360 Capital Mortgage REIT (ASX:TCF) Secures New Loans and Extends Existing Facility
New Loan
360 Capital Mortgage REIT has secured a new 12-month senior facility of $9.2 million in Western Sydney, supported by 10 individual registered mortgages over completed houses. The loan carries a fixed interest rate of 10.8% per annum with an LVR covenant of 70%, initially subscribed by TCF for $0.5 million.
Loan Extension
An existing residual stock land loan of $17.6 million in North-western Sydney has been extended by 12 months and converted into a construction loan for developing 13 freestanding houses. The loan is fixed at 13.0% per annum during construction, reverting to 10.5% upon receipt of occupation certificates.
Portfolio Overview
TCF now holds exposure to 8 loans with a weighted average interest rate of 11.8% and an average term to maturity of 9 months. The portfolio is 88% residential, consisting of 67 individually titled houses/lots across Sydney. Additionally, 360 Capital Group has approximately $18 million of loans underwritten via the 360 Capital Private Credit Fund for FY26.
Distribution Guidance
TCF maintains its distribution guidance of 62.0cpu for FY25, noting that all loan portfolio interest rates are fixed.
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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