ISSUE DATE
13
Benchmark
Statement Explanation Reference
Benchmark 1: Liquidity For a mortgage scheme, the Responsible Entity has
For additional disclosure, see information on ASIC disclosure principle 1 on page 15 of this PDS. For additional disclosure, see information on ASIC disclosure principle 2 on page 15 of this PDS.
a. demonstrate the scheme’s capacity to meet its
This Benchmark is met.
the next 15 months; b. are updated at least every three months and
N/R
c. are approved by the directors of the Responsible Entity at least every three months. Benchmark 2: Scheme borrowing The Responsible Entity does not have current borrowings and does not intend to borrow on behalf of the Scheme.
This Benchmark is met.
N/R
For a pooled mortgage scheme: a. by size, borrower, class of borrower activity and geographic region; b. the Scheme has no single asset in the Scheme portfolio that exceeds 5% of the total scheme assets; c. the Scheme has no single Borrower who exceeds 5% of the Scheme assets; and d. all loans made by the Scheme are secured by First Mortgages over real property (including registered leasehold title). e. Investors’ moneys are “pooled” and invested stages of the projects including, but not limited to, Project Reserve and Subordinated positions. Some stages may result in the funds being invested at a LVR greater than 70% for a period of time.
For additional disclosure, see information on ASIC disclosure principle 3 on page 15 of this PDS.
This Benchmark is not met.
See below.
The Fund does not meet items (a), (b) and (c) as GPS operates primarily as a low volume specialist lender for residential and non-residential construction development lending in South East Queensland and at any one time a single borrower or Fund asset may exceed 5% of the Scheme assets. GPS sticks to the product which it knows and can service. GPS manages risks arising from limited diversity by undertaking a thorough investigation of a borrower’s capacity to service the loan, only advancing moneys for works actually completed, maintaining cost to complete, including a contingency amount in the loan budget and requiring GPS board approval for any loan in excess of $15,000,000. Loans made by the Fund are secured by Registered First Mortgages over real property, and cash held in Australian banks. The Fund and other funds managed by GPS may make a loan to the same borrower. In such a circumstance, the funds may be joint lenders with the loan secured by a joint First Mortgage.
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