Squirrel is an Auckland-based, FMA-licensed peer-to-peer lender that launched its lending platform in late 2016. Distinctive for the Loan Shield reserve fund (the first reserve-fund mechanism on a NZ P2P platform). Independent editorial coverage.
Indicative repayment
Weekly
$1,158/week
Indicative only. Not a quote or offer of credit. Actual rates, fees, and repayments depend on the business profile and the lender's decision.
Sending to Prospa
20 years at 8.00%. Prospa will ask a few quick questions, then provide a firm quote and funding if eligible.
Redirecting…
Indicative only. Why we say this
Quick answer
Lender overview
Squirrel is a New Zealand peer-to-peer lending platform headquartered in Auckland, with additional offices in Wellington and Christchurch. The Squirrel mortgage advisory business has operated for longer; the peer-to-peer lending service launched in late 2016 once the Financial Markets Authority granted Squirrel a peer-to-peer lending service licence under Part 6 of the Financial Markets Conduct Act 2013. The licence regime covers obligations around fair dealing, investor disclosure, and platform conduct.
Squirrel matches NZ retail investors with NZ borrowers on a marketplace model. The platform itself sets the credit assessment, sets the rate band by risk grade, and runs the secondary market for investors who want to exit a position. Squirrel publishes the platform statistics, including loans funded, principal outstanding, and Loan Shield balance, on its public investor pages and historically has published audit reports prepared by KPMG covering the lending operation.
On the business-finance side, the platform today is concentrated around property-secured products: the Business Property Loan secured against commercial or residential property, the Home Loan, and the Construction Loan for stand-alone home or small-development builds. Per RNZ reporting around 2024, Squirrel stopped writing new personal loans, with the existing personal-loan book continuing to run off in line with contracted terms.
Platform launched
Late 2016
Regulator
FMA P2P licence
Distinctive
Loan Shield reserve
Offices
AKL, WLG, CHC
Product range
Squirrel's current product set is concentrated on property-secured lending. The Business Property Loan is the relevant entry point for SME borrowers; Home Loans and Construction Loans support owner-occupier and self-build borrowers including business owners borrowing in their personal name.
Squirrel's business-side product, secured against commercial property or, in some structures, residential investment property held in the business owner's name. Used for purchase, refinance, and equity release where there is real property security to support the lending.
Home loan funded via the Squirrel P2P platform, secured against owner-occupied residential property. Useful context for business owners borrowing in their personal name where the home is the collateral source for a business top-up.
Funding for stand-alone home builds and small residential developments. Drawn in stages against fixed-price build contracts and registered valuations. Relevant where the borrower is a developer trading through a NZ company structure or an owner-builder.
Loan Shield is a pooled reserve fund into which a portion of borrower interest is set aside to cover loan losses. It is described by Squirrel as the first reserve-fund mechanism used by a NZ P2P platform. The mechanism is a platform feature, not a separate product.
Indicative pricing
Squirrel prices to risk grade and security after credit assessment rather than publishing a single advertised rate. The bands below are observed indicative ranges only and are not guaranteed pricing. Actual rates are set by Squirrel after assessment.
| Product | Indicative rate band | Common term | Security |
|---|---|---|---|
| Business Property Loan | 7% to 11% p.a. indicative band | Up to 30 years | Commercial or residential property |
| Home Loan (P2P-funded) | 6% to 9% p.a. indicative band | Up to 30 years | Owner-occupied property |
| Construction Loan | 7% to 10% p.a. indicative band | Build term plus term-out | Land plus build contract |
| Loan Shield contribution | Built into the borrower rate | n/a | n/a |
Indicative bands only. Actual rate is set by Squirrel after credit assessment. Bands drawn from observed NZ market positioning, not advertised pricing.
How it works
Squirrel's application path is broker- and adviser-friendly, given the platform's mortgage-advisory roots. The borrower can also apply directly via squirrel.co.nz.
01
Day 1 to 3
The application starts with the borrower entity, NZBN, directors, loan amount and purpose, and the property security being offered. Squirrel returns indicative terms covering rate band, LVR, fees, and term.
Documents commonly required
02
Day 3 to 14
Squirrel asks for the last 12 to 24 months of business financials (P&L, balance sheet), 6 to 12 months of business bank statements, the current debt schedule, registered company extract, and supporting tax records. A registered property valuation is commissioned where required.
Documents commonly required
03
Day 7 to 21
Approved loans are listed on the Squirrel marketplace where retail investors fund the loan in fractions. The Loan Shield reserve fund holds a portion of the interest pool, a feature platform investors are credited as the loss-share mechanism.
04
Day 14 to 30 typical
On full funding, formal letter of offer is issued and a borrower solicitor instruction follows for property security. Mortgage registration completes at Land Information NZ. Funds draw to the borrower solicitor or to the supplier on stage-drawn construction loans.
Borrowers working with a NZ mortgage adviser can run the application through that adviser channel. The Squirrel Business Property Loan is property-LVR led, so a current registered valuation is commonly the gating document.
