Track record and experience of Angas.
Angas has raised and advanced many hundreds of millions of dollars for first mortgage lending purposes since 2000. ASIC has issued an Australian Financial Services Licence to permit Angas to operate APIF as a Managed Investment Scheme pursuant to the Corporations Act. Angas Executive Directors and management are directly involved in the day to day affairs of APIF. Angas Directors and management have qualifications and skills in several relevant fields of operation including law, lending, funds management, treasury and risk management.
The transition of Angas Securities to a mortgage fund manager continues successfully. The Board has engaged Brian Doherty to fill the newly created position of Head of Funds Management. His dedicated role will ensure consistent delivery of services to all Angas Securities investors across the retail product range including Angas Prime Income Fund (“APIF”).
Since its establishment on 29 March 2000, Angas Securities has specialised in raising funds from the public for investment in first registered mortgages over real property. There remains strong demand for the funding of commercial property loans within the qualitative lending parameters that APIF requires. This has been enhanced by a drop in competition in recent years amongst non bank lenders. The primary security for any APIF loan must be a registered mortgage over freehold property. Second or subsequent mortgages will never be accepted as prime security. Borrowers who take out loans from APIF are often those who do not deal with traditional lenders such as banks or who may not meet the lending criteria of such lenders. Business proprietors, self employed borrowers or investors in property that does not generate income are amongst the class of typical APIF borrowers. As an asset based lender, APIF places primary reliance on the first mortgage security that is held. APIF can and does realise that security to obtain recovery of loan advances. This is done by APIF acting as mortgagee exercising power of sale.
The May 2016 edition of the Investor News is available to download here.
The fully secure first mortgage fund operated by Angas Securities as a Managed Investment Scheme has consistently met its yield to investors of 7.5% per annum paid monthly.
Funds raised from investors are applied toward short term property loans at lending rates which permit Angas Securities as manager to deliver superior returns. This is a specialist area of the investment market. Experienced financier Duane Davies is the General Manager of the Angas Prime Income Fund (APIF). Duane was appointed to this role in June 2014 having joined Angas Securities in January 2010 in the role of Business Origination Manager for the commercial property lending operations of the company. His current position incorporates business origination as well as responsibility for the overall management of APIF. As General Manager, Duane co-ordinates the breadth of administrative functions for APIF including lending operations, information technology and investor relations through to compliance and liquidity monitoring. He oversees the lending process, loan settlements, loan collections and general management and is part of a four person Credit Committee involved in credit approvals and oversight.
Angas Securities has adapted its core business activities to best position the current offering to investors. Executive Chairman, Andrew Luckhurst-Smith said that the Company’s investment offering was built on experience gained over many years. It reflected the shifting regulatory environment and was developed to meet the needs and expectations of discerning investors. Angas Securities operates a managed investment scheme known as the Angas Prime Income Fund (APIF). This is a mortgage trust which is open to retail investors. Angas Securities acts as responsible entity for the fund, which comprises fully secured first mortgage loans and cash. “Investor returns by APIF have been strong and consistent since its launch at the end of 2013. The board and management are very satisfied with the performance of this product to date and the exciting prospects which its growth presents for Angas Securities and its investor community” Mr Luckhurst-Smith said.
Having the right people in the right jobs is critical and is a hallmark of company culture.
Maintains focus on growing the Fund to meet investor expectations of sound governance and superior returns.
Angas Securities Ltd (Angas) re-launched the Angas Prime Income Fund (APIF) in January 2014 offering investors a Target Rate of 7.50% pa. The Target Rate is set based on the expected performance of the Fund over the next 12 month period. Angas is pleased to confirm that the Target Rate has been met and APIF investors have been paid in full and on time each and every month since APIF was re-launched. A Target Rate is not the same as a Fixed Rate and it may vary from time to time during the term of the investment. It is reviewed quarterly by Angas in February, May, August and November each year. At its meeting in August 2015, the Angas Board confirmed the Target Rate of 7.50% would remain unchanged for the next quarter.
As far back as 2009, Angas consulted with a range of legal, investment and finance advisers who identified a strong regulatory preference for mortgage trusts over debentures.
Angas knew then that its investors were familiar and comfortable with the established debenture model. It worked well for Angas and its investors but has increasingly struggled with a non-supportive policy environment. In response, the Angas board resolved in 2010 to develop a new mortgage trust product to compliment its traditional fixed interest debenture offering.
The first step involved Angas entering into an arrangement to take over the management of an existing mortgage trust which involved investor funds being pooled into a portfolio of secured first mortgages. This model was very similar to the business which Angas has traditionally specialised in. The second step was to obtain a licence from ASIC to operate a pooled mortgage trust. Angas took over management of the existing mortgage trust and changed the name to Angas Prime Income Fund (“APIF”). Trading continued on a business as usual basis whilst Angas continued with further consultation and product development.
At the commencement of this year, Angas Securities successfully undertook a major initiative to re-shape the company’s business activities and build on the investment offering to investors.
Managing Director Matthew Hower said the change reflected the shifting regulatory environment and was designed to meet the needs and expectations of investors. Angas Securities launched a new drive into the managed investment scheme market with the Angas Prime Income Fund (APIF), a mortgage trust which is open to new retail investors. Angas Securities acts as responsible entity for the fund, which comprises first mortgage loans and cash. “Investor reaction to APIF has been strong since its launch in January. The whole team has been excited by the opportunities this new product has presented for Angas Securities and its investor community” Mr Hower said. ”The flow of investment from new and existing Angas Securities investors into APIF has been well ahead of the Board’s forecasts. The Target Rate of 7.5% set in January has been maintained and met every month with APIF investors being paid in full and on time every month.”
Angas successfully relaunched the Angas Prime Income Fund (“APIF”) in January 2014 offering private investors a Target Rate of 7.5%pa.
The Target Rate is set based on the expected performance of the Fund over the next 12 month period. Angas is pleased to confirm that the Target Rate has been met and APIF investors have been paid in full and on time each and every month since January 2014. This will come as no surprise to long standing Angas investors who have always had their interest payments reliably paid in full. A Target Rate is not the same as the Fixed Rate that is offered on Angas’s other investment products, and it may vary from time to time during the term of the investment. It is reviewed by Angas quarterly in February, May, August and November each year. At its August 2014 meeting, the Angas Board confirmed the Target Rate of 7.5% for the APIF. Any change to the Target Rate will be advised to investors in writing and reflected immediately in distributions paid.
A prosperous society will generally exist where there is a range of options for private investment.
Angas is a fund manager and debenture issuer which holds Australian Financial Services Licence No. 232479. It enjoys the confidence of thousands of Australian investors who have invested more than $250 million dollars in debentures and hybrid securities. In addition, Angas operates a pooled mortgage trust and a direct mortgage trust. Both are funded by retail investors.