360 Capital Seeks Funds for Residual Stock Fund19 October 2020
360 Capital Group has announced that it is raising capital for an unlisted Residual Stock Fund for lending to Developers against unsold apartments.
360 Capital is seeking to raise $50m from investors with an offer of a 6%pa distribution yield with monthly distributions expected to kick off from 31 March 2021.
The Fund is a pooled investment offering secured by registered first
mortgages held over Australian property. The purpose of the loans will be to refinance completed residential development projects including apartments and townhouses.
360 Capital hope to secure a diverse portfolio of well secured, senior loans to completed, individually titled residential apartment and townhouses throughout Australian metropolitan markets.
Over the coming months the Group intends to repurpose the listed Velocity Property Group, into a stapled entity called 360 Capital Finance Group which will contain the Groups three lending business lines including Commercial Real Estate Lending, Loan Origination, and Investment Management of Commercial Real Estate Loans.
Once this entity is established, the Group plans to transfer the Management of 360 Capital Residual Stock Fund to 360 Capital Finance Group.