AltX Credit Fund

• 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.