Worked scenarios
Anonymised, indicative scenarios illustrating where Squirrel tends to be a fit on the property-secured business and home-loan side of the platform.
Trades and services
A West Auckland engineering business, 12 years trading, with a $1.1m owner-occupier workshop site held in a related entity. The borrower is refinancing a $620,000 commercial mortgage from a non-bank lender to a Squirrel Business Property Loan to reduce monthly servicing.
On these assumptions, an indicative Squirrel Business Property Loan of $620,000 across 25 years at an indicative 8% p.a. lands at roughly $1,105 weekly. Mortgage registered at LINZ; director PG plus GSA over the operating entity.
Indicative figures
Property and construction
A Canterbury developer trading through a NZ company, with a $1.4m three-lot subdivision build budgeted on a fixed-price contract. Land already settled at $620,000; build cost $780,000. Squirrel Construction Loan funds the build in stages.
On these assumptions, an indicative Squirrel Construction Loan of $780,000 stage-drawn across the 9-month build at an indicative 9% p.a. on the drawn balance. Term-out to a Squirrel Business Property Loan once code-of-compliance is issued. Director PG plus mortgage over the lots.
Indicative figures
Compared to alternatives
Squirrel sits in the property-secured space alongside non-bank lenders like Avanti Finance, with the major NZ banks pricing lower on like-for-like applications where the borrower can clear bank credit policy.
| Feature | Squirrel (FMA-licensed P2P) | Major NZ bank (ANZ/ASB/BNZ/Westpac) | Non-bank lender (Avanti) |
|---|---|---|---|
| Indicative rate (commercial property) | 7% to 11% p.a. indicative band | 7% to 10% p.a. indicative band | 8% to 12% p.a. indicative band |
| Funding mechanism | Retail-investor matched via P2P platform | Bank balance sheet | Wholesale-funded non-bank balance sheet |
| Loss-share mechanism | Loan Shield pooled reserve fund | Bank capital and provisions | Lender balance sheet |
| Regulatory tier | FMA peer-to-peer lending service licence (FMC Act 2013) | RBNZ-registered bank (Banking Prudential Supervision Act 1989) | FSPR-registered, FMA-licensed for registered scheme manager activity |
| Decision speed (clean property file) | 1 to 3 weeks typical | 2 to 4 weeks typical | 1 to 2 weeks typical |
| Application path | Direct or via mortgage adviser | Branch or relationship banker | Broker-led or direct |
| Credit appetite | Property-LVR led | Narrowest | Broader than major banks |
| Personal lending | New writing wound back per RNZ ~2024 | Available | Available |
Where it fits
Industry appetite
Squirrel's property-led model means the industry view is more about the security position than the operating sector. The categories below reflect observable patterns from the platform's public positioning, not formal underwriting criteria.
A core Squirrel segment via the Construction Loan and Business Property Loan. NZ developers running fixed-price build contracts and small subdivisions are common borrowers.
NZ trades operators with owner-occupier workshop or yard property are a typical fit for the Business Property Loan when refinancing or releasing equity.
Independent retailers that own their shop or warehouse premises can use the Business Property Loan to refinance or fund a fit-out where the property is the security source.
Cafe, restaurant, and small-format hospitality operators that own freehold premises. Pure leasehold fit-out lending is not the primary Squirrel use case.
NZ medical, dental, or veterinary practices that own their clinic premises. Property security drives the structure rather than the practice category itself.
Self-employed and sole-trader borrowers buying or refinancing an owner-occupied home, where the major-bank serviceability test is harder to meet on variable income.
Editorial-only disclosure
Businessloans.org.nz is not affiliated with Squirrel, has no commercial relationship with Squirrel as at the last reviewed date, and earns no referral revenue from links to Squirrel's website. Our calculator referral path is to Prospa, disclosed at /partner/. Squirrel is one option among several NZ property-secured lenders and is not described on this page as the best, cheapest, or fastest. Indicative content only. Not personalised financial advice. Final rates, fees, and approval decisions are made by Squirrel after assessment.
References
Primary product range and platform positioning reference.
FMA register confirming Squirrel's peer-to-peer lending service licence under the FMC Act 2013.
The licensing framework under which NZ peer-to-peer lending services operate.
Confirms Squirrel is not a registered NZ bank.
Public corporate registry record for the lending entity.
Reference for ~2024 reporting on Squirrel stopping new personal-loan writing.
Squirrel has historically published external audit reports prepared by KPMG covering the lending platform.
FAQ
No, Squirrel is not a registered New Zealand bank and is not supervised by the Reserve Bank of NZ. Squirrel operates a peer-to-peer lending platform under a peer-to-peer lending service licence issued by the Financial Markets Authority under the Financial Markets Conduct Act 2013. The lending platform launched in late 2016, with the broader Squirrel mortgage-advisory business operating for longer.
Squirrel's current product set is concentrated on property-secured lending. The Business Property Loan covers commercial and residential investment property; the Home Loan covers owner-occupied residential property; the Construction Loan funds stand-alone home builds and small residential developments. Per RNZ reporting around 2024, Squirrel stopped writing new personal loans, with the existing personal-loan book continuing to run off.
