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Allco Max warns two loans may capitol one loans default
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Rebecca Thurlow | August 27, 2008
ALLCO Max Securities & Mortgage Trust warned today two loans linked to Record Realty refinance loans for small farm Trust properties might be headed for default.
The properties – the ASX building in Sydney and the Workcover head office in Gosford, north of Sydney - were devalued, Allco Max (ASX: AXQ) said.
Allco Max, an income citi residential loans growth fund managed by Allco Finance Group (ASX: AFG), has provided loans to special purpose vehicles established for the purpose of refinancing two Record Realty (ASX: RRT) property transactions.
Allco Max said it has been informed that the revaluations for the two properties at June 30 were lower than the valuations at December 31.
"Max considers that the revaluations under the loan transaction may cause, consumer proteciton against payday loans or may have already caused, home construction loans issues under the financial covenants for these loans, including breaches of loan-to-value undertakings, which may lead to review events and/or events of default," Allco Max said.
Record Realty is around 16 per cent owned by Allco Finance, which was forced into talks with its bankers earlier this year following a dramatic dive in its market capitalisation.
Last week, Allco Finance signed a new senior debt facility with its banking syndicate. The facility did not have review events tied to market capitalisation.
In a separate statement, Record Realty said it was hopeful of shortly commencing commercial discussions with Allco Max "to consider and agree a mutually beneficial position that may be put in place to work through any breaches of the financing arrangement".
As at June 30, Allco Max held $100.5 million of loan notes that were indirectly defaulting on school loans secured over the ASX property and $35.5 million of loan notes that were indirectly secured over the Gosford property.
"Despite the lower valuations of these properties, given the secured priority position held by Max, we don't consider any of the loan notes to be currently impaired," the fund said.
Dow Jones Newswires
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