28 Apr 2009

Viaduct raises rates to attract investors

12:01 pm on 28 April 2009

Viaduct Capital has raised its interest rates to attract investors, following its removal from the Government's retail deposit guarantee scheme.

Last week Treasury pulled the finance company, which is headed by former Capital Properties boss Nick Weevers, out of the scheme, saying the benefits may go to people who are not supposed to get them.

Mr Weevers says this won't stop Viaduct's plan to raise $50 million from investors to take advantage of falling property prices.

He says he believes part of the reason the Government removed Viaduct from the retail deposit guarantee scheme is because it did not want a small company using the scheme to become a large company.