Loan Shield is a pooled reserve fund into which a portion of borrower interest is set aside to cover loan losses on the Squirrel platform. Squirrel describes Loan Shield as the first reserve-fund mechanism used by a NZ peer-to-peer lender. The mechanism shares the loss across the investor pool rather than concentrating it on a single investor whose fraction happens to be in the defaulted loan.
Squirrel is licensed by the Financial Markets Authority as a peer-to-peer lending service under Part 6 of the Financial Markets Conduct Act 2013. The licence carries obligations around fair dealing, investor disclosure, platform conduct, and ongoing reporting. Squirrel is also registered on the Financial Service Providers Register and is a member of an external dispute resolution scheme.
Per RNZ reporting around 2024, Squirrel stopped writing new personal loans and concentrated the platform on property-secured lending. The existing personal-loan book continues to run off in line with contracted terms. Borrowers looking specifically for a new unsecured personal loan are typically directed to other NZ providers.
Squirrel Business Property Loan amounts are property-LVR led rather than capped at a fixed dollar limit. Loan size is set against the registered valuation of the security property and the borrower's serviceability assessment. A Business Property Loan typically suits NZ borrowers funding amounts in the hundreds of thousands or higher, where commercial property security is available.
Squirrel quotes a tailored rate after credit assessment and prices to the risk grade and security position rather than a single advertised rate. Indicative bands observed in the NZ market run roughly 7% to 11% p.a. on Business Property Loans and lower on owner-occupied Home Loans where the security position is stronger. Actual rates are set by Squirrel after assessment.
Property-secured applications commonly run 1 to 3 weeks from initial enquiry to settlement, depending on the registered valuation timeline, legal documentation, and how clean the financial pack is. Construction loans are stage-drawn against the build contract and run for the build period plus a term-out arrangement once the code-of-compliance certificate is issued.
Interest on a Squirrel Business Property Loan used wholly for business purposes is generally deductible against business income for NZ tax purposes, subject to the accountant's confirmation on the specific business position. Interest on a residential investment property loan is subject to the residential interest limitation rules; the accountant is the right party to confirm the deductibility position.
The four major NZ banks (ANZ, ASB, BNZ, Westpac) commonly price commercial property lending in a similar indicative band to Squirrel for borrowers who can clear bank credit policy, sometimes lower at the cleanest end. Squirrel is widely positioned as a comparator for borrowers wanting an FMA-licensed peer-to-peer alternative, particularly where mortgage-adviser distribution suits the file.
Yes, Squirrel's mortgage-advisory roots mean the platform is broker- and adviser-friendly. Applications can be submitted through a NZ mortgage adviser working with the platform, or directly via squirrel.co.nz. The adviser channel is commonly used where the file has structuring complexity or where the borrower already has an established adviser relationship.
On default of a property-secured Squirrel loan, the platform's first remedy is the registered mortgage over the security property, enforced through the standard NZ mortgagee-sale process. The Loan Shield reserve fund is structured to absorb borrower loss on the platform, sharing the impact across the investor pool rather than concentrating it on a single investor. Persistent non-payment moves through formal default and into recovery.
Related
Commercial property loan
The product family Squirrel's Business Property Loan sits inside.
Read onBuy commercial property
How NZ businesses fund commercial property purchases, including via P2P-platform mortgages.
Read onAvanti Finance
A non-bank NZ comparator on the property-secured side for SME borrowers.
Read onNZ business loan rates 2026
Where P2P-platform pricing sits across the broader NZ rate band.
Read onSecured vs unsecured business loans
Why a property-secured P2P loan typically prices below an unsecured alternative-lender SBL.
Read onDisclaimer
A business loan is a commitment that runs for months or years, and repayments come out of the same operating cash flow as everything else. Before committing, it is worth modelling the weekly and monthly cost against the business's working-capital position, which is what this site is built to help with. Borrowing at a level that stays comfortable through a quiet quarter, not just a strong one, is widely regarded as the safer frame.
What this site is
A calculator and information tool. Not a lender, not a broker, not a registered financial adviser. Nothing here is personalised financial advice.
What the figures show
Modelled estimates based on the inputs you enter. Not a quote. Not an offer of credit. Not a guarantee of approval, rate, or fees.
What the lender decides
Final rates, fees, and approval are set by the lender after a CCCFA-appropriate assessment of the applicant's circumstances and credit decision.
Commercial disclosure
Businessloans.org.nz earns a commission from Prospa when a visitor applies through this site and their application is approved. The commission is paid by Prospa, not by the borrower, and it does not influence the rate Prospa offers. Full disclosure on the partner page.
Tax, GST, and accountant framing
Tax-treatment statements (GST claim timing, interest deductibility, depreciation rates) are general in nature and subject to your accountant's confirmation on the specific business position. For material amounts, professional advice from a registered financial adviser or chartered accountant is widely regarded as the safer frame.
