MaxCap Investment Trust (MIT)

MaxCap Investment Trust

MaxCap Investment Trust (MIT) is MaxCap’s flagship debt fund vehicle. It’s evergreen structure offers investors immediate exposure to established, diversified pools of high-quality Commercial Real Estate Debt (CRED) positions, regular liquidity, and the choice of return targets.

This information and the offer to which it relates is only available if you are or you are representing, a wholesale client or sophisticated investor (as defined in the Corporations Act 2001 (Cth) (Corporations Act)) (Wholesale Investor).

Overview

Providing access to a highly sought after investment sector.

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Evergreen Platform:

MaxCap has established an evergreen platform, the MaxCap Investment Trust, offering investors ongoing access to the AUS/NZ commercial real estate asset class.

Diversified Pool:

The MaxCap Investment Trust allows investors to gain immediate exposure to established, diversified pools of high-quality CRED positions and the quarterly distributions these generate.

Two Product Options:

Investors can choose from two product options, First Mortgage or High Yield, depending on their preferred risk appetite and investment return targets.

Strong Net Returns:

The First Mortgage and High Yield mortgage products will target net returns of RBA cash rate plus 5.00% and RBA cash rate plus 8.00%* respectively.

*Currently 4.35% as at 20 November 2023

Prudent Management:

Portfolio construction guidelines on geographies, sponsors and loan type allow for prudent management of everchanging market conditions.

Flexibility & Liquidity:

Investors are also able to access liquidity on an ongoing basis, providing flexibility regarding commitment periods.

Portfolio Parameters

Investment Guidelines
Loan Profile	Loan terms ranging from 6 to 36 months.
Location	Geographic limits including and up to 100% in NSW and VIC, up to 60% in all other geographies, with no more than 30% in any other individual region.
Property Type	Property type limits including and up to: 100% in Residential and Core Commercial (Office/Retail/Industrial). 70% in Other Commercial (including Hospitality, Social Infrastructure, Student Accommodation, BTR) with no more than 40% in any individual Other commercial sector.
Borrowers	Exposure to any single borrower ≤ 25% of Portfolio GAV.
Covenants	Full financial covenants package and non-financial covenants including financial statements, insurance certificates, valuations, independent quantity surveyor reports and other certified external reports.
Loan-to-Value Ratio (LTV)	First Mortgage: The Fund will generally invest in loans with an LTV no greater than 70%, but it may invest no more than 20% of its capital in loans levered up to 75% on an exception’s basis, where the additional risk is offset by mitigating factors and a strong risk-adjusted return premium is captured. High Yield: Maximum LTV on any position of 80%.
Construction Limits	First Mortgage: Target exposure of 50% with a cap not greater than 65% of its capital. High Yield: Target exposure of 50% with a cap not greater than 75% of its capital.