360 Capital Enhanced Income Fund (ASX:TCF) has announced the settlement of a AU$10.4 million first mortgage residual stock loan in Sydney as part of its strategy to finance completed assets. The loan is secured against 30 unencumbered units and has an initial Loan to Value Ratio (LVR) of 70.0%, which will reduce to 65.0% as apartments are sold.
The loan carries a margin of 5% + BBSW, resulting in an all-in interest rate of 9.35% with a floor of 9.0%. Interest will be paid monthly in advance, and the loan will be repaid through proceeds from apartment sales over an 18-month term. The Fund is actively seeking a diversified loan portfolio and is currently conducting due diligence on additional loans. Once fully invested, it plans to sell a portion of its loan interests to third parties to maintain diversification and continue investing in new loans. Monthly distributions will be paid in line with operating earnings.
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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
