Used car lender Senate Finance has signed a deal with GE Money, freeing Senate’s parent, Dorchester Pacific, to lend more in other sectors. Under the arrangement GE Money will start financing Senate’s lending book while Senate will continue to operate as a loan broker and to service its network of dealers and customers. A wholly owned subsidiary of Dorchester Pacific, Senate lends in the Auckland used car market, and was previously funded exclusively by Dorchester. Mr Walker said that like all finance companies Dorchester Pacific had been fielding quite a few phone calls from nervous investors. In the past year Dorchester had bought a 25 per cent stake in St Laurence and was selling its property trust, which would release about $15 million for acquisitions. read more