AltX Credit Fund
Diversified Exposure
Senior and Junior 1st Ranking & 2nd Ranking Mortgage Security
Interest Paid Monthly
10.14% p.a.*
*Annualised monthly return for November
Fund overview
Structure
Open-ended Australian Wholesale Unit Trust
Minimum Investment
AUD $50,000
Income Distributions
Monthly
Investor Eligibility
Wholesale investors only
Underlying Exposure
1st Mortgage Loans 2nd Mortgage Loans Typical underlying loan terms: 12-36 months
Target Return p.a.
RBA Cash Rate plus 5.75%
Management Fee
1.75% p.a.
Performance Fee
20% of outperformance above Target Return
Withdrawal Frequency
Semi-Annual (as at end of June and December)
Notice to Withdraw
6 Months
12 Months
Loans for Construction / Development
Yes
APIR Code
ATX3267AU
Fund structure
Investment guidelines*
UNDERLYING LOANS
Repayment of all Underlying Loans must be secured by first ranking registered mortgages and second ranking registered mortgages or caveats over Australian real estate.
All Underlying Loans must be supported by guarantees by the directors of the Borrower (or other persons who may control the Borrower) and a charge that is registered by the lender on the PPSR over the Borrower, a related entity or both.
Non-regulated Underlying Loans will be made to Australian companies and, where this is not the case, there must be evidence that the funds are used predominantly for business purposes.
Regulated Underlying Loans will be made to consumers who will predominantly use the funds for personal, domestic or household purposes or the purchase of residential property.
Underlying Loans may be advanced or the purposes of construction and non-construction opportunities.
The minimum term for each Underlying Loan may not be less than 1 month.
The Underlying Loans of the Senior Notes will have the following characteristics:
The maximum LVR for residential property exposure shall not exceed 70%
The maximum LVR for commercial and industrial property exposure shall not exceed 65%
The maximum LVR for vacant land exposure shall not exceed 55% and
The maximum loan term - 36 months.
Underlying Loans made for the purposes of funding construction will be subject to the following guidelines:
The maximum LVR – 70% of Net Realisation Value (determined on an 'as-if-complete' basis) and
The maximum loan term – 36 months.
The Underlying Loans of the Junior Notes will have the following characteristics:
The maximum LVR for residential property exposure shall not exceed 75%
The maximum LVR for commercial and industrial property exposure shall not exceed 70%
The maximum LVR for vacant land exposure shall not exceed 60% and
The maximum loan term - 36 months.
Underlying Loans made for the purposes of funding construction will be subject to the following guidelines:
The maximum LVR – 75% of Net Realisation Value (determined on an 'as-if-complete' basis) and
The maximum loan term – 36 months.
The Underlying Loans of the Mezzanine Notes will have the following characteristics:
The maximum LVR for residential property exposure shall not exceed 80%
The maximum LVR for commercial and industrial property exposure shall not exceed 75%
The maximum LVR for vacant land exposure shall not exceed 65% and
The maximum loan term - 36 months.
Underlying Loans made for the purposes of funding construction will be subject to the following guidelines:
The maximum LVR – 80% of Net Realisation Value (determined on an 'as-if-complete' basis) and
The maximum loan term - 36 months.
* Refer to Investment Memorandum for detailed Investment Guidelines
Fund documentation
Investment Memorandum
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Class Overview
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Fund Fact Sheet
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Fund Rating Report
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