16
Arkus PDS
The Fund portfolio disclosure will be updated every six months. Diversification Statement The Fund invests with other GPS managed funds, as joint lender, in GPS sourced and managed loans. The goal is for the Fund to have a diversity of investments. Maximum exposure to any loan is reviewed on both an exposure level of the Fund to any one loan and within each loan. Details of the diversity are set out in the following tables. Lending criteria and borrower’s capacity to service and repay GPS applies strict lending criteria and fully evaluates the borrower’s financial stability and
ability to service the loan as part of a thorough due diligence process. All loan applications must be assessed and approved by a unanimous decision of the Credit Committee consisting of a Director, Matthew Buckley, (see “GPS Investment Fund Limited Directors” on page 10), an experienced external lending consultant and our Compliance Officer. The maximum loan amount for any one borrower must not exceed $15,000,000 without GPS board approval. The borrower’s capacity to service loans will be assessed by provision and analysis of suitable financial records which either provide evidence that interest payments can be met when and as they fall due or interest for the loan term will be capitalised within the loan amount.
Item
Number
Value
Landholding Only Loans
Nil
Nil
Construction and Development Loans
6 1
$502,250 $11,500
Residual Stock Loans
Loans in South East Queensland
All Nil Nil All Nil
All Nil Nil All Nil
Loans in Default for more than 30 days Loans in Arrears for more than 30 days Loans with First Ranking Security Undrawn loan commitments Loans Maturing within 12 months
5 2
$330,000 $183,750
Loans maturing greater than 12 months but less than 24 months
Loans Maturing greater than 24 months
Nil Nil
Nil Nil
Loans with sub 60% LVR
Loans with between 60.01% and 65% LVR Loans with between 65.01% and 70% LVR Loans with LVR greater than 70.01% Loans with interest rates between 7.01% and 8% Loans with interest rates between 8.01% and 9% Loans with interest rates between 9.01% and 10% Loans with interest rates greater than 10%
1 6
$150,000 $363,750
Nil
Nil
1 1 5
$11,500 $30,000 $472,250
Nil
Nil
Loans where interest is capitalised
7
$513,750
Loans where interest is paid
Nil
Nil
Approach to taking security The Fund only holds loans that are secured by a Registered First Mortgage over real property. Security properties will consist of residential and non-residential properties. Security properties need not be income producing. We will only take a First Mortgage position as the Fund’s primary security. However, 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.
Item
%
Percentage of fund amount advanced to the largest Borrower Percentage of fund amount advanced to the ten largest Borrowers Percentage of loans secured by Second Ranking Mortgage
38.93%
100.00%
Nil
Use of Derivatives
Nil
Non-Mortgage assets – cash
34.49%
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