy in the same market.
• Kiwibank: NZ state-owned bank offering residential mortgages and savings products including term deposits; the alternative to CFML's fund for investors and a competitor for prime borrowers, though operating at very different scale.
• General Finance Corporation: NZX-listed NZ non-bank lender offering commercial and equipment finance with a depot network; comparable as an established NZ-listed non-bank lender competing for similar credit-adjacent relationships and adviser referrals.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CFML